One thing that parents often hear as their child nears adolescence is “Can I have some money?” Children want things much the same way adults do. Things like trips to the movies, CDs, or a new skateboard. For a child who is too young to have a job, their parent often becomes the source for their spending.
When you set a family budget it’s important to include your children’s needs as well. It’s crucial though to differentiate between needs and wants. All children want things and parents enjoy giving those things to their children. But an endless supply of requests for money can quickly break any parent’s budget in two.
If your child wants things that weren’t included when you set a family budget there are a few things you can do:
Make a chore jar for older children. This is a jar that contains extra jobs and the amounts you are offering for them. This is separate from the child’s regular daily list of chores and can include items such as painting the fence or washing the car.
Create a bank account for your child and deposit any Christmas or birthday money they receive. If you do this, when your child really desires something during the year you can check the account balance and then explain to them whether or not they have enough to budget for the item. If they don’t they can work extra chores to make up the difference or wait until another birthday or special event passes.
Placing a bit of money aside when you set a family budget, for your child is a good idea, but it’s important to make certain that they work for that money. Giving a child everything they desire is lovely in theory but it doesn’t teach them that a budget is essential to financial success.