Cotton hands in pockets, children lived again… Some will be ashamed, some will start to dream of what they can do with that money before they even put it in their pockets. And how fertile that money is, spend it and spend it. It’s not over! Circumcision ceremonies abound in the summer. Here come the money again! Today’s children meet the concept of money in games… For example, they plant seeds in their virtual gardens in exchange for money, they buy tools to save more and plant and harvest fields. By the way, cartoons are also penetrating into the subconscious of children: Money is also money… Some of them are even in the gold business. Someone very close to me talked about his son who didn’t want to be circumcised. He said, “If it’s going to come from the big gold in the cartoons, okay, I’ll be circumcised…” Apparently, the little gentleman is one of those who realize how important money will be in his life and is negotiating to get circumcised in exchange for gold bullion.
According to Cambridge University research, children’s spending habits are formed at the age of 7, but their relationship with money begins at almost 3 years old. The average age of receiving regular pocket money is 6-7. It’s the kids’ perspective on money, the way they spend it, outright parents who determine whether they’re prodigal or frugal. Moreover, according to a study by the University of Kansas in the USA, the seeds of making money habits can be planted even at the age of 5 years.
Experts also reveal that children imitate the way their parents spend money. In other words, every money you squander is recorded and you are constantly monitored. A friend of mine who has a 2-year-old daughter recently told me. The little girl doesn’t know where to put the money with a big smile on her face the moment she gets pocket money. He must have seen from the people at home that he is trying to put his money in his pocket as if imitating them. Four corners of pleasure, as if the National Lottery hit.
At a young age, the question of money waiting to be answered in the minds of children is the issue of ATM. A family friend’s nephew said, “You know, my aunt and I buy as much money as we want from a machine every day and we shop.” According to her, her aunt had unlimited money. Jayne Pearl, author of “Kids and Money,” says explaining to children what an ATM is is important to teach them that money is not airborne and is not unlimited. Even if they don’t seem interested when you withdraw money, emphasize that “I deposited my money in the bank, now I’m withdrawing my own money”.
According to research conducted in England, boys receive more pocket money than girls. Despite this, he is not satisfied and constantly asks for a raise. I remember when I was a kid, my brother was more extravagant than me. What if we were going to play a war game in that house! After playing 3 times, his enthusiasm was gone, but it was too late… Although I was not a little bit. In the 2nd grade of primary school, I received my pocket money that I could spend maybe a month. I could not get up to speed, I had just arrived in Turkey and bought a package of expensive candy and distributed it to my friends. My father must have been preoccupied so he asked the fate of the money in the evening. “Nothing, I bought candy for the class,” I muttered. My 1 month money was gone.
Advice for parents from Beth Kobliner, author of “Get a Financial Life”…
Don’t try to get every request, it’s not true. Say, for example, that she has to wait until her birthday for what she wants. Prepare 3 jars for your child. Let these be jars to save, spend and share. Each time he gets the money, ask him to divide it into 3 jars. Have a goal, a wish list, that she’d like to buy once her money is up. Explain how much is left to your target each time you give money.
It is the period of explaining that he has to make the right decisions about money. Instill that money is limited and it is necessary to make the right decision on how to spend it. Include him in the strategies you do at this age. For example, “I bought this one because if I had bought the other, I might have lost. The taste and quality of it is not much different from the expensive one,” say. Give your child money at the market, for example, let him decide which fruits to buy with the money he has. Voice your shopping preferences at the grocery store: “I bought this one because we really needed it, I didn’t buy the other one because we can handle it until next week.”
Plan with your child how much they can set aside per month. It doesn’t matter how much. Drop by drop, it becomes a lake. Tell him that by the end of the year he can buy something big he wants by throwing away the money he spends on chips every day. Speak with numerical data. For example, say, “If you start throwing away 100 liras a month at the age of 15, 50 years later you will have 60 thousand liras on the side when you are 65 years old, but if you start this after 30, you will only have 42 thousand liras to spend at 65”.
Talk openly with him about his overheads, especially school expenses. Let him know how much is spent on him per year Evaluate together what your child graduated from school did, how much he earned per month.
- “What does he know?” Don’t say, pocket money is very important for the development of the child’s sense of responsibility and math skills, its importance should not be underestimated. But when deciding on the amount of pocket money, make sure that it is not so large that it draws his attention to purchases, encourages overconsumption, and causes rash spending.
- Be frank with your child about your expectations for the allowance. Be clear about what needs can be met with the pocket money you give, what the pocket money includes and does not cover.
- Don’t expect him to meet his big and basic needs with his allowance.
- It is difficult to say a general amount of pocket money for each age, but determine your allowance by taking into account your child’s age, environment and economic situation. Replan the amount of pocket money according to your child’s changing needs.
- Giving too much pocket money can increase your child’s risk of entering unwanted environments. So you are not doing your child a favor by paying too much. On the other hand, pocket money, which is far below the required amount, may cause your child to stay away from social activities with their peers and to feel insecure.
- When your child does something you don’t want to do, don’t cut off their pocket money as punishment.
- If the awareness of planned spending has not yet settled, give your pocket money daily first, you can give weekly or even monthly pocket money when you observe that he makes daily expenses regularly.
- Don’t give money whenever he wants, but don’t make harsh statements like “We don’t have money”, explain it in an appropriate language.
- Sometimes let him make mistakes. Remember that this is also a learning method.
News: Sema Honor