Pocket money

By: Yeo Yu Teng

Pocket money is a small amount of money given to their children as their main
source of income to buy or pay for their require items independently. Due to the
rise in inflation, the pocket money given to youngsters has increased over the
generations. In spite of that, the amount of money given to them may be
depending on what you’re going to pay for, such as transportations and food. It
also depends on your family condition, whether you’re poor or wealthy.

Providing your child with pocket can bring myriads of benefits to them. With
pocket money, children can buy their own necessities such as stationeries, snacks
and toys they like. Other than that, it can also allow your children to learn about
money management and responsibility. By limiting the amount of pocket money
giving your child, it can allow them to spend money more wisely on things that are
needed instead of unnecessary things. It can also let your child to understand
that money can just fly away in a blink of an eye, so you need to be careful and
precise on where you spent them.

Although giving pocket money can bring a lot of advantages, it can also be a
nuisance. First of all, because adults are not there to supervise them, they might
buy things that are not suitable to their age or illegal things such as cigarettes.
Besides that, some children love to spend their money on classy and expensive
items to keep up with the trends, once they’ve finished all the money, they would
ask their parents for more.

Based on the ideas above, I have few ways to prevent it. Parents could ask their
child to do chores to earn their pocket money. By doing this, it could let your child
feel what it’s like to earn money by their own hands and sweat. This could allow
your child to cherish the money more. Besides that, parents could also warn their
child that if they caught them buying things that are not suitable for them, they
could be grounded. Lastly, parents could also tell their children to save some of
their money in the bank for future use.

To sum up, pocket money can bring numerous numbers of benefits to children and
teenagers, but yet, it still has it downsides. Therefore, parents can educate their
child on saving and spending money, and examine the things they buy.