Pocket money
How much does a pack of gum cost? How much does a comic book cost? How long do I have to save for a computer game? Responsible money management needs to be learned - the earlier, the better. Parents can support their children in this. Their own pocket money offers many opportunities to do so.
Talk about money early
Parents would do well to talk to their child about financial topics. Always age-appropriate, of course. Starting school is the right time for the first pocket money. Small amounts of money at their free disposal offer your child the opportunity to learn early on what it means to spend money immediately or to save a little longer in order to fulfill a greater desire. This can only succeed if your offspring is introduced to the subject step by step.
How much is appropriate at what age?
How much pocket money you give your child is up to you - depending on your financial situation and the number of children. It is important that you pay the pocket money at regular intervals so that your child can plan with it. The amount of pocket money should be based gradually on the age of your child and should not be tied to any conditions. At elementary school age, you should still pay your child pocket money on a weekly basis. The longer the period of time your child has to get by with it, the more challenging the task of managing the money will be.
The following pocket money table will give you a general idea of what amount is roughly appropriate at each age. The graduated amounts are based on a recommendation of the German Youth Institute. The amounts can of course be varied - adapted to the parental household budget.
What may the pocket money be spent on?
The basic rule is that your child is free to dispose of the pocket money. He or she alone may decide what to spend the money on. Whether ice cream or chips, trading cards or comics: let your child have it. Maybe the budget is used up immediately at first or spent on a bad purchase. Even if you don't approve of the purchase: stay calm! The pocket money only unfolds its learning effect when your child realizes that he or she has to spend his or her money wisely. And when it learns that it is worthwhile to save part of the pocket money for a greater desire over a longer period of time.
Legal: What does the pocket money paragraph mean?
What purchases are children allowed to make with their pocket money anyway? And can parents undo unwanted purchases? Legitimate questions that many parents ask themselves. The law in Germany says the following:
Children up to the age of 7 are legally incompetent. They are not allowed to buy anything without the consent of their parents. Strictly speaking, this also applies to a piece of chewing gum or an ice cream if the parents are not present.
From 7 years, your child has limited legal capacity. From now on, the so-called pocket money paragraph, § 110 in the Civil Code (BGB) applies. This stipulates that children from the age of 7 can buy things appropriate to their age if they can pay for the purchase with their available pocket money and have been given the money for this purpose at their free disposal.
Purchase contracts are invalid, however, if children buy things
.- that they are not allowed to possess (e.g. alcohol or cigarettes),
- which exceed the usual pocket money in their price amount, .
- that are tied to a specific term (e.g., a magazine subscription).
From the 18th birthday, children have full legal capacity. With the age of majority, there are no longer any restrictions.
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