Should Pocket Money be Given to Children?

21K School
4 min readJan 13, 2023

This article helps understand how giving your kids pocket money makes them more independent and accountable and builds a habit of personal saving. Furthermore, it plays an essential role in online homeschooling.

Homeschooling helps build the parent-children relationship effectively. Parents can afford to have the most significant advantage: time flexibility. As most parents are working, they can teach their kids to concentrate and focus once they are done with work.

Teachers must address classes with 40 or more students and cope with their different learning paces in schools. Of course, only some children would have finished earlier and would feel bored while others are learning.

When parents are only the primary source of kids' learning, parents can be satisfied with their kids getting shaped and developing skills the way they desire.

Let's learn about the impact of giving pocket money to your kids, which teaches the habit of personal savings and helps them become better individuals.

Key Takeaways:

  • To teach kids the responsibility of managing expenses and learning personal savings.
  • By offering various subjects in a simplified manner at 21K School, we use this online homeschooling platform to help parents and their kids make the best of their learning and growth.
  • The subjects are taught in a manner which helps kids easily understand various concepts.

How can pocket money help kids learn about personal savings and to become independent?

We encourage parents to learn how pocket money plays a vital role in their child's life. Let's dive deeper into some important points regarding this.

  • As they are given a part of the family earnings, they feel included and valued as a valued family member.
  • From an early age, they learn how to manage money. Even if they aren't mature enough and will make mistakes, it's the right age to correct them and make them aware.
  • Parents can create a bank account and deposit the money, teaching children how to handle a bank account.
  • Parents should teach their children how to earn money through their own life experiences; when kids understand the difficulties behind making even a measly amount, they will use it more cautiously.

Now let’s talk about independence:

Children will learn how to budget; for example, when they receive their pocket money for the first time, they spend it all up and end up being frustrated at the end of the month. From here on, they learn to spend their money more effectively throughout the month.

As they learn how to budget their pocket money, they also learn how to save and add to their savings over time. They can save either by keeping aside a part of their allowance every week or month or the entire budget if there is no expense that they wish to indulge in.

It gives your children the freedom to make choices. By doing this, kids learn about money management, i.e., how money works, how decisions are made based on money and how it affects the future. Allow your child to make their own decisions on where and how to spend their money.

Nowadays, most teenagers want to learn financial management without much hand-holding. For them, pocket money means they can make their own decisions as a symbol of independence without relying on their parents.

Homeschoolers In India

  • Homeschooling works for students who are creative, challenging, quiet in nature, etc.
  • Homeschoolers in India are growing as parents become more involved in their children's needs and requirements.
  • They can make decisions about the pace, schedule, grade level, learning methods, etc.
  • Based on their child's current physical, mental, and emotional status, if any emergency arises, the needs can be solved accordingly.
  • Children study comfortably when their family surrounds them as they are the best foundation of education for any child, helping develop their all-around skills and mindset.
  • With online homeschooling, they can also focus on community activities, volunteering, and entrepreneurship.
  • As one student has only one teacher to teach them rather than 40 to 50 of them, they can learn everything efficiently and effectively.
  • In online homeschooling, kids, instead of learning concepts for tests, learn to understand them without the pressure of tests lurking over their heads.
  • Online homeschooling also ensures they get time for extracurricular activities like sports, cultural activities, and other events.
  • Online homeschooling is convenient for several family situations, like military families, families that move frequently, those fighting various illnesses, and those with burdensome work schedules.

Words to Remember:

Flexibility: Willingness to change or compromise.

Entrepreneurship: The activity of setting up a business or businesses, taking on financial risks in the hope of profit.

Conclusion:

Let's return to our original question, 'Should pocket money be given to children?' In this blog, we have mentioned all the pros and cons of whether giving pocket money to children is right or wrong. Pocket money helps the child better plan their finances and equips them to take future financial decisions.

With homeschooling, parents can help to make learning fun for their children. It also helps provide the necessary attention to the kids and their progress. So check out the wide variety of courses that can widen your child's knowledge base in their formative years!

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21K School

21K redefines the schooling experience by blurring all physical barriers to create a community of global children driven by a passion to learn.