There comes a point in time when your child will start earning their own money. Whether your child is earning money from chores or a part time job, if they start making their own cash it’s time to think about what they should be responsible for purchasing with their own money.
Children grow up way too fast and teaching financial responsibility and a want versus a need becomes an important role of parents. If your child has started earning their own money and you wonder what children should pay for with their own money, then read on to learn some things your child could become responsible for purchasing.
Movie Snacks
It’s great to take your children to the theater to check out a recent movie, but what happens when your child wants that extra-large popcorn or drink to enjoy the movie with? This is something that your child can pay for with their own money. You can set the minimum purchase such as you will buy tickets and one treat or drink while the child is responsible to use their own money for any movie theater extras. This is a great way to encourage independence and financial responsibility.
Extra Snacks
As the parent it is your sole duty to provide the necessary food and drink items that a child needs on a daily basis. There comes a time when your child will get older and want extra snacks. This could be a special overpriced item that you don’t have to purchase but they can purchase because it is up and beyond the responsibility of the parent. Teach your child to save for extra snacks so that they can feel rewarded by having their own extras without you spending beyond household budget.
Extra Supplies
Perhaps your child is in high school and their supply list is extra-long. While it is your responsibility to purchase the required items, your child may want to have an extra ruler or a specific style of pencil to bring to school. The extra supplies your child wants are not a need and should be the responsibility of the child who is making their own money. As your child gets older, give them a little more responsibility of purchasing those extra supplies so that they can see the cost involved in having specific items.
Unnecessary Clothing
There will come a time when your child wants specific name brands or clothing options that simply are a want rather than a need. If your child is at an age where they are requested unnecessary clothing be purchased by you yet they have their own cash to spend, start requiring them to save up to spend their own money on those unnecessary clothing items.
The list of items children should pay for with their own money could go on and on. The basic rule of thumb when it comes to figuring out what a child should pay for is determining what a want versus a need is. Once a child is old enough to have allowance or maybe even their own part time job and has been earning their own money, it’s time to push some of their wants as their own responsibility so that they can learn the value of a dollar.