Money is an essential part of life. It starts in childhood and continues throughout all stages of a person’s life. In this article, you will find out how you can support your child according to their age and guide them towards financial independence.
First pocket money for kindergarten and primary school children
Towards the end of kindergarten or in the course of lower school, you can consider introducing pocket money. How you organise this is entirely up to you as a parent. Think about it early on.
Things to know about the youth wage
You can introduce the youth wage in upper school. This gives young people more confidence and personal responsibility. Find out everything you need to know about the youth wage.
The most important points summarised:
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Young people receive a certain amount of money transferred to their own account every month.
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For the first time, they must also use the youth wage to pay for essential items (e.g. clothing).
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Parents and children agree in advance what must and must not be paid for with the youth wage.
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Parents trust their children and remain consistent at the same time.
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Support with the apprenticeship
Parents must provide financially for their children until they have completed their initial education. In principle, the wages they earn themselves belong to the child. However, parents are allowed to ask for a contribution to the maintenance costs. This makes sense, as not all of the salary will be freely available later on.
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Draw up a budget together with your child. The website budgetberatung.ch can help you with this.
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Agree what the child has to pay for themselves and what not (e.g. health insurance, mobile phone).
Inform young adults about their obligations
On their 18th birthday, children come of age and are therefore young adults. This means that although they have more rights from now on, they also have responsibilities. In these areas, it is helpful to continue to be there for your adult child:
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Accompany your child when checking contracts.
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Point out the consequences of signing a contract.
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Explain what ‘liability’ means.
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Offer your support in completing their first tax return.
Moving out of the parental home
Moving out and setting up your own household is another opportunity for parents to offer advice – only if your child is happy to do so, of course.
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Draw up a budget with fixed costs.
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Check the amount of rent and the content of the tenancy agreement.
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You can remind your child to check the budget from time to time. Is the plan working?
Conclusion: Your support counts!
Of course, all these tips are just general recommendations. Every child has different needs and you as a parent know best what support your child needs. The most important thing is that you think about money and talk to your child about money, even if they are already of age and have moved out.
Apart from that, you can support your child by being skillful with money yourself. In this article, I have a few more tips for you as a parent on how you can save for university or training.