When children are denied the purchase of toys, becausethat it is too expensive, they often answer: “And you take money from the card!” Seeing that adults take out bills from an ATM, simply inserting a card into it, the kids begin to think that getting money is simple enough. It is important to explain to the child that money must be earned. And besides this, pay a lot of attention and talk about how to spend them. Psychologists believe that the best education of financial solvency is the ability to manage pocket money from an early age.
Photo: Getty Images Elena Nikolaeva, medical psychologist:
It is impossible to gain your own experience andlearn to manage money (spend, save, plan) without real money, in the case of children - this is pocket money. Even in kindergarten, our children enjoy playing "shop", using pieces of paper, tree leaves, flower petals, pebbles as banknotes. As they grow older, children enjoy playing business games like "Monopoly". Receiving and managing your own pocket money is the most effective method of financial education for children. Only through their own experience of managing money can a child learn to spend, save and invest it effectively. Even a small, but personal budget gives skills in thrifty handling of money. Parents can influence this process with advice.
Photo: Getty Images Do parents need to discuss with the child what their money will go for?First, you need to discuss the essence with your childpocket money - what it is needed for, what it allows you to do, share your own experience. Ask your child what significant purchases he dreams of. This could be a bicycle, roller skates, a phone, a new game, any other thing that is valuable to him. Calculate together how much time is needed to save up for this thing. Talk about the need to give up any current expenses in favor of saving. Make several options for a savings plan with him, let him choose the option he likes best and stick to it. Be sure to return to this conversation after a few weeks or months and discuss successes or failures. The purpose of pocket money for a child is to give him the opportunity to learn how to make decisions about his own finances in a real situation.Pocket money instills planning skillsbudget, here and now the child cannot buy the necessary thing, but after some time he will be able to, teach children patience, because sometimes in order to buy some expensive and necessary thing, you have to save money for a long time. Also, pocket money develops self-confidence, self-confidence, in those moments when the child himself decides what to buy, becomes "like an adult", deciding what and how to do. The child can be responsible for some expenses independently, depending on age, these can be school lunches, payment for mobile communications, travel in the city, gifts to friends, going to the cinema, clothing, stationery.
Photo: Getty Images Is it necessary to keep track of how the child spent his pocket money?It will be useful from time to time to disassemble wastea child, especially if he is unable to control them independently. Pay attention to the fact that children are our copy, therefore, in order to bring up a financially literate child, first of all, you should take care of your own financial literacy. Everything that you recommend or tell your child about financial literacy will be an example only if you yourself adhere to the same rules. Do not turn money into a method of manipulation. Money should not be seen as an incentive to behave, to get good grades or, even worse, for work done at home, but as a means of teaching a child financial skills.
Photo: Getty Images Is it possible to “fine” a child for his misdeeds, not giving him more money or taking back the already issued ones? And is it worth paying a child for fives?Do not reward or punish your child withpocket money. The amount of money given should not depend on grades received at school, completed homework, or good behavior. The student must understand that studying is his responsibility. The motive of "an A is a monetary reward" leads to the child becoming nervous if he does not get an "A", worries about failure, which in turn can lead to problems and stress, sleep disturbances, loss of appetite, and disrupted communication with peers. It is not grades that need to be encouraged, but efforts. If, for example, the child made an effort and corrected the grade, if he did all the homework on a difficult subject for him. Interesting trips, excursions, going to the cinema, an entertainment center, spending time with parents, meeting with friends, i.e., something aimed at gaining new impressions, can serve as incentives.If you want to see good things in your childgrades and you know that he has potential, then you can set a goal for the child that in case of receiving a certain level of grades, you will give him some valuable gift. Money for a good grade does not teach him to really work, but only teaches him to pretend to work. At the same time, the child begins to understand that his parents expect good grades from him, without having any motivation to gain knowledge. As a result, there is a high risk of developing a “buy-sell” type of relationship, when each family member expects a reward for any positive outcome. In fact, the child needs parental love and acceptance in the social environment.Therefore, it is impossible to put the relationship between parentsand children depending on their academic performance. Otherwise, your child may become distant from you. It is necessary to always take into account the child's needs, interests, pay attention to physiology and abilities, and not sacrifice his childhood for the sake of grades at school. It is important to teach the child responsibility, independence, and choice. Parents cannot decide everything for him. It is important for the child to learn to feel and see the results of his actions. Parental love will be more rational and necessary if you help your child grow up prepared for life.
