Earning even a small amount of money can benefit kids, even from an early age, as it teaches them the value of money and how best to manage it. Having a small amount of money comes with inbuilt choices in relation to whether they can spend it right away, or learn the value of saving.
Money management
If your child decides to save their pocket money to buy a specific item or experience, the act of saving teaches them to have goals, delay gratification and earn the things they desire.
Learning about financial consequences
We all make mistakes with money and children are no exception. Part of learning financial maturity happens when we lose money or spend it poorly and feel the pain of it. Allowing your little ones to mess up with small amounts of money like this and experience the consequences is a great life lesson that shapes their understanding around money.
A sense of independence
Having a little bit of their own money is a wonderful way to foster a sense of independence and responsibility in your child. It affords them the opportunity to make choices for themselves sometimes and get to know what they want and like.
WHEN TO BEGIN
Once again, this is up to your judgement. Your child could be at the right stage for pocket money if they can grasp that:
• Money is needed to purchase things Spending everything now still means you must wait until the next payment
• It's good to save some money for later rather than blow it all, simply because they have it
THE "RIGHT" AMOUNT?
This story is from the July 2022 edition of Mother, Baby & Child.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 2022 edition of Mother, Baby & Child.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
THE NAUTILUS OCEAN DISCOVERY WEEK
Embark on a brand new ocean experience trip this summer at an ultra-luxury, private island hideaway nestled in the Maldives.
TWO CAPTIVATING DESTINATIONS FOR EID AL-FITR
Whether you choose the bustling cityscapes of Dubai or the cultural wonders of Vienna, these two enchanting Eid getaways offer a variety of experiences to suit every family.
MAKING FRIENDS AT SCHOOL
All parents want their children to be confident and to have a group of loyal friends. For kids who find this difficult, positive, hands-on parental support will help them succeed.
NAVIGATING SPECIAL EDUCATIONAL NEEDS
Navigating the educational journey of a child with special educational needs (SEN) can be both rewarding and challenging for parents.
ARE KIDS USING AI TO DO THEIR HOMEWORK? ATTEND OUR INFO EVENT TO HEAR THE EXPERTS TALK ABOUT IT!
Amongst the many benefits, the integration of artificial intelligence AD in education means addressing the issue of students using AI to misuse the technology. Here are some discussion points that well be taking a closer look at in the next issue and at our next free breakfast event!
FOUR WAYS ARTIFICIAL INTELLIGENCE CAN TRANSFORM LEARNING
Integrating AI into education in the UAE is an emerging trend that is reshaping the dynamics of student learning. Here, we look at some of the ways this is starting to happen.
THE SEVEN CORE SIGNS TO TEACH YOUR BABY
Sign language is an incredibly useful skill to teach your baby. Let’s take a look!
DISCUSSING THE IMPORTANCE OF EID AL-FITR WITH VERY YOUNG CHILDREN
Eid al-Fitr is not only a time for spiritual reflection and celebration, but is also a unique opportunity to help very young children deepen their understanding of this special occasion.
CRAFTING WITH NATURE
Here are four exciting, nature-based DIY activities to enjoy with your children, perfect Jor spending quality time together away from screens.
PREPARING YOUR CHILD FOR THEIR TEENAGE YEARS
As children edge closer to becoming teenagers, it can bring up avast array of fears and questions for parents. Let’s see what you can do to prepare.
