Pocket Money: First Step Towards Financial Learning for Kids
4. Don't Bail Him Out Financially
It’s always a good idea to make your children realize their own mistake. If your child ends up spending all the money, do not give him extra money till the fixed period. This will make your child spend wisely and the next time he will surely know how to spend the money.
Make your child know the importance of saving money. Since borrowing and spending is common among them, advising him about the drawbacks of excessive lending will help.
5. Don't Pay for Errands
After giving your child monthly pocket money, you should slowly start educating him about the advantage of earning. Encouraging him on earning like working on his weekends. But don't offer him money to clean his room because this will only make him greedy. So you to decide first on how to teach your kid about the differnce of money and its value.
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