It is believed by some parents that providing their children with pocket money every week is a good habit whereas others think of it as a wastage of money. In this essay, I will discuss how giving small amounts of money can help the kids learn the concept of spending it efficiently and also mention how it can lead to unnecessary expenses and competitiveness amongst them. Finally, I will mention why I agree with the fact that along with providing children money, parents should also teach them how to use it correctly.
When parents provide their children with a fixed amount every 7 days, it helps the child develop a sense of responsibility and awareness. For example, if a child gets 50 dollars regularly, he knows the limit he can go upto when buying something. There are some kids who start saving their pocket money to buy an expensive gift for themselves over the years. This further inculcates the importance of money saving in them.
However, there are some people who forget to give essential lessons to their children along with providing them with the money. This results in unnecessary expenditure such as expensive shoes or electronic gadgets, regular junk food diet of the kids. Moreover, some children fall into the trap of jealousy and comparison. For instance, they discuss each other’s pocket money amount in school and if they are the ones getting the lowest amount, they can be bullied by their peers.
In my opinion, it is undoubtedly a good habit to provide children with regular small amount of money but along with that, it is the responsibility of parents to teach them how to use it effectively and at the correct place.