by K. Russell

Created on: April 02, 2009   Last Updated: June 17, 2010

Older children who are given everything gain nothing. Parents who cater to the whims of their children without thought for the future actually cripple their children as they enter adulthood. Earning pocket money is the best possible way to teach older children the importance of a job well done, saving their money and being financially responsible.

Older children gain valuable skills by earning their own pocket money. If they do a good job, whether it be for a neighbor or a business, they learn that they will be asked back to do another job and yet another. If they are careless or have a bad attitude, they will not be asked back. Either way, the experience will get their attention far faster than any parental lecture ever could.

Many teens have difficulty in finding their first job. Parents would do better to aid their child in gaining job hunting skills than by giving them a free ride. Parents can help their teen find jobs by offering usable ideas and rides, as needed. Teens can earn money from neighbors by doing yard work, house cleaning, pet sitting, walking and bathing and by washing cars, just to name a few. Many businesses, such as movie theaters, fast food restaurants and car washes will hire teens so long as they have the required paperwork.

The first time your older child has their hard earned cash in their hand, or a paycheck, they will probably blow it all on things parents consider foolish. Instead of interfering, parents are better off by offering suggestions and then sitting back and watching. Their child may spend carelessly at first, but they will soon realize that they aren't getting very far that way. Nagging will not promote financial responsibility, but not having enough to go out on a date because they bought the latest video game will.

Parents should set a good example of fiscal responsibility by including their older children in the family budget process. This will impart money skills to the children without being overbearing. If children see their parents paying bills first, then setting aside money for savings and "playing" with whatever is left, they will be far more likely to assume similar habits than if they have been blocked entirely from the process and thrown, unprepared, into the world of money.

Older children will have a far greater respect for the money they have earned for themselves. They will learn quickly that their money is their own and that it is entirely up to them to save and spend responsibly if they are to be able to afford the bigger ticket items that they want, such as those $200 shoes or, eventually, a car. Financial responsibility is a lesson best learned by trial and error and experience at a young age. Adults who have not learned how to earn and save money will find themselves at a disadvantage. Parents who require that their older children earn their own pocket money will be teaching those children an important life lesson that will help them become successful as adults.

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