Experts are of the opinion that pocket money must be shelled out for tiny tots as it helps building of their self confidence. Numerous studies have proved that children denied pocket money suffer from inferiority complex, and carry this burden all their life. Kids going to school with empty pockets are bound to envy their pals with purse indulging in a spending spree. This makes them feel down and out, and the feeling can persist for long.
Pocket money—when and how much?
Child psychologists advise parents to view pocket money in a wider perspective. Pocket money bids well for self dependence as well as for self confidence of their wards. It helps children understand fiscal world and how money works. No doubt an excess of it can make one extravagant and carefree. Hence a balance needs to be struck between prudence and perversion.
Even realising importance of pocket money, some guardians aren’t sure when and how much of it should be given to children. Indeed, opinions can differ on subject depending on financial status of party. Yet, one thing is certain, i.e., children should be given money only when they understand basics of using it properly.
Money given to children never means it has to be spent regardless of genuine needs. The real purpose of this, infact, is to initiate children into ways of judicious spending, record keeping, and practise basic mathematics skills of adding and substracting. It should be an instrument to meet their current needs and not a lee way frivolous spending.
Parents should keep in mind that size of pocket money is not important. It’s enough if the amount given subscribes to child’s age and his understanding of money matters. Less pocket money to lower age group, and more to higher age group, may be followed as rule of thumb.
Yet doling out some coins or currency notes is not the end of story. Guardians must ensure that their hard earned money is aptly used by young ones. Because if money promises peace and comfort on one hand, on the other it can promote eccentricities and vices.
Kathopnishad makes a mention of money’s true value. It says that those of men who do not know who they are, and what they own or possess, who aren’t even sure what is good or bad for them—are duds no matter how learned they be. Reason being that world relates to material wealth and not to the spiritual learning. Money and spiritualism are separate fields.
Why pocket money is essential
It may be logical to ask why at all pocket money is needed by child? For aren’t all his needs already taken care of by his parents? Why then this desirability of a separate tip?
To understand this just recall how your child comes across when he accompanies you to a show room of toys and gift items. He is naturally attracted to items displayed there and chooses one of them. Then you take out your purse and pay for the toy selected by youngster. Here, significantly, even as the child gets his heart’s desire, he remains oblivious of the importance of money spent from ‘your’ pocket.
Compare this to a child who bargains for a toy out of his own pocket money. This purchase would be a proactive exercise for the child to make a balanced judgement and go for an item that fits into his budget. By so doing he understands the real value of money in his wallet. Thus pocket money compels a child to weigh pros and cons and take appropriate decision.
Psychologist aver that collecting and storing things of their likings is innate to a child’s nature. Hence if a child must purchase from his own pocket, he would be tempted to save money. Thus giving children regular monetary allowance encourages them to save money for future use. And saving habits make them a confident and independent individual. Thus, pocket money is a prop for children’s self confidence and self-esteem.
Children with wallet are for ever confident that they have a kitty of their own with which they can help not only their own selves in time of need, but others as well.
Children do understand fiscal matters. Those parents who can illafford their ward’s wish list, will do well to confide with youngsters regarding their sources of income and their financial status. This would be a lesson to them on business of earning, spending, and saving money.
take care, children may be tempted to steal money
Some guardians live in a piquant situation. Their own little ones act as insidious thieves. Generally, only those children are seen stealing who are denied tender loving care of their parents and guardians. Some kids many may pilfer to please their friends with a birthday present, or such like innocuous reasons. And, if their misadventure goes unnoticed by parents, they get bolder, and then stealing becomes a habit with them.
In many a families, housewives have a fetish to steal their hubby’s purse. The unsuspecting husband may never notice it. And if he does, wife gives a cool answer: ‘I did pick money, but I forgot to tell it to you.’ Sounds simple, but isn’t. Children have strange ways of grasping analysing, and interpreting their environment. They note that their mother steals from father’s purse, and doesn’t care to inform him afterwards. Rather, the onus of ‘finding out’ falls on hapless father. Quite possibly the hiest may also go unnoticed by father. A typical case this, of setting bad example before young ones.
When a home is being burgled by inmates themselves, go through the following check list.
❑ Mother and father should, between themselves, have a clean and transparent dealing in money matters.
❑ Try meeting your children’s needs from your own known sources of income.
❑ Extravagancy for sheer show-off should of avoided. Even children must be taught to exercise prudence in spending money.
❑ Like elders in family, children too should be involved in planning and reviewing of family budget. This would encourage youngsters to short list their demands.
bad habits, their cause and genesis
If past lives of top notch criminals is perused, it comes clear, that as children they were as simple and innocent as any child next door. But exigencies of environment, parental neglect, injustice, bias and an administrative indifference drove them to crime.
Children tread a forbidden path when denied love and burdened with stressful living. Psychologists believe that when children are brought up in penury and petulance, they revolt at a subconscious level. This rebellion leads them on to the path of hiest, violence, deceit and such like vices.
When a child watches his other colleagues having fun fair, he too likes to join them in gay abandon. If for some reasons, be it money or parental reprimand, he can’t do that, he is cheesed off. Such children take recourse to stealing money. If caught, they tell lies. If their lies are caught, they try implicating other people in their crime. Thus one vice gives way to another, and the viscious circle goes on. It is nobody’s case that all desires of tiny tots be met. Yet, their genuine necessities should definitely be answered.
Remember
❑ Fix up pocket money allowance for the youngsters in the family. At the end of the year if a child shows savings to the extent of 60% of his allowance, he/she should be rewarded with some token money and opening of a bank account in his/her name. This will inculcate habit of saving, and a sense of responsibility in the child. In the beginning savings may be prompted purely by a selfish instinct, yet, in the long last, children mellow down to save money in right earnest.
❑ Should the child drool for his pal’s item, counsel him to rein his impulses. For example by explaining this way : If some one steals your toy—how would you feel? Or, what would it mean to you should you happen to loose you favorite shirt somewhere? Never do that which you yourself will feel bad about if done to you.
❑ Remember, children aren’t born thieves. They take their pick at what appeals to their heart—no offense meant. Then it is left entirely to parents to make mends. If they see some stolen object in child’s possession, they should explain him/her to return the same. Once or twice child will return such items when counselled. Subsequently he/she will realise that other’s belongings shouldn’t be picked up, and will leave habit of stealing in course of time.
