When children ask for allowance, it’s not just a simple request but an opportunity to teach them about personal financial management.
If your child frequently asks for allowance, try to understand how they plan to spend the money. Once you know their needs, establish clear rules around allowance requests.
For example, agree on a monthly amount, the process for requesting money, and the purpose of the allowance. This will help your child develop a sense of responsibility and understand that money is not unlimited.
Illustration.
Instead of giving your child an unconditional allowance, encourage them to earn money by doing small chores around the house, such as cleaning, washing dishes, or gardening.
In reality, teaching your children how to manage their money and spend it wisely is an opportunity to impart valuable lessons. When your child asks for an allowance, respond with understanding and establish clear rules.
At the same time, equip them with the necessary skills to become smart consumers in the future. By doing so, your children will learn financial management, develop independence, and take responsibility for their lives. On this topic, psychologist Nguyen Ngoc Vui suggests appropriate and detailed responses for parents.
Psychologist Nguyen Ngoc Vui.
How should parents respond when their child frequently asks for allowance? For example, “Mom, can I have an extra $10,000?” or “I want an extra $100,000 for my allowance this month.”
The response to this situation depends on the family’s culture and the standards set by the parents. Some families believe that children deserve an allowance, so they give their children money daily. Other families combine snack money and breakfast money. For example, parents give their children 20,000 VND, and the children decide how much to spend on breakfast and how much to keep for snacks.
Some families give their children a medium amount of allowance, such as 200,000 VND per week, and let the children allocate it as they wish. Other families believe that children are not old enough for an allowance and should not have money until they are old enough to earn it themselves.
These examples show that each family has different views on spending and financial management. However, parents should clearly understand why their child needs an allowance and what they will use it for, including essential needs such as breakfast or learning to save money.
If parents believe that their child’s request for an allowance is wrong, they should first understand how their child plans to use the money. The most appropriate response is to communicate with the child, ask questions, and understand their reasoning before explaining the parents’ perspective on the issue.
What should parents say if they don’t want to give their child an allowance, so the child doesn’t feel rejected?
If parents don’t want to give their child an allowance for a valid reason, they should clearly explain why. For example, “We cannot afford to give you more money at this time” or “This is the amount of allowance we can give you for now.” Use a sincere tone and show respect for your child.
In addition to explaining the reason, parents can encourage their children to find alternative solutions. Ask them if there are other ways they can earn or save money to achieve their goals.
Clear and respectful communication will help your child feel secure and trust your decision.
Some believe that a child who is not taught to save money properly will struggle in the future. What are your thoughts on this?
We can consider this from two perspectives, one positive and one negative.
Positive perspective: If a child is not taught how to save money, they may not have a role model to follow, leading to a higher risk of irresponsible spending, even if they earn a lot of money later in life.
Negative perspective: In psychology, it is understood that a child’s future is not solely determined by their parents’ influence. Instead, the child largely shapes their own life.
Therefore, it is more likely that children will learn from their peers, skill-building classes, and life experiences, often developing a strong desire to achieve what they lacked in their childhood. As a result, their future also depends on their living environment and unique personality traits.
At what age should parents start teaching their children about smart spending? And how should they do it?
Every parent will have a different opinion, but I believe it is best to teach children about smart spending as early as possible. Even if they are not yet earning money, they should understand what money is and how it is spent.
Children should also learn the laws of money, such as the fact that money is not easily earned, and easy money is often associated with negative consequences or doesn’t last.
Parents can start teaching their children about smart spending in their daily lives. For example, when you take your child to the supermarket, explain how you spend money on groceries, or when they go to the hospital, help them understand that healthcare costs money…
Gradually, help your children understand the concept of spending money in everyday life. If you are a business owner, explain how your family earns money, or if you are an intellectual worker, teach them about saving a portion of your monthly income. Guide them on when to save and when to spend, and in which areas (shopping, socializing with friends)…
Regardless of the method, parents should cover these essential elements:
– Help children understand spending money in everyday life.
– Let children observe your practical actions regarding money.
– Involve your children in spending and saving decisions…
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