When Giving First Pocket Money to Kids?

What is money for a preschooler? Firstly, the papers that parents are given for their work; secondly, the source of all the goodies in the nearest grocery. For these ideas to develop and evolve, you need to gradually introduce the child to money.

The first money in the wallet

• The optimum age for the first purchase is 7-8 years. Before this age, it would be more fun (just to give the money to the shop assistant). And after it, it can be too late: the child, who is 12-14 years old and is not given any pocket money, will feel neglected.
• Before you decide to send your child to buy bread and sugar; before you give him/her the money for cookies, you must comply with certain conditions.
• The child should count confidently within the amount of money that you entrust him with. It is desirable that the child should multiply too.
• Do not give your child a bank card. Never. Even if you have a card specifically for this purpose. The cashier is still not allowed to accept it (although in practice there are exceptions for familiar buyers); a lot of risks can possibly be faced.
• Clearly define the concept of “cheap”, “expensive” and “very expensive” for the child. Of course, everyone has their own income, so we will talk about the average figures.

Safety regulations

Finally, the child should be aware of the safety rules in the street and at school.

• Money is a tempting object not only for your child, but also for the people around him/her. A sensitive boy in a hat with pompons and a $10 banknote in the pocket is a great target for older kids. We recommend that you should have a preventive conversation with the child in case of an unpleasant encounter on the street.
• When back at home, the child should tell the parents about what has happened. Many people are afraid of talking about the street troubles; however, lack of reaction to the robbery is the best way to promote it. The child, who was not protected by the parents and the police, can easily become a victim for many years.
• If it is possible, the child should cry and run to adults; if not, it is better to give the money to the bullies.
• Having observed the offenders carefully, the child should try to remember what they were wearing.

Virtual money

Buying via the phone, unlimited use of the Internet or sending SMS is a separate topic to discuss. “Real” money is not spent so actively here, and the child just does not feel wasting it. Therefore, the ability to send SMS to any number except the defined list must be blocked in a child’s phone. Monitor the time on the Internet spent from the phone. If this is not possible, keep the balance on the level that will not be interesting to fraudsters, such as $2-5. Tell your child about the tricks one should not react to and what this may lead to.