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Learn to use your pocket money wisely: Learn to be independent…

By Pathum Punchihewa

What is the meaning of ‘Pocket Money’? Pocket money just means that you have money in your pocket that enables you to spend. It may be that your
parents and guardians give you money every now and then, or you may get
a regular amount of money, for example every day, every week or once a

How much do you receive as pocket money for a week? I know the figure may differ from teen to teen, depending on their needs
and their parents. So who are good parents? ‘Providing almost unlimited
pocket money’ type parents or ‘careful about every cent’ type parents?
What are the common issues that crop up with children, specially in
terms of teens and pocket money?

Providing pocket money for a child is good.  Giving a child an
allowance has numerous benefits, and it inculcates a sense of
responsibility in a teen. But it’s a sensitive matter as it, at the
same time can trigger the chance of the ‘kid becoming corrupt’ or going

Ok let’s dig out the positive ideas about Pocket money and some solutions to the Pocket money issues.

Managing your own money can give you lots of choices. You may choose to
buy a school lunch once a week, hire a game or video, or negotiate that
parents give you another amount for every amount you save, so that you
can save up for something special such as a bike.

There are lots of lessons to learn when you have pocket money.

If you spend it all at once, then there is no money until your next
'pay day'. Spending your pocket money economically will be a good
practice for your future.

If you make bad choices then that's tough! You'll be more sensible next time. Anyway money is not everywhere.

If you damage something when it isn't an accident you may have to pay
back the cost of it. That damages your pocket money plan too, don’t

If you are saving for something and don't put that money away first, it
takes a very long time to get what you want (simply because you have
usually spent your money on something else).

These are good lessons to learn when you are young. Money has to be
worked for and it doesn't last long unless you are really careful and
make good choices.

So, remember… Pocket money isn’t something just for spending; It is a great responsibility too. Make your choices wisely.

Managing your pocket money

Use the money to buy things that are important to you - Which means not
chocolate or candy for everyday but a useful book or stationary.

Get used to handle money and find out what things cost. Learn to shop
around for the best price. In future vendors won’t be able to fool you…!

You are responsible for looking after your money. Well that’s your parents' hard-earned money.

Learn to save up for things that you want. Learn about balance money thrift. And learn about the economy.

Learn to save part of your pocket money for you when you grow older.

You have to manage with the amount of pocket money you get.

Learn what gives good value for money.

Published on Youth Mirror - Daily Mirror (04st March, 2010)


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