Kids have a way of accumulating cash either from their pocket money or as gift allowances from relatives and family members on festive occasions and birthdays. You need not to spend on all their whims and fancies anymore; allow them to spend on themselves as this will teach them to handle money in responsible ways and also teach them the value of things.
You can check out more articles on making kids money savvy at https://www.starwalkkids.com/.
10 places where your kids must pay for themselves.
- Additional treats: Encourage them to spend from their piggy banks when they want the additional chocolate or an ice cream treat.
- Buying toys: Let them dig into their finances when they want to buy something they really need. The pride at having bought their own toy is unbeatable.
- Subscribing for their favorite TV show: Yes, it is possible. Children should be taught that entertainment comes at a cost and they must be capable of paying for it.
- Buying gifts for friends: This will encourage paying more attention to the kind of gift and if it is worth the price.
- Accessories: Not all accessories are essential in life; therefore, the kids must be able to discern the useful ones from the not so important and spend.
- Donate for a cause: This will teach them to be considerate and caring to society.
- Pet supplies: Let the onus of taking care of their pets and their supplies be on them; they will be more responsible in taking care of their pets then.
- Lost or broken things: For things lost at school due to negligence and carelessness must be made amends for by paying from their own pockets.
- Cosmetics and personal statements clothes: While providing good clothes is your responsibility wanting to try something else is your child’s call and they must pay for it from their pockets.
- Items freely available: Lot of books, CDs etc. are available free but if your kid wants its own copy then it has to spend from its stash of cash.