Conversations in my shop between parent and their child can get a little… intense… when the child is paying for the sensory item themselves. A lot more thought and appreciation of spending their own money allow a child to develop independence and see the true value of money. Never forget - your child will learn a lot by watching how you, as an adult, deal with money. Do you stick to a budget? Shop around? Save until you can find a better quality item?
Start saving!
You can also agree with your child to put a percentage away for a special occasion, or a bigger and better item. They can get motivated to see their money grow! They can see it grow and the level of coins get higher. It is important to stick to the rules you set out with pocket money so they learn the value! It also means if they are allowed to borrow it in advance in the future - they are likely to pay it back right away.
These rules. the understanding of the value of money and the responsibility that comes with it, will take your child through to adulthood with great values and understanding. Pocket money, as a reward for completing chores, also ensures that the child learns how to perform a task of good quality and carried out properly.
A great experience
This all adds up to an amazing and positive experience. I often see children empty their pocket money purses, spending ages counting it all up and working out if they have enough. If not, I usually see them within a few weeks with the biggest, proudest smile on their face as they come to collect their sensory toy. This gives them the true understanding that money does not grow on trees!