Weekly Pay, Advantages And Disadvantages
Among the values that we must instill in our children, after love the most important is responsibility. One of the ways to do this is by teaching them to handle money through a weekly pay; either to reward them for the work they have done or to encourage them to save.
However, it is a sensitive issue, as this may work for or against your attitudes in the future. The economic situation of the family nucleus must also be taken into account.
At what age is it convenient to pay our children?
Children typically begin to handle simple math facts, such as addition and subtraction, between the ages of five and seven. Therefore, they also begin to have contact with money, knowing its value and denomination.
In this way, they already learn to manage the information of the cost of small things and how they can be acquired. Thus, they can start shopping for some candy or sweets on their own and learn to calculate the purchase without the need for help.
Teach them to distribute the pay
We must give freedom to our little ones. However, the younger they are, the more important it is to be in control of where their pay goes. To those of us who already have children and have begun to give their weekly pay, it has happened to us that the same day it is given, they spend it entirely on sweets.
That is the right time to start creating in them the sense of saving and to tell them how to distribute the money they receive from time to time. For example, if they like a toy, we could give them tools so they can buy their candy and save to get that toy that they like so much.
It is very important to accompany them and monitor how they handle this situation; you have to guide them so they don’t make mistakes.
Advantages of weekly pay
1.- They learn to save
A first and important advantage of weekly pay is that, through this incentive, we will teach you to save by saving part of your pay and raising more money little by little. Knowing how to save and be proactive is something they must learn; especially if they want to buy a toy or something else.
2.- They learn the value of things
In addition, they will know the sense of responsibility and will learn to value what they have. They will know that, through work, they can obtain a financial benefit.
In the long run, they will be responsible when they are adults with the jobs or other activities that are in favor of their economy. They will also use logic along with mental math when thinking about how much money they need to buy what they like.
3.- It serves as an incentive to collaborate at home
Weekly or monthly pay will become an incentive for them to do chores around the house. Remember that we must assign these tasks according to their age.
By getting money from us, they can also learn how to be entrepreneurs and multiply their pay. This could be your own initiative or suggested by the parents.
Disadvantages of pay
1.- It can awaken a feeling of greed
At the other extreme, here children may begin to show symptoms of greed; they will want more to be given each time. They might think that getting good grades or helping with household chores is just for getting paid.
2.- Feeling that it is easy money
They may feel that this incentive is easy money and that it will always be at their fingertips. Therefore, they may think that giving them money is an obligation of the parents and, as said above, all this depends on the economic condition of each family.
Therefore, it is important to know what amount of money or weekly pay will be given to our children; the best way to do it is to progressively increase as he reasons and manages that income. We should never put more money in the hands of our children than they can handle.
Starting to give our children weekly pay is a matter of great importance and we should not make the decision lightly. In general, each child will show signs of maturity and it will be up to the parents to determine if they have the ability to manage it or not. Let us remember that weekly pay is a double-edged sword: we must know how to handle it to do good for our children.
