At a young age, it is necessary and beneficial to grasp money management skills. Some parents may prefer to take over this task to prevent the irrational behaviors of kids. After all, they are the owners of money. However, this control is overwhelming. If kids do not know how to manage their deposition at a young age, they will be more confused when they grow up.  Specific benefits of independent management are below.

First of all, this behavior helps kids learn to make the rational choices. Before they become financially responsible people, a few mistakes will occur. At a young age, it is acceptable because of the smaller amount of money. Once they learned how to manage money from faliures , they won’t worry about the irrational behaviors. For example, when people are shopping, the price of items on their wishes list sometimes surpasses the money they earned. To fix this situation, people who manage their own money at a young age will be prone to search for an alternative. But those who did not will try to save money for the item, even apply for the loan, to get the item. In other words, children can consequently learn to make rational choices, unlike grown-ups. In the end,  they get the perception of value through these choices and won’t buy something out of impulse.

Secondly, children can learn to pay out before gaining something. When I was young, I earned two coins for doing the dishes after lunch, per time. It is not delighted to do that, but I needed the money for a beloved fiction. After this policy in my family, I earned honored coins with my effort. Also, I started to believe that you must make  efforts to exchange for what you want.

In light of the above, although kids are not spending the money they earned, they should be trusted to be independent. That is the only way they learn what money can do, how they can get money, and become financially responsible when they grow up.