Pocket money is a great way to help children learn the basics of managing money. But how much pocket money you give, when you give it can all be managed with Growup app.
We believe that pocket money should be earned and not just given. This can be done with Growup App wherein you can challenge your kid with various methods which can motivate them to earn their pocket money.
Linking children’s activities/chores to pocket money might lead to bargaining about how much activities/chores are worth. For example, tidying up the bedroom daily or weekly, studying daily, putting out rubbish bins each week, feeding the family pet each day, washing the car each week and so on. This gets your child in the habit of working to earn money.
Your child learns a lot by watching you and how you deal with money. Spending, saving or donating money – they’re all chances to teach your child more about the basics of money management.
With Growup App, you can teach your children about:
• the value of money: the relative price of things
• spending: accepting that money is gone once it’s spent
• earning: understanding that earning money can be hard work, but usually that’s the only way to get it
• saving: using short-term and long-term goals
• investing: learning that you have the chance to earn more when you invest
• borrowing: understanding the importance of repaying borrowed money
• opportunity cost: understanding that when you use money to buy something, you give up the chance to buy something else with that money.
As long as your child understands how much he’ll get and how often, he can start learning how to use the money well. This is possible with Growup…