Should kids spend more money
At what age do children need pocket money?
If your child is interested in money at the age of four or five, you can start with a weekly pocket money payment.
Of course, this means that it is not too much at first: Pocket money is money for your pocket. Children can do whatever they want with it. You can spend your money or you can save. If they don't handle them carefully, they just have to wait for supplies to come.
With pocket money, children not only learn how to handle money, but also how to deal with their own wishes.
At the latest when they start school, children want and should receive pocket money. They have long known that there are different coins and bills and understand that things cost differently.
From around the age of ten, children can learn to distribute their money over a month.
How much pocket money at what age?
Discuss the amount of pocket money with your child. How much pocket money do the friends get? How much pocket money are we parents willing to pay?
The following amounts serve as a guide:
Amount of pocket money with weekly payout
- under 6 years: 50 cents
- 6 to 7 years: 1.50 to 2 euros
- 8 to 9 years: 2 to 3 euros
Amount of pocket money with monthly payout
- 10 to 11 years: 13 to 16 euros
- 12 to 13 years: 20 to 22 euros
- 14 to 15 years: 25 to 30 euros
- 16 to 17 years: 35 to 45 euros
- 18 years: 70 euros
My child only buys nonsensical things with pocket money
“Finally own money in your pocket! I can finally buy what I want! "That's how children might think.
And parents are amazed at what their child spends his money on. Candy, picture cards ... you may think that the money is thrown out the window. But the child can buy whatever they want with pocket money.
Of course you can point out that sweets are unhealthy or that some things lie in the corner unnoticed after a few days. But it is precisely in dealing with pocket money that children learn what is important or less important to them. And that some things are worth saving your pocket money.
My child can't get by with his pocket money!
With pocket money, the child should learn to manage their own money.
If it is broke after a few days, there are a few ways to help you manage your money better:
- Temporarily pay out pocket money every 14 days instead of monthly.
- Set attractive savings goals. You can then withhold part of the pocket money until the money is collected.
- Is your child getting enough money? Perhaps the amount should be increased a little.
- Advance: The advance will be deducted from the next pocket money payment.
Tips about pocket money
- Pay out pocket money on time without your child having to remind you.
- Talk about money at home. Children should know that it won't fall into their parents' laps either. You too have to save up to get something you need or desire.
- Pocket money is not a means of education. With pocket money, children should learn how to handle money. No more and no less. Good conduct must not be linked to money.
- Help in the household: Help in the household should not be rewarded. It is a contribution to the family community. Exceptions are special tasks that are not part of everyday family life.
- No control: the child can freely dispose of their money.
- What must be paid from the pocket money? Find out with your child what the pocket money is for. An example: school supplies are paid for by the parents, the particularly funny pencil is bought by the child. With older children, it is worthwhile to establish rules: Perhaps the first visit to the cinema of the month will be financed by the parents, and the child will have to pay for everything else with pocket money? It has to buy ice cream itself, which doesn't mean that it doesn't even get one. Above all, talk about cell phone costs!
- Extended pocket money: If your child would like to carry out larger personal expenses themselves, you should in principle support this. Clothing money or the like, however, requires the children to be able to manage larger sums themselves. More young people can do that. Talk to your child. Trust him to use larger amounts sensibly, should this wish be given in.
- Own account: Older children need a bank account. Pocket money or self-earned money can be transferred to this. It is important that the account cannot be overdrawn under any circumstances and that no debts can arise.
- Larger wishes: You can arrange with your child that you pay a certain amount for a new bike, for example. The rest is saved from pocket money.
Extra pocket money
All children look forward to small grants for the day of hiking or a visit to the cinema. But the children are often given larger amounts of money.
Of course, this money belongs to the child. In everyday life, however, it deals with amounts that are supposed to be transported in the "pocket". Large bills have no place in children's wallets. That is why larger amounts should be deposited into an account.
It is important that the child gains the insight that it is a shame to waste large sums of money on little things.
Parents should definitely speak to the "giver". Why should money be given to a child? Does the child no longer enjoy a lovingly thought out birthday present?
Things are different with young people. You have a lot more experience in dealing with money. Usually they have an account into which larger amounts can be deposited.
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