The question of whether the grants are right or wrong is an issue that has been debated for generations. Now it is your turn, as a parent, to decide whether the grant is the best way to educate your child about financial responsibility or not. There are many reasons given why regular payments to a child should or should not be made - in the end I believe there is no right answer, it is up to each family to decide which is the best option for them. In the many years of working with parents and teachers, these are the top seven reasons I often hear in the question of why children should receive grants.
1. They learn wisdom in the way they spend their money. It may help to teach them how to prioritize their own money, and learn from an early age what it means to spend money.
2. They learn to save money. Having a regular amount of money, it may make it easier for them to establish good savings habits, as a certain percentage of the money from each payment can be deposited into a savings / piggy bank account. Without a grant, any money they earn can be spent on nothing but savings.
3. They learn to donate their money. A certain percentage of their income can also be donated to the needy, hopefully encouraging your child to be considerate of other people, and not jealous of his or her money.
4. They will learn to plan their money so that it stays within payments. In the end, many children will learn to pay attention to how they manage their finances so that they do not run out of money. This will only happen, if the parent refuses to cry for the first time and wants more money when the mistake was made for the first time!
5. They can learn to make mistakes for less money. Children will learn to manage their money by committing themselves more quickly to being allowed to make mistakes themselves (and suffering as a result), rather than being told how to manage their money by someone else. Parents need to be present to guide their children in how they should spend their money, but not to judge them (unless there are serious consequences for their mistakes).
6. They may stop harassing you for money. The idea is, if they get regular money, and have a good understanding of how to budget, they won't run out of money, so they won't keep bothering you any more. In fact, it may not completely eliminate money laundering, but it should reduce it.
7. You may end up spending less money. If you sit down and calculate how much money you are giving your child during the week and how much you spend on items he or she buys (eg clothes), it may seem cheaper to give him or her a grant, and make it obligatory to pay for it. a lot of what they buy.
As I said earlier, grant money is not the best option for the whole family, but these are some of the reasons why many parents and teachers believe that money is the only way to go. However, some families may not have enough space in their family budget to provide for their children, or they may not believe in it for personal reasons. Whichever way you choose, I have seen with my own eyes, the children from each side of the fence who have grown up to be special financial managers, as well as the seemingly inexperienced children. Ultimately, it comes down to how much guidance a child receives from their parents / guardians financially - whether they are given money or not.
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