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30 April 2008

POCKET MONEY-JUST HOW MUCH?

I watched with great interest the debate on the ever popular subject of pocket money for children,in a local newspaper last week. Parents of some children said that Rs.1500 would suffice,whereas others disputed the rising cost of transport and foodstuffs and gadgets and, of course, mall hopping, that should be done with the pocket money alloted for each month. Obviously, each parent is different, and come from different backgrounds and with varied interests and values. But, what was to be noted was that none of them said that they inculcated a sense of accountability in their children irrespective of age. Spending habits and the need to save should be taught at a very young age. Parents should be a role model for their children in everything, including spending habits. Necessities and luxuries should have a clear demarcation. And most importantly, parents must sit down with their children and teach them the difference between luxuries and necessities. And counsel them with examples,even on impulsive buying. Communication between parents and children is definitely necessary on all aspects especially, on the art of spending wisely and maintainance of a pocket book that records how money alloted is spent each month and how it can be improved upon. As adults, they will be better at financial management.

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