Make your children responsible by teaching them the value of money. Read on to get advice on how you can stop giving your child pocket money and make him cut down on unnecessary expenses.

How To Stop Giving Your Child Money

You might have got tired of fulfilling the ever-increasing monetary needs of your child. We all know that kids are expensive. There is food to buy, hippest fashion to don on, extracurricular activities to pay for, latest gadgets to own, matching accessories to possess and so on. The older they get, the more they seem to ‘need’ things. As your child ages, there’s a high probability that his/her whining or even begging for money increases. At times, it is natural for parents to go wild and bizarre when their growing child seems to be careless for the money spent. In case, you are also facing the same and often get red hot with fury, sip a glass of water and cool down the rising bouts of anger. It is time for you to curb down on your child’s so-called ‘needs’. When you don’t cave monetarily to your child’s every material whim, you are actually doing him/her a great favor. This will help the kid become responsible adults and learn the value of money. Here are few steps that you can take to cut down your kid’s expense.
Advice To Cut Down Your Kid’s Pocket Money
  • It is very important for your kids to learn the value of money, so that they respect it. Teach them the value of money and how difficult it is to earn it. You can open up a bank account for them, so that they see the need to save their own money and use it wisely.
  • Make your children responsible. Assign them some chores around the home, this will make the children responsible and will generate helpful nature in them. Give your child a stipulated amount after you are satisfied with the work done. However, do not pay or reward for everything done. This will inculcate a strange behavior, as your kid would start associating money with even responsibility. Thinking of getting monetary benefit for even the pettiest of work can also be a possibility.
  • Make it clear to your children the areas where you will be assisting and helping them. You can even sit down and map out what they can expect from you. You can even divide the burden and ask your kid/s to share an area of expense, if the situation so permits.
  • Be firm on your decision. If you have decided not to financially assist your child for something, then stick to that decision. Your child might try and give you excuses and reasons, but your decision is final and this is how you can teach the value of money to your child. Be prepared as your kiddo would definitely set you sailing on an emotional cruiser!
  • There might be a situation where your child needs the money immediately. In case of any such emergency, it would be better to call in for a meeting to discuss all the particulars, rather than blindly giving how much he/she asks for. This will teach the kid to take monetary decisions, only after deep thinking and analysis.
  • Cut down on monetary gift exchanges. Keep it minimal; don’t accept frequent gifts as this might instigate the expectation in your child for a return gift. Gifts don’t make your child love you more. Remember, love should be regardless of any materialistic ceremonies.
  • Don’t get emotional. Release your grip on your wallet and place it back into your pocket firmly. Tell children to go earn on their own if they are in constant need of cash all the time. Hard work and labor would only make them stronger and realize the value of moolahs!

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