Pocket money and invisible fears of parents
It can be seen that giving children an allowance often entails many invisible fears. of the parents. Many people are afraid that when their children hold money, they will spend it on unnecessary things and develop many bad habits. Ms. Huyen, deputy director of a construction company in Ho Chi Minh City, said that her child is still young and does not need to use money to go to school to take care of food and drink, but when he comes home his parents fully provide for him. Spending money early will cause harm.”
Contrary to Ms. Huyen, Mr. Long in District 7 was quite generous when he gave his 9-year-old son a fixed amount of pocket money every week for the reason that he was afraid he would have to suffer. He shares that his child is studying at an international school and his classmates always have some pocket money to occasionally go to the canteen to eat. “A bottle of water costs about 10 thousand, so I “contract” it. “Thirty thousand a day, two hundred thousand a week.” He also did not ask his child to make a spending plan because he thought that would make him have a habit of meticulous calculation.
What do they both have in common? The type of parents mentioned above lack proper guidance for their children’s spending. Invisible fears are pushing parents to two opposing extremes: either very strictly managing spending or letting them spend. comfortably without explaining to your children what is smart and correct spending.
Teach your children to be responsible with their own money
In series Teaching Children About Money MC Diep Chi affirmed that how much to give depends on each family’s conditions, there is no general formula, the most important thing is to guide children how to use money.
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MC Diep Chi shares her experience in teaching her children to spend money based on the Cha Ching Curriculum implemented by Prudential in collaboration with JA Vietnam.
Beautiful female editor for Knowing from experience learned from experts, children over 6 years old already have concepts about numbers and parents can help their children understand the value of money and form the habit of accumulating and spending under the guidance of their parents. Especially in the early stages when children are still excited and want to buy a lot of things, Diep Chi emphasizes the need for parents to maintain discipline and not break the rules agreed upon with their children.
Agreeing with this opinion, Mr. Nhan – who works at a travel company – said that he and his wife often give their child money weekly for lunch at school. The money is clearly discussed with his son and given at the beginning week. Accordingly, the boy can choose his own lunch and the remaining money if he has a brother who teaches him to save money. The important thing is that he and his wife both agree on how to teach their child about money in a disciplined way and accompany them children in the process of implementation.
Associate Professor Dr. Tran Thanh Nam also said: “Capacity Financial management is one of the essential skills for the alpha generation. Parents, please reduce criticism and increase guidance when teaching your children about money. Don’t worry about your child making mistakes, instead proactively guide your child so that he or she can grow up independently and be responsible with their own money.”
Lessons Learning to spend first, parents should teach their children
1. Distinguish between needs and wants
Children tend to act instinctively but do not yet clearly understand and distinguish the difference between needs and wants. Therefore, to guide children to spend wisely, parents need to explain the concept of needs and wants with familiar examples that needs are things that are necessary for the child’s individual and family’s life, such as food, while wants are items that are not immediately needed and would not affect life if not available, such as toys or candy. .
2. Get familiar with other household expenses
Parents can take the lesson to the next level by allowing their children to participate. Participate in family spending activities. Besides letting your children participate in family spending planning, taking your children shopping is also an opportunity for parents to guide their children how to compare prices to make decisions. Correct spending decision. Learning from their own parents will help children have a model to follow, remember lessons better and quickly form good money habits.
3. Understand different forms of spending money
Most parents rely on their own experience to teach their children how to use money instead of referring to a systematic learning program. Many parents today are spending money via cards or e-wallets, making children unable to imagine that this is also a form of spending money.
Teaching children about money is everything It’s a long process that requires parents to improve their knowledge every day. Smart spending is one of the difficult skills that requires parents to ensure regular discipline and supervision Wise mothers reduce criticism and increase guidance for their children when teaching about money so that children can grow up to be responsible and independent with their financial funds.
Information about the Father project Ching
The Cha Ching financial management education project is implemented by Prudential Vietnam Life Insurance Limited in collaboration with JA Vietnam. The Cha Ching curriculum is developed by the Prudence Foundation community support of Prudential Group in Asia) and translated into 10 teaching languages in many Asian countries. In Vietnam, the program has been implemented in elementary schools through a series of “learning through play” activities “play and learn” is diverse and attractive. With a new format, Cha-Ching educates children from 7 – 12 years old and adults about the importance of financial management, training and comprehensively developing smart financial management habits.</ p>
Learn more about Cha Ching at: https://www.cha-ching.com/
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