Pocket Money to Kids: 4 Pros & Cons To Know

Lets us understand the advantages and disadvantages of giving too much pocket money to kids

Are you planning to give pocket-money to your kids? Before actually going for it, read the article and think twice. Learn about the drawbacks and benefits of giving pocket money to the little ones.

With an economy of capitalization, people are acquiring more and more wealth. Parents Children spend money lavishly without giving a second thought.

Giving young children too much pocket money has become a tradition. It is a harmful practice as it teaches extravagance to children.

Lets us understand the advantages and disadvantages of giving too much pocket money to kids:

Related: 7 Ways To Save Money Efficiently

Advantages of Giving Pocket Money:

  1. Kids realize the value of money as they learn responsibility about paying for their expenses. They become accountable in matters of money.
  2. They learn to manage their budget in later part of their life.
  3. It helps children in making important decisions about money and expenditure. It provides them with a good sense of purpose and achievement.

  1. Parents can save time by allowing kids to buy small things on their own. Thus parents can spend quality time with their children.

Disadvantages of Pocket Money:

  1. The most critical drawback associated with pocket money is that it makes them careless with cash. They need to be more careful and avoid spending money on frivolous things.
  2. They are likely to make hasty and wrong decisions regarding finances. They need to realize the worth and value of money.
  3. Without supervision, a child might get into trouble in money matters.
  4. The child might be bullied by others if they carry too much money as pocket money. So abstain from endangering your child’s life into any mishap.

Keep these important points in mind before handing over money to your kids on a monthly basis. Remember, money cannot express your love or affection towards your kids. Before giving them money, teach them to spend it smartly and wisely!

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