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 Self-help Library :  Parenting

Pocket Money - Learning Financial Management

Managing your finances is such an important life skill, however, no school teaches children how to do that. Pocket money or allowance can be a great way to teach children money management skills. By managing their pocket money your child can learn how to make decisions, deal with limited resources, and understand the benefits of saving and donating.

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  • loriy

    The article shared pretty useful tips for someone considering to start pocket money of their kids. I also felt that there could have been more elaboration about how to get kids motivated to engage in the system of pocket money and what all it entails. Another aspect which could have been addressed in more detail is the cultural sensitivity ? it is not a very familiar concept to Indian households and hence could require shedding some light on the aspect of getting familiar with this concept which would firstly require generating an interest on the part of children.