If your child is a teenager, it is time to teach economic ideas. For example, you can spend hundreds of thousands of won at a time and teach your children to spend their budget on their own for 6 to 12 months. Teenage children should learn to take responsibility for their money. At first, your child will feel burdensome and difficult to budget, but will gradually adapt.
Encouraging your child to set up his or her own budget is a good way to develop a sense of responsibility to children.
Giving pocket money on a weekly or monthly basis is not effective because your child will spend a lot of money on a short-term budget. Because your child knows that you will be able to get your allowance again the next week or a few days later if you spend your money. Make sure your child has a long-term budget plan for at least six months. It is very important to teach your children how to plan and save future spending. This is because they are two important habits to make a child a financially stable adult.
In this way, the child learns how to be confident and decide what he really wants, goals, and priorities.
At first, giving a lot of money to a child at one time is a burden to parents, and children who receive the money can be burdensome. It is also difficult to set up your child's allowance for six months. Talk to your child about money and tell them how to save. And when your child fails to manage his or her budget, he or she looks back at what the failure is.