How to teach children how to handle money?
Hey guys, I have a little brother and I wanted to ask how I can best teach him how to handle money.
There are three siblings in the household, and my older brother and I are now working. My youngest brother is now 16 years old.
Here's how it is with us: my younger brother doesn't have a regular allowance. It's usually the case that when he goes out with his friends, for example, he asks me and my older brother for some "pocket money." Depending on what's in my wallet, I often give him €10 or €20. Sometimes I get nothing at all, or just a few cents, which he's really happy about.
I've been wondering for a while now whether this is the right approach to teaching him how to handle money. He doesn't work because he has to concentrate on school.
Am I doing everything right as a big brother, or is this the wrong way to teach him how to handle money? Please help.
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Actually, I know he has pocket money and there is also a table from the YES.
According to this, it would be 50 to 60€/month.
https://www.baggeldTable.org/
He would then get the money analogy to your work for his work as a student, for learning, for his help in the household.
If he gets this regularly, he learns – with hints – to tell himself about it, to consider whether he spends it today for going away with friends or buys a bigger thing next month, but for that he does not go out with friends for 2 months or consumes nothing there.
With your method he learns to always hope to get something, never save anything and to spend everything he has right away. That’s not a good idea.
You could give him the opportunity to earn something by adding certain amounts for certain tasks or, for example, the bottle pan when he goes shopping and takes away the pan bottles.
No, he doesn’t have pocket money. because it would be useless to give the parents money to the children according to the table, the child buys toys and then the family has nothing to eat for 3 days because the money is so short.
Pocket money is sensible, the requirements are a recommendation – but no duty.
I also do not think that it is reasonable
He learns for himself and if he has learned well, then surely there is also a reward at the end of the school year. for learning but not.
With the help of the household, even children are legally required. they also make dirt and therefore have to remove dirt. I wouldn’t spend money in general. Even if he voluntarily makes extraordinary things – e.g. that he brushes the car.
If he prefers, depending on age, weekly or monthly, some money… then he has to split himself up
Actually, of course, this would be more the task of your parents, and indeed a fixed pocket money he has to share is better than always hoping for good luck that he gets money for the evening.
If your parents don’t want your money, it can be a fair gesture to pay him a pocket money instead.
You then also take a little part in the budget costs because you have to ask your parents more often for money, but do it where you think it is most sensible. If he has available 50,- – 100,- € a month, where he does not have to beg it would be a sensible thing.
Fixed pocket money:)
Can it decide whether weekly or monthly, e.g. every Monday 10€ or on a specific day per month 50€
Hey, I’m a big brother myself and my brother’s only 9. You’re doing it all right! If he’s already looking forward to cents he gets from you, that’s great and a good sign. That means he’s happy with a few cents, and he’s not begging you for appearance. My brother hasn’t asked me for money yet, but he also has a savings box in which he always puts pairs of euros in order to buy something. How it works well
There are tables on the net with indicative values how much you should get from what age. 16-year-olds should be paid between €39 – €47. This is actually the case of parents and not the siblings.
Pocket money and a junior account. This is more of your parents’ business, not the siblings.
Your parents are responsible for this.