Pocket money for children - good or bad in the long run?

@udayrao2 (782)
India
March 22, 2010 10:28pm CST
I have asked this because of a recent discussion in my family.When young I never had a "pocket money" sort of - whenever I needed I would ask for an amount to spend on what I wanted, and if my parents thought it reasonable I would get the amount or what they thought was good enough for that particular purpose. And I had also seen that some of my friends would always get a 'fixed' amount every week or every month and then get frustrated when they ran out and would then throw tantrums. I, for my children, inculcated the same method & values my parents chose for me, and recently while discussing this habit my daughters now appreciate that fact - when they themselves started earning - they say it helps them to appreciate the value of money and also to be prudent in spending wisely. I have heard arguments to the contrary too. Did you get pocket money when young or do you give your children and what do you think - whether it is merited or not?
6 people like this
26 responses
• Canada
23 Mar 10
I have never been given pocket money, unless I'm going on a trip somewhere by myself or something of the sort. I just have always had to ask for money for something specific and if my parents think it's a reasonable price for something that I legitimately need or could use they give me half or all of the money. Although I still haven't learned to appreciate the value of money. :P
@udayrao2 (782)
• India
23 Mar 10
Hi i think, in the real sense, the value of money is appreciated only when one starts earning and is independent of others on living.
• Canada
23 Mar 10
I agree with this. I know that now that my parents don't give me money for things because I have a job (although I'm living at home while I go to school so I'm not independent completely), I have managed to save some money and not spend as much on frivolous things... I'm learning!
@dbeast (1499)
• India
23 Mar 10
I think it is alright to give pocket money. It will bring in a sense of responsibility to the kids as they will have to manage their expenses.This will help them once they start earning and will start using money wisely.
@udayrao2 (782)
• India
25 Mar 10
within limits is ok- but some children & parents as well do not stick to that - with the result that one of the two is always cribbing and unhappy- what happens when you cross the limit is the child gets used to it and when becomes an adult it is difficulty to control that as well - managing funds - but gets used to taking loans all the time - that is what I feel.
@adaox1 (65)
• Belgium
23 Mar 10
i still get pocket money every week but i work for it, i help my mother cleaning the house or doing the yard or help my father doing jobs around the house. if i didn't have to do anything i wouldn't even want to accept that pocket money. however, getting bit of money every now and then makes sure your children know how to manage their 'income' so its a good thing in my opinion.
@udayrao2 (782)
• India
25 Mar 10
its good that children in your country can earn from small easy jobs, at leazst they earn the value of labour besides managing their own money.
• India
23 Mar 10
I was getting pocket money .My father wanted detailed account of my expenditure.I seldom gave him the correct picture. I used to skip breakfast to spare money for the movie. Now I am giving pocket money to my son.I am not insisting him to explain me how he spent it.However,I ask for some hints.I am not sure whether it is right or wrongto give pocket money.Anyways it is not a big folly.
@udayrao2 (782)
• India
23 Mar 10
By keeping a tab on your own pocket money maybe that is how you initially learnt on your own and manage within your budget, n ot only manage but also keep the accounts- hehe; and anyway own experience is the best teacher
@bavneet (128)
• India
23 Mar 10
i think in today's world a pocket money is very important and it must given to a child saying that child will use it in wrong manner is really wrong but up to some extent it is true that you know how is your child and what kind of expenses they have but have you ever think that this will teach a lesson to your child how they maintain their expenses if a child who learn this thing in early stages is a good finance administrator in future because they know where they have to spend that money rest is your choice whether you give it or not.
@udayrao2 (782)
• India
23 Mar 10
I think both ( giving & not giving pocket money to children ) have advantages & disadvantages.
@humairaku (2039)
• Indonesia
23 Mar 10
so did I, friend. I never got pocket money when I was in a school ages. My mother forced me to have breakfast before going to school so she thought that I didn't need pocket money. but I think it will be very unfair if we don't give some pocket money to our children. in my place, it isn't common for students to bring lunch to school. but there are so many canteens instead so they could buy some foods and drinks at school. so if parents don't give pocket money everyday, they will be starving cos they go home from school at 3 p.m.
