Pocket money should be spent judiciously

BE THRIFTY: Students must be encouraged to save money by minimising wasteful expenses and maintaining track of their expenditure.

Earlier, pocket money was given to children to meet unforeseen expenses in emergency situations or as a reward for a job well done. Of course, it was limited in quantity and was expected to be spent judiciously. However, this simple phenomenon which was meant to boost a kid's morale and also give him/her scope to develop financial discipline has metamorphed into an undeserving privilege for many.

Pocket money has become a means for ostentatious display of 'brand' conscious kids who derive a pseudo pleasure of financial independence. This is unfortunate, particularly in times of economic recession and political chaos. The reason for this upswing may be attributed to three main factors viz. mass media (movies, television, internet, etc.), busy work schedules of parents and peer pressure.

This can only be solved when children realise the effort that goes into earning even a penny and develop the maturity of understanding the difference between essentiality and extravagance. Of course, treating oneself once in a while as a refreshing measure is acceptable but vigilance only can prevent from indulgence. Children must be encouraged to save money by minimising wasteful expenses and maintaining track of their expenditure. This is possible only when parents interfere (periodically only) to provide some fiscal awareness to the child and encourage him/her to verify the investment-worth equation of their transaction. If this is corrected, then automatically the other two factors would be subdued in their impact.