The Benefits Of Giving Your Children Pocket Money
Do you give your children pocket money? If not, you should start! Pocket money can have a lot of benefits for children, including teaching them how to manage money and make financial decisions.
This blog post will look at the benefits of giving your children pocket money and explain why you should let them spend it on sweets!
The History Of Pocket Money
OK, so we don't exactly know where pocket money came from - but we do know that people used to keep money in their bags or other belongings. Then, a tailor decided to create a shirt with a pocket to hold money - hence the name.
Today, the term pocket money is mainly associated with a set amount parents give their children - and it's also known as 'allowance' in the USA.
While the premise of pocket money is the same, changing times means that more young people are investing their allowance in tech items such as smartphones instead of the traditional 1980s and 1990s magazines.
However, one thing hasn't changed since the 1980s, and that's the fact that young people still spend a lot of their pocket money on sweets.
We know what you're thinking - let the kids spend money on sugary treats? Well, hear us out - because we have a case to make in favour of sweets.
The Benefits Of Pocket Money For Children
Giving your children has many benefits, including increased independence and understanding of money management.
Pocket Money Teaches Young People The Value Of Money
In a world where we can make payments with the tap of a card or the click of a button, it's easy to forget that money doesn't grow on trees.
Giving your children pocket money is one way to teach them about the value of money. When they have to save up for something they want, they will appreciate it more.
Even adults struggle with money management, especially when considering the sheer accessibility of online payments. All we have to do is tap our phone against a machine or use our fingerprint to buy something online, making it easy to go over budget.
Pocket Money Teaches Children How To Manage Money
It's not just about the value of money - pocket money also teaches children how to manage their finances. They will learn how to budget and save up for larger purchases. This is an important life skill that will serve them well into adulthood.
Plus, it's never too early to start teaching children about money management.
The sooner they learn how to budget and save, the better off they will be when they enter the real world.
Pocket Money Encourages Children To Be Independent
Giving your children pocket money also encourages them to be independent. They will have to make their own decisions about what to spend their money on - and this can be a great learning experience.
Of course, you can always give them some guidance if they're struggling to make decisions - but ultimately, it's up to them.
And who knows? You might even find that they're more responsible with their money than you are!
It Prepares Young People For Work
Pocket money is a great way to prepare young people for work because they'll understand that money doesn't grow on trees.
Most people struggle with budgeting, and it's so easy to spend all your wages as soon as you receive them.
However, by teaching your children that they have to work for money, they'll learn to budget and appreciate what they have.
To ensure you do this correctly, you should only give your child pocket money if they do all of their weekly chores, such as cleaning the bathroom, washing up or anything else you set for them.
Why You Should Let Your Children Spend Their Pocket Money On Sweets
We know what you're thinking - surely it's better to encourage healthy eating habits by letting them spend their pocket money on fruit or vegetables?
But there are actually some benefits to letting your children spend their pocket money on sweets.
It Teaches Them About Moderation
One of the most important things you can teach your children is moderation. Just because they have a little bit of money doesn't mean they have to spend it all at once.
If you let them spend their pocket money on sweets, they will learn that they can't have everything they want all the time. They will have to budget and choose what they want to buy.
And who knows? They might even surprise you by choosing to spend their money on something a healthier option!
At Appleton Sweets, we provide wholesale confectionery for people around the UK, and our vast collection of sweets includes diabetic, halal and vegan brands. We combine delicious candy with healthier options to give our customers more choices.
Who says sweets have to be bad for you? We certainly don't!
It Encourages Them To Make Their Own Decisions
As we mentioned before, pocket money is a great way to encourage independence. But it's also a great way to teach children about making their own decisions.
If you let them spend their pocket money on sweets, they will have to think about what they want to buy - and how much they can afford.
Younger people will eventually understand that they can't always have everything they want - and this is an essential lesson for life.
So there you have it - our case for letting your children spend their pocket money on sweets! We live in an increasingly competitive world, and the things people take for granted, such as buying a house, are nothing but dreams for young people in the UK.
By helping your child learn how to budget, they'll likely have more success in the future because they know the reality of how much things cost and what they need to do to afford the items they want.
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One of our newer posts gives you some great ideas for pick and mix sweets. Read it here!