Children’s demands are increasing incredibly nowadays. Of course since our market has expanded in addition to the increase of globalization and of course most of all competitiveness between children. These days it’s not enough to have an iPod, a laptop, and mobile phone but they always need more, how about an iPad, and a better laptop and mobile. And then the money allowance issue that usually is not enough for the children. Parents try their best to get their children their needs or demands but sometimes it is too much. The question that comes to mind is -- How can I make my child more responsible regarding money?

My daughter came up to me and said, “mom I NEED a blackberry”, I actually laughed since I did not own one myself. I asked her what she needed a black berry for; she’s only 10 years old. Of course the usual answer was “all my friends have one and I need to BBM with them.” Suddenly, all the blackberry functions were summarized to BBM. Naturally I gave in and got her the blackberry so she would be in the same level and of course equipped like her friends. But I had her contribute to its cost with some money she had saved from birthdays and feasts. There is no doubt that I want my children to have a wonderful life. But I thought by letting her contribute, she will be more responsible. It’s always easier for children to spend their parents’ money rather than their own. I am convinced that as long as we keep spoiling our children they won’t make it when they are on their own.

I am sure that this is a dilemma that every parent has gone through enduring similar situations; the difference is how parents deal with the issue. Kids allowance can be a very controversial debate. Some parents may give way too much money to their kids, while others may not give any allowance at all. How much allowance should kids have is the big question? and when to begin giving allowance to your kids? You as a parent have to ask yourself why you want to give allowance to your kids. The most important point is to teach your kids financial skills. Many experts agree that you should begin giving money to your kids at an early age, as soon as they begin to say “mom I need this t-shirt or this toy”. This can be done by a reward system or gift money on birthdays and feasts. Start to teach your children at a young age about coin recognition and counting, give them money to buy a lollipop or a pack of candy in order to see how they deal with money. Do they understand the concept of change or not? As they begin to grow older discuss with them the amount they need for their allowance, but you should be almost decided about the main reason you are giving allowance, is it for lunch at school, outings for friends, money for the mobile ( since all kids have mobiles now) and don’t forget to consider your child’s age too. But remember that you have to be fair since kids sometimes may try to save their lunch money to get other needs, I am sure no parent would want that.

When your child tells you I want this or that DON’T say NO. Ask them if they have enough allowance money to get what they want, allow them to make mistakes and poor choices, let them learn how to save so that they will learn how to use money responsibly. Some people would rather give allowance money in return for house chores, however, Some experts recommend not to since as soon as kids have another source of money they will stop contributing to the house chores, it should be a responsibility rather than for money.

I think that teaching our children to be responsible will help them a lot in their future life. They must know that there are so many people who are less fortunate than them; they must learn to give and to be generous to their friends, family and to the poor. And most importantly, they have to know that being generous is not only about giving money, it is about being compassionate to others…