Allowance for Middle School Children – Some parents whose children are teenagers entering junior high or middle school will naturally wonder how much allowance is appropriate for their junior high school students. They must be more mature and independent. Therefore, there must be a desire to give pocket money to children.
However, is it necessary to give junior high school students their own pocket money? Giving pocket money to children is not just a demand for needs, you know. Whizparent can also introduce financial literacy to them. Apart from that, what are the other benefits? Come on, see the following explanation!
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What is the Average Allowance for Middle School Children?
How much is the average amount of pocket money appropriate to give junior high school students? Quoted from the website PT Pinduit Teknologi Indonesia (Pintek), a company financial technology peer-to-peer lending for education, the average pocket money for junior high school students ranges from IDR 100,000.00-IDR 150,000.00 per week or IDR 15,000.00-IDR 20,000.00 per day.
Benefits of Giving Allowance for Middle School Children
Is it necessary for Whizparent to give their pocket money to children who have entered junior high school? The answer is yes! It is necessary. Giving pocket money or allowance is highly recommended so children can learn to manage their finances. For a more detailed explanation, let's see in full below!
1. Learn to Manage Finances
By being given their own pocket money by their parents, children learn to manage their finances. They will know how to allocate finances for snacks, saving, and other things.
Managing personal finances through allowance can also help children understand the priority scale for buying an item. That way, the child will decide whether to buy the item or vice versa.
2. Training Children to Be Independent and Responsible
Having personal pocket money can also train children to be independent and responsible! Children can fiddle with their own money according to their needs. They can also think about how they use their allowance sufficiently for a certain period.
In addition, children also become able to buy things by themselves. Not even as usual, namely parents who buy it at a store. Then, the child only receives the item from his parents.
Children can interact directly with the traders by having their own pocket money. Therefore, children have new experiences in the transaction process.
3. Train Children to Save Money
By giving them their own pocket money, children can get used to saving. They can start setting aside their allowance little by little. Tell them that they can use the money to buy something they need. However, it must also be in accordance with the scale of financial priorities.
4. Reducing the Risk of Indebtedness as an Adult
By learning to manage their own money, children become accustomed to saving. They will start to get used to setting aside money. Then, they will allocate the funds into several posts, such as snacks, savings, and emergency funds.
Thus, children will avoid debt because of their financial management, which you can train your children from an early age.
Then, how do you determine the appropriate pocket money to give junior high school students? Quoted from scruti.com, Andy Nughroho, Financial Planner from Advisors Alliance Group Indonesia, provides several ways to determine the appropriate amount of pocket money to give junior high school students.
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How to Determine Allowance for Middle School Children
1. Calculate Children's Needs
Every child has different needs. Take a look at what the money will be used for. Is it just for eating, or are there other needs such as public transportation, buying stationery, credit or quota, etc.?
Talk about these needs with your child because apart from jointly determining your child's pocket money needs, this can be an opportunity for you to teach your children how to manage their finances.
2. Pay Attention to the Situation and Condition of the Child
Concerning calculating the needs of children, it is also a good idea to pay attention to the situation and condition of the child. For example, they go to school in locations that are difficult to reach by public transportation, such as buses or public transit. They need money to order an online motorcycle taxi. Another example is that the canteen at their school sells quite expensive snacks.
The way to determine this is to determine the average number of staple foods sold there. For example, snacks fall into the price range of IDR 20,000 – IDR 25,000. Then, talk to your child about whether to keep buying food at the canteen, bringing lunch from home, or maybe alternating between snacks and bringing lunch.
3. Determine the Frequency of Giving Pocket Money
After calculating the child's needs, make an agreement with the child about the frequency of giving their pocket money, whether daily, weekly, or monthly. Ask your child's opinion about this so that they feel valued and more confident in expressing their views and needs.
They may have a good idea or reason for their choice. In addition, this can be an opportunity for children to manage money according to the decision of the time specified.
4. Providing Pocket Money Through Digital Wallets
In this digital era, chances are that you have already given your child smartphone to communicate and learn on a daily basis. Thus, of course, they and you are familiar with digital wallets, one of which is Whiz.
Whiz is a financial application intended for young people to learn financial planning through practical experience, with features that connect children and parents so that parents can monitor their child's financial condition and participate in their child's financial development. Children and parents can use Whiz, and there is no minimum age to create an account.
5. Learning to Manage Money Does Take Time
Learning everything, of course, takes time, not to mention managing finances. Even adults sometimes still have difficulty managing finances. So, their children need time to learn and adapt to balance income and expenses.
Therefore, parents must often guide and be patient when their children make mistakes in managing their money. This skill in managing money will benefit children both when they are still in school, and later they are already working in the future.
To make it easier to manage your child's pocket money, Whiz offers features automated allowance. which will automatically send children's pocket money on a predetermined date. Of course, this feature will make it easier for Whizparent to manage expenses and record family finances.
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Article Update on Jan 18, 2022 by Farrosa Aini
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