MONEY AS A TOOL FOR NECESSITY

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During my primary school days, my parents usually gave us money to take to school so we could buy something during the break. This was because our school was a bit far from home, and we might need to buy something. I remember not spending my money and saving almost every amount I was given during that time. My elder brother later borrowed the money from me and refused to pay me back. Receiving an allowance taught me how to save and lend money to someone in need; having an allowance taught my elder brother how to spend money lavishly on frivolous things. He later grew up to pick from my father's pocket or my mother's purse whenever he was out of cash.

From the experience I shared above, one will understand that giving children an allowance can come out in two ways: either the child learns good management of money, or they become someone who is not good at holding money. I have a friend whose father placed him on a monthly allowance even during holidays. When twenty thousand was a lot of money, his father would give him as much as twenty thousand naira monthly. At the end of the day, he would have money he never needed, and this prompted him to spend on things he could do without.

I believe that it is a wrong practice to give a child who is staying under the same roof as their parents allowance, whatever the child may need should be communicated to the parents. When the parent is not at home, the child must learn to be patient and wait for their parent for any need that will require money. When a child is far from the parent, the parent may see the need to give an allowance. Otherwise, I don’t see it as wise to give your child allowance who is staying under the same roof as you.

A child who is taught to ask for what they need all the time is taught gratitude in the process. They understand the cost of what they are demanding and also have a full knowledge that it was provided by their parents, which will make them value the item even more. When the child is guaranteed a certain amount of money, the child may end up not having value for money and might become frivolous with their spending, creating a culture of waste in the child.

A child is being taught how to work for what they want. Life doesn’t just hand you what you want; you have to work for it by asking. Children should be taught earlier in life that it requires one to work hard or start to get money, and money is not what you are being handed over just like that, it is a tool to cater for necessities and not just for holding sake. Giving children an allowance is a bad training for the child, and it will affect them negatively in the near future.

Thank you for reading. My name is @rishagamo, and this is my response to the Hive Learners weekly Featured Content Week 216 Episode 02: “ALLOWANCE”.