Children must learn to deal with money and preferably as early as possible. Who as a child has not learned how to deal with money is more likely to have money problems later on. Adults without a good financial education save less and often buy things where they actually have no money, according to various studies. Learning young is done old is the saying and that certainly also applies in this case. According to Checker, 69% of children between the ages of 5 and 11 receive pocket money. It is of course up to the parents themselves to determine how much that will become. Generally speaking, the modest allowance is used to purchase luxury things, but this can also be a subscription to Netflix or Spotify.
When do you start with a pocket cent
Toddlers and preschoolers cannot count yet. Therefore, they cannot properly estimate the value of money. Giving pocket money is therefore not a good idea. You better start giving pocket money if children are 6 years old. At primary school, they then started making sums. In addition, children from the age of six can recognize coins.
Learning how to handle pocket money
Have you just started giving pocket money? Then you have to tell your child what he can and can do with his pocket money. Children must be able to freely choose what they want to do with their pocket money. In this way they learn to make independent choices. By doing this they gain insight into the value of money.
The amount of the allowance
Children learn how to handle money in a playful way. The most important thing is that your child receives pocket money. That does not have to be a high amount. A euro a week is a great amount to start with. Up to the age of ten, 2 euros is more than enough. Teenagers usually receive between three and five euros of pocket money. The amount of course also depends on your own budget.
The amount of the pocket money also depends on what it should be spent on. Young children often spend their pocket money on sweets and toys. A few euros per week is then sufficient. Agree with your teenage daughter that she must also pay presents or calling credit with her pocket money. Then 2 euros of pocket money per week is no longer enough.
It is not a reward or punishment
Are you considering giving more pocket money as a reward, or do you want to give less pocket money as punishment? Do you want a compensation from your child? Remember that pocket money is not a wage. Therefore, do not use the pocket money to reward or punish. The main purpose of giving pocket money is that your child learns how to handle money.
How much do my own children get?
Since I also have 2 treasures of children, I naturally also give them pocket money. My 14 year old son can count on € 20 every month and my 10 year old daughter gets € 5 each month. Occasionally I think that I give my daughter a little bit of pocket money, but when I see that every euro is saved and she also does a folder district of which she also saves everything, I think it is not so bad. For the adolescent of 14 it is of course not enough to his liking. Other children with seemingly rich parents seem to get the ridiculous amount of € 100 per month. I find that rather nonsense, these children probably have no sense of the value of money.
Spending the pocket money
Maybe your child buys something from his pocket money that you would never buy. That’s okay, even if it turns out to be a wrong release. By making mistakes, your child learns how to handle money. Does your child spend all his pocket money in one go? Then he learns that he cannot buy anything for the rest of the week. In any case, a large part goes to games for the Playstation, make-up (a lot, hahaha) and also sweets, I regularly see the house income. But yes, we have all been children right?
Young children in particular often have difficulty saving. They want to spend their pocket money as quickly as possible. Children also have to learn how to save. A good start is giving a piggy bank. Discuss with your child the goals for which he could save. Saving is easier and more fun when saving for a certain purpose. Does your child start saving? In consultation with your child, determine a specific goal that can be purchased with the savings in the near future.
Open your own bank account for your child
Is your child twelve years old? Then it is good to open a bank account for your child. Your child must learn to deal with its own account, its own pin code and a bank card. He can also learn how to deposit money that he has received for a good report into his account and to make payments. Learning to handle a bank card and keeping your PIN safe is part of good financial education. If they get their own bank card for the first time, then they are very proud of that beautiful card and want to show everywhere that they can now pin. Great to see.
But how much do they get?
It is actually quite simple what you can give the best. It is only an indication and of course you can decide to give more or less. From 12 to 18 years a ten or 2 in the month. Under 12, the children still find it extra exciting to get this every week, I don’t know why that is, but it’s good. I would say, under 12 years between 1 and 2 euros a week. If you read this and receive pocket money yourself, you can check here whether you are not being shortened. If you don’t get enough, you can immediately put your father or mother on his or her jacket ?