Pocket money is a very important phrase in a kids life these days. They know that money is very important in today's world. Kids have so many thing to do and buy with the pocket money they get.It’s a great feeling of having some money always with us which we would dream of buying the things we love or save for the birthdays or festivals. Its given to the kids by their parents or guardians. But we as guardians or parents have to make sure that the given money is spent wisely and properly. We need to see to it that the kids value the money that they get from us. Here are few things we can do for our kids to make them understand the value of money:
Fix the amount of the pocket money to be given every month on a particular date. Never give it on demand or whenever they ask for it.
Tell them to keep an account of their expenses and show it to you at the end of the month.
Encourage them to save money by giving them double the money saved, the next month.
Take them to the bank once in a while to get them acquainted with the transactions done there. If possible credit some amount in your savings account to show them a way to save money.
If they demand for a new toy or a book, ask them to buy it with their pocket money. If they fall short of money ask them to start saving for it and buy it whenever they have enough money.Tell them that a penny saved is a penny earned, through a story.
Take them shopping so that they can understand how to tally the prices and the buy the best product with the least price.
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