School problems and grandchild bonus
From the age of 13, children can also legally earn extra money outside their families - be it delivering newspapers or babysitting. Below this age limit, you can pay a small fee for special household activities. This is a good idea to do unusual things, such as cutting hedges or cleaning windows. Be careful not to reward your child financially for every little thing if you don't want your child to do anything in the household later on without something in return. But no matter how old your child is, there are a few things about side jobs in terms of working hours and type of work to note. But then there are children and young people who seem to always have too little money, despite pocket money and a part-time job.
Does your child also belong to the category of offspring with a part-time job and a chronic lack of money?
When, despite a large grandchild bonus, even grandma and grandpa's money supply dries up and delivering newspapers is not lucrative enough, children like to get creative. After school, the lawn is mowed, the neighboring children are watched out for and the family car is meticulously cleaned on Saturdays that parents would like to see doing their homework. The problem: School simply doesn't generate any money, at least not immediately. However, when there is a permanent shortage of money, that is precisely the problem — the focus of young people is shifting, and the school, which is already often perceived as annoying, is becoming even less interesting. At the latest when grades suffer, parents should take a watchful look at their children's extracurricular commitment.
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Where does the lack of money come from?
An important first step in resolving financial scarcity is clarifying where your child's money is staying. Sure, we live in expensive times, consumption is available anytime and anywhere, media and friends also ensure that a certain buying pressure is built up. Nevertheless, children must learn to make do with the money that is available to them.
Too little pocket money
The amount of pocket money should be based on the age of your child. The older your child is, the more pocket money he should receive. In our Contribution to pocket money we have already made recommendations. If your child receives little or no pocket money, it may be that the solution has already been found. However, if you are on average or even higher financially, you need to take a closer look.
What is paid for with pocket money?
If your child has average pocket money and also has financial resources from a part-time job and still doesn't get along with their money back and forth, it is advisable to take a look at how much they spend.
What investments does your child make with pocket money? Is it intended solely to finance leisure time or do clothes, school supplies or other household products, e.g. for personal hygiene, have to be paid for by yourself? If you want your child to finance clothes themselves, for example, a special budget for clothes is a good idea. Pocket money per se is not intended for this and the suggested amounts found in the research relate to money that is not intended for specific purposes but for free use.
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Financial planning provides an overview
With an overview of income and expenses, you can help your child get an overview of their finances and see where there is potential for savings. This is what such an overview could look like for an average teenage girl of around 14 years of age.
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This example shows that cell phones and clothes and drugstore items are particularly important.
Especially in the area of mobile communications, new and cheap contracts are coming onto the market so quickly that it is often worthwhile to look at them. Very good offers are already possible for 10 euros a month. There is therefore potential for savings here.
If budgets for clothes and drugstores are now agreed with the parents, the money will be enough very quickly.
With such an overview, it is important that young people are honest and record all expenditure. What is bought is also relevant. Does it have to be the designer shower gel for 8 euros per bottle, or is it also a bit cheaper? Does your child really need new clothes every week or does he invest in fashion that is quickly fleeting and then lies unworn in the closet? In addition, the quality of extremely cheap parts is often poor, so that after washing 3 to 4 times, the part is no longer comfortable to wear.
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Part-time job and household allowance
As soon as their child earns their own money, some parents demand part of it for accommodation and food. They want to convey to their child that it is not just individual expenses that reduce income. A full refrigerator simply doesn't come by itself, just as the electricity for a PC and smartphone does.
The decision as to whether your child must contribute something to the household allowance is absolutely individual. There is no right and no wrong. It helps some young people, others see themselves under pressure to earn even more money for private pleasure. But it is primarily the job of children and young people to take care of their education; earning money starts early enough. That is why it is important to learn the ability to manage finances. To do this, a permanent overview of your own finances is advisable. Because anyone who does not learn to make ends meet with their own income at a young age will be constantly on the brink of either indebtedness or burnout due to too much work in adulthood. The bling card provides this overview.
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Clever financial planning always with you
With the Bling Card You and your child have full transparency about spending and remaining money. Divided into different categories, pocket money and other income can be optimally managed. The associated app shows savings potential and even small tasks can be financially rewarded. But the best part is: no debt is possible. This allows your child to shop online on their own, without fear of becoming indebted.
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