Pocket money: Even Rs 1 lakh is not enough!

AHMEDABAD: Rs 1.5 lakh a month is a dream salary for middle to senior level executive in Ahmedabad, but for some affluent school going students, it is their monthly expense.
Trusting their ward, parents of Anuj, a 12th grader, had given him full access to their credit cards. With time, his father felt the pinch and on questioning it was found that Anuj was spending around Rs 1.5 lakh a month.

His academic performance was in shambles and he was addicted to weed and alcohol.
Scene was no different for another class XII student Pankaj , whose parents were providing him whatever he wanted and he was spending around Rs 50,000 every month to impress his friends.
It was when his father’s business suffered loss, monitoring of Pankaj’s spendings was started. On refusal from parents to give money to throw parties, he started feeling depressed and suffered other psychological issues.
For 17-year-old Kritika , life was about gifting friends to show off her status. She had been spending almost Rs 1 lakh a month on online shopping and to buy gifts for people in her life just to ensure that they maintain a good relationship with her.
The bills were cleared by her father’s office, but when her father realized gravity of the situation, she was asked to check her spendings.
Saurabh Sinha, a parent, says, “My son changes mobile every six months, and always prefers to buy the most expensive in the market. Denial creates tension, so I avoid it. This is in addition to pocket money of Rs 15,000 I give him every month.”
Anjali Desai, a mother of two youngsters, says, “ I have fixed the pocket money for my children, but then they keep asking for money for every other expense. Their daily demands multiply the pocket money manifold.”
A city-based psychologist Dr Prashant Bhimani says, “Some parents themselves are in the race to show off. There is need to teach child budgeting and value of money. Parents need to take detailed written account of pocket money spending to keep clarity on money matters.”