Pocket Money - Essay Sample

Introduction

Pocket money serves a great deal to both the parents and children. Offering a child pocket money creates a stable foundation in terms of planning and financing. Pocket money, therefore, enables children to get used to money. Children earn the courage of using money according to their priorities. The money gives them a sense of exposure to the surrounding thus earning them courage. The children further learn the means of using money while limiting their expense. Pocket money, therefore, forms the basis of saving and spending money effectively (Myatra, 2018). This is made possible by the ability of the child to gain knowledge on the proper use of money.

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In times of financial constraints, the children are aware thus tend to use their pocket money wisely. Parents should, however, take caution when offering pocket money to their children. Guardians ought to measure the amount of money before lending their children (Myatra, 2018). They are supposed to make sure that they give their children enough but not more than required. This is because too much money may make them dull thus lazy. Children with easy access to money are vulnerable, and they tend not to work hard thus may misuse money offered to them

On the other hand, most children learn the art of saving at an early age. Children develop a habit of saving thereby leading them to effective saving in the future. The children thus become responsible as time goes on. Amount of pocket money offered to children at a certain period of time enables them to understand the value of money. They further get to understand and appreciate the current economic level at an early age. Pocket money can be used as a good factor of motivation to the child (Myatra, 2018). Children ought to work hard on duties assigned to them guaranteed to earn more money. This, therefore, persuades the children to engage in their duties positively.

Children should be offered pocket money because they get a better opportunity to exercise a certain level of freedom. Pocket money generates a sense of self-worth and self-independent. Using the money in the pocket, children become self- reliant and can save themselves from rising situations. Giving children pocket money at a tender age lowers the risk of adult debt in the near future. This is so because children adapt to money and how to handle it at an early age (Myatra, 2018). Adult debt thus becomes a thing of the past as one is already established based on using the small resources available to satisfy his/her needs.

Conclusion

In conclusion, pocket money should be made available to a child due to the facts discussed above. As seen, money in the pocket of a child impacts the knowledge of saving among other facts. Children are viewed to act independently and learn to rely on themselves. Pocket money, therefore, forms the basis of people depending on themselves as they were used to since their childhood. Parents should on the other hand limit the amount of money they offer their children. This is due to the fact excess money may lower the motivation to work hard because the child has easy access to money. Pocket money ought to be given to a child according to the performance of his /her responsibilities. The money offered to the child should serve as a motivating factor.

References

Myatra, H. (2018). Importance of Pocket Money, How to manage pocket money, Pocket Money Benefits. Retrieved from https://www.civilserviceindia.com/subject/Essay/pocket-money3.html