So, how does pocket money teach kids independence? Being financially stable means that you have a lot more options in life.
They may become reliant upon others to help them out financially. If you don’t teach kids about money early on, it can greatly impact their independence. So, anything that helps them to learn about delayed gratification is going to prove beneficial.
Kids, especially younger ones, aren’t exactly known for their high levels of restraint. If your kids get used to saving a portion of their pocket money now, they will have no problem saving as they grow up.Īnother key skill pocket money can teach is budgeting. However, if you teach crucial savings skills from a young age, it makes saving more of a habit. Saving money isn’t always easy, especially when you’re an adult. Learning how to manage their money lowers the risk of financial issues in adulthood. As they get older, you can start to set them targets, such as using their pocket money to pay for some of their expenses. They need to determine how much they want to save and how much they have available to spend. When they receive pocket money, kids need to decide how to spend it. This is a crucial skill they will need when they reach adulthood, and it could save them a lot of stress later in life. One of the main benefits pocket money has for kids is that it teaches them financial planning.
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