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Mitch in $ Financial Freedom Chasers,

​Is it a good idea to give pocket money to children every month?

Hey guys,

One of our community members Priya wrote a blog post for us today (you may have seen her around here a few times!), but unfortunately there were some technical issues with her account not being able to post, so she has authorized me to post it on her behalf. I've also included a little picture to go along with the post, so please enjoy!

For her first post I think it is excellent and very well written. Let's show some support in the comments below :)

---> I look at this point in two different facets, positive and negative however there will be a neutral point or a decision which I will conclude with in this article.

Money is a very essential commodity which is gained only after working hard or working smart and it is a wise decision for a parent to educate the children about the importance of money for them to understand why it is important and what will money bring to the family? This way as a parent you are keeping your children informed about the importance this will further lead to create awareness in children to save the money and spend it wisely. As a parent it is very important for you to consider and fulfil your children’s wishes which are sensible and not affecting them negatively and a reason stating children might get spoiled should not be the case for not offering them pocket money. After all they do want to spend some money on their own this helps them start making decisions on their by themselves and they start understanding the importance of money, expenses and savings. If parents can sensitise money value right from childhood and direct them rightly what is wrong and right, providing them with pocket money and make them happy should not be a bid deal of issue.

On the other end, if children are not well educated about the importance of money, what it leads to if not spend appropriately and how important the value of money is for an individual to survive in this world then the challenge occurs because children will be the absolute reflection of parents in their childhood and a great influence in kid’s life therefore if the awareness of money in an appropriate way is not created from the beginning then offering pocket money can be a disaster and some children might misuse it too. Sometimes even though parents do everything possible to keep the children informed about the importance of money however by offering them too much of pocket money will ruin their life because kids gets attracted to lot of things and it is not possible to monitor the kids 24/7 at least when they are with their friends/schools/college so they might misuse it because they have lot of money in hand.

Here, I would conclude stating as a parent creating appropriate awareness about the importance of money in human life is very essential and offering them limited amount of pocket money to fulfil their basic needs will keep the children and parents at peace.