Pocket money teaches tweens the benefits of saving, careful spending, and money management – all important skills they’ll need in life.
It’s officially spring and that means lots of stuff to freshen up around the house. Getting your tween to help with chores by offering pocket money as an incentive, is a great way to not only lessen the load but teach them important life skills, too.
Pocket money and your tween
While all kids can burn money quicker than a bonfire, tweenagers in particular (those between the ages of nine and 12) have the ability to make money disappear, instantly and mysteriously. It is sucked into a vortex, the minute it hits their hand. This is a skill honed as a result of years of them siphoning your money.
The modern tween needs money for bubble gum, headphones, lip-gloss, airtime, movies, cool clothes, music, and foreign investments. How come adults need money for boring things like bills, groceries, and school fees? While your teen will no doubt put your money to good use, pocket money also teaches tweens some very important life skills.
Top five benefits of pocket money
Here are the top five reasons why pocket money can be a good thing:
- Giving tweens pocket money reduces the risk of them getting into debt as adults. Pocket money is the building block for adult self-sufficiency.
- Learning young, through pocket money, encourages a lifetime of saving where delayed gratification is appreciated.
- It’s tricky for kids to grab the concept of money, but one they need to understand. Pocket money, especially if earned through chores, enables them to learn what money is actually worth, and its value.
- By gradually saving some of their pocket money towards a goal, tweens develop a sense of purpose and pride in their achievement.
- If your tween is eager to help wash your car, clean the garage, or take the pets for a walk in exchange for a reward, it frees up your time so you can do other things that need to be done.