@udayrao2 (782)
• India
23 Mar 10
Here in Indian schools , normally children carry lunch from home or they have someone to deliver at lunch time or grown up children in higher classes even come home for lunch if within walking distance.
@umit_umit (1986)
• India
23 Mar 10
of course pocket money is good for the childern,and should be given,but not in excess!in balance
@1anurag1 (3580)
• India
23 Mar 10
i think no pocket money or excessive pocket money is very bad for children. but there must be a moderate pocket money for them. as i think that if we give them pocket money they just only spend them but they also learn to save and manage their expenditure in the range of pocket money they have. so in my view this is needed thing for them to learn and like educating them the value of money.
• United States
23 Mar 10
pocket money's ok as long as they earn it.they could do little chores around the house,depending on age.i wouldn't just give it to them,or they might think they could demand it. i think it does teach value of money and budgeting. i used to get an allowance from my folks,but i had several chores to get it. they'd let me slide if i were ill,but not if i just decided not to do it.
@jezzmay (1845)
• United States
23 Mar 10
I use to pick up and save pop bottles for money. I made money this way, we never were given money. We always had what we needed, so we did not lack anything. Really my mother and father worked, we had more than we really needed. I believe the method your parents used was the best. I know I had problems when I got out on my own. I did not know how to handle money.
• United States
23 Mar 10
I think it's a good idea that children needs to learn how to handle money and if they are given small amounts of money regularly then they can learn how to use it and save it to buy the things they want. When I was younger, I got two dollars each day to buy snacks for me and my brother because we have to stay after school since my mother worked. We would walk around from store to store trying to find the food that can fit our budget. It was a great experience for me and might be why I know how to live frugal now. So I definitely think it's merited.
@techgurl (451)
• Greece
23 Mar 10
I didn't get pocket money till I was in high-school. I didn't really need any before, just occasionally for some snacks when I would go out. And even then with my mum we made sort of a game so that I would earn some money. She liked it when I did her hair so we made a price list like in a hair salon . And also when I would help with her work by scanning documents, sending emails or fax. I actually agree with your daughters. At the start when I started getting pocket money it was a bit difficult for me to get adjusted. But I got the hang of it soon and started learning the prices, planning my spending, and even cutting some costs by walking to school for example. That experience I find it very valuable now when I am the one in charge of my own earnings and spendings.
• United States
23 Mar 10
My parents gave me (very little) pocket money which was called my "allowance". Although it was such a small amount (its about as good as being on social security, I imagine), I agree with them that it helped me understand the value of money and how to manage it. Thanks to them, I know how to save money and how to spend it on the things that I really need, while also getting fun stuff from time to time, without getting all crazy in debt. The only time I've gone into real debt was because of school or because of an emergency, never because I was just careless with my money.
@mr_pearl (5037)
• India
23 Mar 10
Hi Uday... I have been through a similar kind of childhood, financially, as you did... I think, it is appropriate to let the kids have a small amount of money in their pockets. Reasons enough! I always felt jealous of those kids who would have money with them to spend upon anything they liked, when I was a kid. I didn't have that freedom, in fact, I had no money at all- forget freedom! I would have to listen to their boasting which affected my emotional behavior on a long term basis... And worst, I never valued money at all... I made money, after my college, and spent it like anything... Of course, I was wrong in doing that... But I didn't know that I was committing a mistake... I hope you get my point... Allow them to have a little cash in their pockets. If you distrust them ,then you can ask to give account of all the money they spent (usually, kids aren't that bad!).. Too much money isn't good for kids, but hey, no-money is way too dangerous... Have fun!
