how to manage your children’s expenses?

Tricky question for many parents, pocket money is synonymous with responsibilities and of trust. Indeed, it is a first step towards financial autonomywhich allows it to develop SKILLS which will be useful to him in his adult life, such as having to save your moneybut also plan your expenses and of plan a budget for a fixed period.

It is essential to set some clear rules from the start to avoid any dispute. Most of the time, your child will spend their pocket money without asking for your permission. Then try to set limits and of guide him in his choiceswithout trying to lecture him, so as not to end up with bad surprises at home.

Did you know ?57% adolescents benefit from pocket money, monthly or weekly (Source: Pixpay)

Starting at what age ?

To set the amount of this sum, take your budget into accountt, but also the child’s age. Indeed, a child entering the average price can start receiving a relatively modest amount (a few euros). It all depends on maturity and its real needs.

Furthermore, you can give him before he turned 8 to start filling your piggy bank and becoming familiar with money.

At what rate and how much to donate?

Before he enters college, grant him a fixed sum of weekly manner. It will be easier for him to manage his money on a short duration.

For adolescents aged 10 to 15, you can allocate between 15 and 40 euros per month. In high school, it may be wise to create a account and an Bank card associated, with a ceiling per week. In fact, a teenager can obtain a withdrawal or payment card from 16 years old. It’s up to you to set the amount, especially if he has to eat out or buy school materials with his pocket money.

Did you know ? In 2023, the average amount of pocket money amounts to 36 euros per monthall ages combined (Source: Pixpay)

What to do when he asks for extra money?

It may happen that depending on his desires, your child asks you a few extra euros. You can, if you estimate the justified expensegrant him this extension, against services rendered or not. It’s up to you, but don’t be too conciliatory!

LR

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