Free time

How to manage your pocket-money

Although you may feel tempted to spend all the money at once, think about when you will get it again.

You have finally started getting pocket-money! You surely couldn’t wait to get your ‘own money’ which you could spend the way you wanted. Before going shopping, think about the following:

  • When you start getting your pocket-money, ask your parents to buy you, or buy it yourself, a purse. Keep your money in it, and not in trousers, jackets or bags. Always keep it at the same place at home, so you do not have to waste time looking for it, and when you are out of home, be careful not to lose it.
  • Although you may feel tempted to spend all the money at once, think about when you will get it again and if, till then, you will need money for something else.
  • When you see something you like, ‘sleep over’ your decision to buy it. Think if you are really going to use the item, if you can afford it, if you want it only because ‘everybody in your class has it’ will you like it next week or month…
  • If you want something you need to save for, spare a part of your pocket-money every month and calculate how much time you may need to have the necessary sum. That is how you will learn to plan and manage your money which will do you good in the future when you start earning your living.
  • Going shopping can be fun and is a good opportunity to get to better know your friends, parents, siblings, members of the greater family. Your invitation to go shopping might be met with joy.

Except that they give you a certain amount of money to freely dispose with, by giving you the pocket-money, your parents show you their confidence. They believe that you are mature enough to manage your pocket-money and independently decide whether to save or spend and what to spend it for. Try not to betray their confidence by spending your money for something that is harmful for you or something that they would never buy you.