Help them see the benefits of saving for a goal. Your child or young person’s savings belong to them and their savings account should be in their own name. You may need certain identification documents to set up the account your caseworker can help you locate these. Encourage kids to set up a bank account and use it to save their pocket money, birthday money or earnings from a part-time job. When you think they’re old enough, show your child some money management basics such as how to budget, spend, save and establish good money habits for life. Helping kids develop good financial skills from an early age prepares them for the financial challenges of adulthood.
Giving kids chores helps them gain life skills and a sense of responsibility. Payment of pocket money should not be linked to the child or young person performing unreasonable duties. These costs are covered by the Care Allowance. Pocket money is not to be used by the child or young person to cover the cost of meeting their basic needs such as clothing, toiletries, food or bedding. For a 13-year-old child, for example, this equals $13 in pocket money a week.
Typically, parents and carers give their children $1 for each year of their age, each week. The Care Allowance is intended to cover pocket money.
It helps promote a sense of independence and, through experience, teaches kids how to make responsible financial decisions. Getting pocket money helps a child or young person learn the value of money, how to use it and how to save it to buy something they really want.
0 kommentar(er)