• Germany
23 Mar 10
when i was growing... yes, i did received pocket money. It was on a monthly basis and the amount was according to how good i made in school. If i come home with a certain number of good scores in tests, i will have a bigger amount for that month. The lesser scores get 2 pesos for each test, the big scores get 5 pesos. My sisters & i enjoyed monthends and it was also the time for us to get ourwelves some groceries we like to buy ( chips & biscuits ). My husband & i talked about giving our daughter her weekly pocket money. She started receiving her money when she turned 5. She is saving good and will not buy things she like to buy because she dont want to start to zero again. So when she likes to buy something, that soemthing has to until she collects 5 "very good" notes from her tests in school. She is patient though, now she has 2 good notes, 3 more to go...and she is already going crazy thinking what she will like to have. For me, it is good for a kid to learn to value money. It will make him realize that money need to be earned, and in earning needs patience and doing your best (in school), and so must be spent wisely.
@phoenix8606 (4978)
23 Mar 10
hell0! well, when i was at school i also didn't have pocket money, the only money that my parents gave to me was for some food when i am at school and maybe when I go to the internet club with my friends, but i definitely didn't get money each week for some other things! well, i think it is not bad, but only if we give them just enough to feel well, and not to spend for other stupid things, and we must always tell and show them where exactly money comes from so that they know, that sometimes we just can't give them that what they want.
@icegermany (2524)
• India
23 Mar 10
giving pocket money to childrens , it is in one way good for them and in one way bad for us. may be if a child is using his or her pocket money for a good reason like eating and eatables , purchasing what he likes and all is fine but if the child is misusing it then it is harmfull to him, so we cant really judge it. when we were younger even we use to have pocket money and we need it so if we think in this point of view we have to give them money but i think it is always better to be safer and just keep a watch on the child for what purpose doe he use that amount of money or it is better we show him ways where to spend that money and give more options and so that he would like one of the options and spend it there. my childrens are too young and hence they still dont need any money.
@nubchai (11)
• United States
23 Mar 10
I think giving a child pocket money or an allowance is a good idea especially if they have to do some weekly chores to earn the money (washing dishes, running errands whatever). If a child never has money then how will they learn to manage money?
@Sreekala (22879)
• India
23 Mar 10
Hi uday, My case was similar like you, I never get pocket money but whenever I needed money for any purpose my father provided that. I too don’t felt any need to get money as for expenditure and I think that habits help me to avoid the extra expenses in the present life. Similar method I am following with my kids too. My elder son is going to school and younger yet to start his schooling. If he asks money for some purpose I am providing that money, even if he needed to buy something from school canteen I am giving money for that not regularly but occasionally. He knows that I won’t give it on regular basis but once in a while it is ok for me and he too feels happy.
• Philippines
23 Mar 10
As a kid, I was never given pocket money. I only had pocket money when I started 4th grade. I think it would be okay to give children pocket money if they are guided on how to use it. I remember when I was in kindergarten that one of my classmates had some money. He gave me 2 Philippine pesos. I was psyched to hold money and I "believed" he gave it to me. I just went to the school's store, pointed to the candy, and handed over the money. I had no idea then how it worked. My classmate then came to ask his money back. Well, he gave it to me. When I was in grade 1 to grade 3, I was made to bring snacks with me and no money. I used to get some coins out of my coin bank so I can buy candy from the school store. (Hmm...what is it with candies and stuff? :P) I finally got to use money in 4th grade. By grade 5, there was some sticker book I really wanted. What I did was I earned money from my pocket money for a whole week and bought that sticker book. It felt great to buy something out of "hard work" in the sense that I earned for it. I guess if children would experience that first "buying something I like and used the money I earned for it," they would learn to appreciate earning money. I remember one time when my aunt brought us to the bank. They deposited money for my cousin's bank account, you know, the kiddie bank accounts to help children learn how to save. It's fun to remember that. Now, I have my own bank account and ATM as well and I try to never use them. I thank my previous experiences on teaching me how to earn and appreciate the value of money.