Managing money? Well, never thought it’s for kids who simply love to blow up their pocket money? But ask the Millennium City and you would find it otherwise…
By A Correspondent | Gurgaon
Contrary to our usual belief that pocket money is nuisance and should be given only as a last resort, parents of the progressive Gurgaon City feel that earlier the kids are initiated into this, the sooner they acquire a responsible approach towards money
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"Children develop a money sense that helps them later on in life. Pocket money allows a child to learn responsible use of limited money. It gives them a confidence in spending and saving his own money," opines Sanjana Sriram of DLF.
In certain families children are given what they ask for and in some, parents fix the amounts. Studies show that pocket money can make your child feel important as he feels that a portion of the family finances is allotted to him or her. "Even a very small amount can give the child a feeling of individuality," considers Poornima Jain of Sushant Lok.
Ask the takers and they agree. 15-year-old Saurabh says, "I think pocket money is very important and makes one responsible. It teaches us the value of money." His friend Atul differs slightly. "I feel pocket money does make you responsible only if you keep a check on how much money you have spent and inform parents of what you spend on."
The next important question of debate comes that how much is too much? Should children be given a generous amount of pocket money? Or should one monitor them strictly and buy all that they need?
Says Deepshikha, a counselor, "The amount of pocket money depends upon the family’s economic status. If your child complains that his friend gets more make him understand and come to terms that all families are not equal. Remind him that money does not grow on trees and if his friend gets more, there are other children who get a lot less. Also guide him that lots of money does not mean lot of happiness."
However, in a materialistic world today, most parents pamper children with generous allowances. "But that does not mean that they are not taught the value of money. We give pocket money as we want him to understand the importance and meaning of spending from one’s given finances," shares Mihir Uppal of DLF.
But there are those who beg to differ. Binti Jain of Sector 14 believes,, "Excess pocket money makes one not only irresponsible but can ruin and spoil children."
Here Deepshikha has her say, "Never underestimate your child or hide the truth. Studies have revealed that kids who are made aware of family finances often show a mature understanding and try to budget by cutting down costs. Instead of spending their money on ice creams and lollipops they learn the art of saving and may even come up with clever cost saving suggestions."
According to Niharika, "I spend my pocket money on buying chocolates. I save the rest for any emergency or for buying gifts for friends and family."
But it is 14-year-old Nakul who tops the list in thriftiness. He says, "I always save my pocket money and deposit it in my account."
Smart ways indeed!
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