Pocket Money For High Schoolers – The high school Era is one of the times when we are transitioning from teenage life to adulthood.
Several needs and mobility from high schoolers' lifestyles are starting to make their pocket money feel inadequate for them. It is normal as it is an adjusting time before adulthood for them.
For those who need clarification about how big you should give your high school children pocket money, the Whiz financial application. has some tips. Know how to determine high schoolers' pocket money.
Also Read: Tips to Prevent Impulsive Buying in 30 Days
How much is pocket money for High Schoolers?
On average, the amount of pocket money for a High school teenager depends on their parent's capabilities. Besides that, when they get their pocket money, it is also varied. It can be daily, weekly, or monthly.
According to several sources, high schoolers get IDR 20000 - 50000 daily. Or even IDR 500000 to a million monthly. It should be noted that to give pocket money; one must consider the parent's income.
For that, there must be some ways to determine pocket money. The children and the parents must also agree on how to determine it.
Is It Needed To Give High Schoolers Pocket Money?
As children grow into adulthood, parents must polish their children's sense of responsibility through several things. One of them is through pocket money. This pocket money is needed to measure that.
But then, parents must know how to regulate their children's money. One of them is by giving a financial report.
Before that, the parents must warn them about what the pocket money is for. Inform them as well on what things must not be bought.
As a parent, you can also do it. They are giving a little bit of punishment to your children, by decreasing the amount of their pocket money when they are lazy to the point that it affects their grades or more than that.
In conclusion, parents must give their high school children pocket money. It is a form of responsibility and education between the children and the parents.
How To Determine High Schoolers Pocket Money
1. 1. Do Some Research on How Many A High Schooler' Pocket Money on Average Is
The first way to determine how much a high schooler's pocket money should be is to research its average amount. This research is done to compare some things that a high schooler needs, either physically or psychologically, like accommodation or entertainment.
This research can help parents know the norm and the necessary things high schoolers own. In addition, parents can also or local , so the allocation of the money spent is efficient.
2. Teach Your Children On The Concept Of Money
Children must know four crucial points about the concept of money. Those four points are earning, shopping, sharing, and saving.
On what Earning is, parents must educate them on how people must make efforts or work first to get money. They will get it in the form of wages, selling income, or helping their parents.
Children must know where the money is from, at least. Remember to let your children underestimate how to earn money, while in reality, it is not easy, Whizparents.
3. 3. Know The Character and The Personality of Your Children
Pocket Money can be determined by understanding your children's character—their personality matters. For example, a child with consumptive tendencies will need more pocket money than a child who prefers saving.
Parents must understand the character and personality of their children to predict their behavior better and help them manage their finances privately.
If the parents know the weakness of their children's character and personalities, parents can help them avoid mistakes and solve those weaknesses soon. Hence, parents need to know their children's character and personality.
4. 4. Taking into Account What Children Need
Pocket Money for high schoolers can be given based on their need. Concerning the previous point, besides the character and personality, parents must know what they need, like accommodation, internet for online study, and entertainment.
From all those needs, it is essential to select which one is primary needs and which ones are secondary. Therefore, parents should make separate details on those needed for school and those not.
5. 5. Discuss With Your Children
The amount of pocket money can only be decided if parents discuss it with their children. To know their needs, parents can discuss how much they need.
In this discussion, being open with your children is very important. Parents must explain the difference between primary, secondary, and tertiary needs to avoid overspending and wasteful.
6. 6. Adjust It With The Family's Financial Situation
Parents must also remember that pocket money can be adjusted to the household's financial situation. In this matter, parents must be more selective in determining which are necessary and must be covered first and which are the alternatives that are more economical for each need.
On that point, the family's financial situation must be discussed with the children so they can understand and adjust their lifestyle to the economic situation in the family. So, communicate okay!
7. 7. Don't Give It to Them Before The Time
To help children manage their money, parents can hold the funds before the agreed time in the discussion. This tip will teach the parents not to be gullible to their children's requests and end up giving them to them.
On the other hand, parents can also limit the additional pocket money so they can spare some cash and allocate it to other things.
8. 8. Teach Them How to Save and Invest
There is a benefit to parents giving their child pocket money. That is saving. Teach your children to keep and motivate them to do it, like buying their favorite things or need or want to visit places they dream about.
Give them pointers on how to set aside money they won't need early on the day so it won't be spent on snacks. Whizz parents can also teach them about investment early! Moreover, many investment products start from IDR 100000.
Investing now is also more efficient because many money applications provide such a service.
Also Read: How to Determine Children's Pocket Money
Now, the amount of pocket money and when to give it to your children can be done by using one of the features in the Whiz financial application.the area is also very cozy for you to hang out.
That feature is automated allowance.This feature will help parents to manage the amount and when the pocket money will be given. So it will be easier and won't make your head hurt!