In the course of the year, the children will receive a lot of red bags, which are a blessing for their family and friends, as well as an opportunity to develop a child's view of money and build a child's capacity for financial decision-making! Today, a guide to the petty cash scheme has been recommended, which guides parents in helping their children to use the petty money, including the money that they use, so that children can develop the right money awareness from an early age。
When the child reaches the age of five or six, the petty cash scheme can start if he knows the different denominations of the coin and knows that it takes a certain amount of money to buy what he wants。
In addition to educating the child about the usefulness of money, it is necessary to teach the child some basic financial literacy and develop a life-long saving habit that will benefit him。
Before the plan is made, parents will first understand five important petty cash principles
Principle one: promise a child
Prior to the introduction of the petty cash system, the child was assured that the allowance would be given on one day of the week. Parents can give the child half of the money per week according to the age of the child. A day is set every week as a day of pocket money, and the promise must be kept。
Principle two: make the child a promise to you
Make sure there's two things before the kid gets his pocket money: first, he has to save a portion of his pocket money. Get up; second, the remaining money is for emergency purposes and can also be used for entertainment — but not for more money when it is spent。
Principle iii: persistence and perseverance
Once the petty cash scheme has begun, it must continue. The children will be as eager to get paid. If the child is spent as soon as he gets the money, don't give him another one。
Principle iv: do not mix pocket money with household chores or achievement
The parents gave the child pocket money because he was a member of the family. Based on experience, as well as the advice of many psychologists and counsellors, petty money should not be associated with the child's personal performance, such as having an a test, or doing domestic work. The purpose of the allowance is so pure that it is only to teach him some useful common sense of money。
Principle v: provisions for savings in petty cash contracts
Children should develop the habit of saving money at an early age. The best time to teach children to save money is when they pay for the first time. The author recommends that the child be saved 25 per cent of the weekly petty cash, and that the money saved be deposited in a bank or in a savings tank every month。
When these five principles are taken into account, we can start drafting this plan:
Money and date
The first step, of course, is to determine the amount of petty cash and the date of its issuance. As already mentioned, it would be preferable to give the child the equivalent of half his age or the same age. Of course, from a practical point of view, the amount of petty cash should be determined in accordance with our economic situation。
Here are two little tricks:
The first is that children, especially young ones, are better given in the form of coins. This will make them more aware of how much money they have in their hands and can train them in computing。
Second, it is suggested that petty money be released on sundays or mondays, and if it were on fridays, it would probably be spent on weekends。
Tell the children clearly the proportion of savings per pocket money
First of all, if you want the child to become a saving habit, you have to know how much petty money the child has to store — you can't expect the child to spend a penny and the savings rate is 25%, but you can ask him to save more or less。
Financial advisers usually recommend that adults save at least 10 per cent of their wages. If children start with a higher demand, when they grow up they feel that the target of 10 per cent is easy to achieve。
Purchase of storage tanks and wallets
Take the kids out to buy a wallet and a storage tank that can be opened without breaking. The cans are used to save money and the wallets are used to keep the usual allowance. To give these two things to children, they can understand the concepts of storage and spending. If your child is 10 years old, you can open a bank account instead of a cash storage can。
Petty contracts
Sit down and design a simple contract with the child before giving him pocket money. In the contract, you agreed to give him a certain amount of petty cash per week and he agreed to do the following:
Save 25 per cent of the petty money
At the end of each month, the money saved during the month is deposited in the bank
The first three months may not be taken from the bank
Deposits can only be used to purchase goods listed in or related to the contract。
Compliance with these agreements enables the child to exercise good financial management skills, learn to set goals and develop the quality of compliance. The process of making petty cash contracts was very interesting, and children could take the opportunity to ask a lot of questions about money。
Petty money tracking records
In order to make parents and children more consistent with the petty cash scheme, the authors recommend that parents make a written record of the allowance. For example, when you forget one day, or when you happen to have no change in your wallet, you can delay giving it to the kids a few days later. A few days have passed, and maybe you've forgotten whether or not you've given the kid any allowance. A written record would make that clear。
One last thing: reject temptation
It may be difficult, but when the child finds you, give him more than you can. You have to let the children understand that this is the most important and the most fundamental thing — that money does not flow from bank deposit machines without payment and indefinitely. This also explains how important the petty cash contract mentioned above is — it can save you a lot of “negotiating” with the children。
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