How do you spend your pocket money?

How do you spend your pocket money?

Managing your money

  1. use the money to buy things that they want.
  2. get used to handling money and finding out what things cost.
  3. are responsible for looking after money.
  4. learn to save up for things that they want.
  5. may learn to save part of their pocket money for when they are older.

How much pocket money should you get?

You can base your decision about how much pocket money to give on: what household chores you expect your child to do. what your family budget will allow. how old your child is – for example, you might give a five-year-old $5 per week and a seven-year-old $7 per week.

Do you like to save money?

The importance of saving money is simple: It allows you to enjoy greater security in your life. If you have cash set aside for emergencies, you have a fallback should something unexpected happen. And, if you have savings set aside for discretionary expenses, you may be able to take risks or try new things.

How do you spend your pocket money wisely essay?

If I like some music, I use my pocket money to buy tapes and CDs. Since my sister is still too young, she does not get any pocket money. So, sometimes, I give her some money to spend or buy some things for her. During some months, I’m able to save most of my pocket money.

How much money should I keep in savings?

Most financial experts end up suggesting you need a cash stash equal to six months of expenses: If you need $5,000 to survive every month, save $30,000. Personal finance guru Suze Orman advises an eight-month emergency fund because that’s about how long it takes the average person to find a job.

Should I save or spend my money?

When you save with intention, you’ll have a better chance of getting the things you want out of life, but you must also realize that along with intentional saving comes to consciously spending. It’s my simple rule of financial planning: Save money for later, but spend some today.