Pocket money

[cchho]

my gril gets 2.00 for week day and 1.00 for saturday star program which is half day, she is now in p6, when she is p1 i gave her 1.00 and slowly increase till 2.00 as she feedback to me that the school canteen sells food that is extra small in protion and she got to eat 2 bowl of rice or noodles during recess. she is of bigger size as compared to other kids.

[Luvkid]

eve74sg:

my P1 gal likes to use the money and buy stationeries. We alraedy have so many pens, markers, rulers , erasers at home and she is still buying...I heard it is common esp P1 since its the 1st time they have the freedom to spend their own money.


after a few occasions, she started telling us the 'gifts' are from her friends, etc...its really hard to control them....

Hi,

My boy just started P1 this year. First scenario, came back from school with a ping pong ball cost $0.30. He likes more on toys, like this ping pong ball, animal chess game which i used to play when i was young at his age, small booklet... Second scenario, bought little things for friend and vice versa. After a few time of these scenario, I find that i got to do something. There will be punishment by deducting his pocket money by $0.10 for the next day school recess. Hence, the case of \"anyhow\" spending gets lesser. Still happen though. So far so good, nothing of this case happen since after term 2 started.

I mentioned if he needs any stationary, just name to me. If i find he necessary, i will get for him. Otherwise, i give him extra to buy from the school book shop. But must get my approval first..

[schellen]

Luvkid:

I mentioned if he needs any stationary, just name to me. If i find he necessary, i will get for him. Otherwise, i give him extra to buy from the school book shop. But must get my approval first..

Same here. My DH will handle this for my DD in the same way. She still came back with a pingpong ball the other day. Sigh....

[Luvkid]

Hi,


After Term 1 is over, i told my boy. His savings from his pocket money eventually will go to his saving acoount, and 1/4 of the saving i will allow him to spend whatever he wants. But this will have to wait for his PIGGY BANK to be full. He got excited, planning what to buy liao. The next day, he happily bought himself a \"roti prata\" costs $0.60 and came back with the remaining $0.90 and continues that for the subsequent days. He even asks me if he saves $1.00 a day, when he reaches age when gets an atm card, how much will be the total.i am trying to open an account for him which don't allow for withrawal, and gets him an atm card when he gets older. This method work since he seldom comes back with UNNECESSARY stuffs now. :celebrate:

[Luvkid]

Just 3 hours ago, me & ds counted the saving from his piggybank. DS very happy to see his saving. $59.20 in total. As i agreed to him much earlier on, i will give him partial to spend, so i gave $9.20 to him and $50 goes to his bank account. He was overjoyed with the $9.20 as i have been controlling his pocket money very tightly over the past 5 months. I told him with this money, u buy whatever u want, i won't scold. Hope i really won't. If he came back with \"useless\" stuffs, i am worrying that i will start nagging again :roll: Pray hard that i will zip my mouth then.


With this money, he has plan of buying this & that. I told him is only $9.20. Spend wisely. He is sweet, have the thoughts of buying things for us (me, dh & ds2). I told him is all yours, buy things u like or wanting for long.

In few hours later, i think he will get crazy spending !!

At the same time, i encourage him to save. Quote example if he is going to save $50 for each 2 terms of school,he will have $600 in his P6, and more in secondary. By age 16 & 18, he will have a thousand over. In that moment, his eyes flashed.

[jedamum]

Luvkid:

have been controlling his pocket money very tightly over the past 5 months..

ya...it's crazy how fast time flies like that.
me and my boy is supposed to fill in a savings chart and i was supposed to tally them and gave him the amount at the end of every month. but the 'project' faded away after the first month. both of us got lazy or forgotten to register the amount saved. basically everyday i just top up the difference in his pocket money to match $2 (usually top up 80c or 90c as i gave strict instructions of no expenditure exceeding $1 unless special reasons given). on days when his grandparents gave him extra allowance, he told me not to give him anymore as he had sufficient.

so i'll probably keep quiet until he asked about it . if he wanted the savings, i'll just use the no. of sch days multiply by average $1.20 savings cos (after some backfired experience with ds1), i have decided that i don't want to be so rigid when it comes to money matters regarding family (ie every cent must count).

[Canvas]

In 1983, I started primary 1 with $1 a day, by my Dad. Whenever Mum was at home, she confiscated 30cents, leaving me with 70cents


But honestly, the money was too much and I always ended buying a Cornetto (80 cents) and 2 packs of kacang puteh (10 cents each) so I kind of understood now why my Mum was so \"mean\".

Next year's my turn to give my son pocket money and I tend to be generous with him since young. Hopefully I will stick to what I think is enough...$2 a day and making him record his spendings sound like a great idea!

[MMM]

Hi,


We actually have the OCBC kids saving accounts for the kids. For every $20 saved, they can deposit in the bank and get a present. They have a card where for every $1 saved, the kids will get a sticker to paste on the given card.

They get $2 on normal days and $4 on CCA days. It’s up to them how they want to spend it. But due to the little presents given by OCBC and the "desire to compete" with each other to see who has more $, they are more likely to save rather than spend. Which we thot works well in our case.

Starting from this yr since they know the value of $, they start to deposit their Hongbao $ in the account so they are excited to see the number grow. Previously, we would use the hong bao $ to deposit in the CDA account for their school fees.

[Fairy]

jedamum:

ya...it's crazy how fast time flies like that.

me and my boy is supposed to fill in a savings chart and i was supposed to tally them and gave him the amount at the end of every month. but the 'project' faded away after the first month. both of us got lazy or forgotten to register the amount saved. basically everyday i just top up the difference in his pocket money to match $2 (usually top up 80c or 90c as i gave strict instructions of no expenditure exceeding $1 unless special reasons given). on days when his grandparents gave him extra allowance, he told me not to give him anymore as he had sufficient.

so i'll probably keep quiet until he asked about it . if he wanted the savings, i'll just use the no. of sch days multiply by average $1.20 savings cos (after some backfired experience with ds1), i have decided that i don't want to be so rigid when it comes to money matters regarding family (ie every cent must count).

I made my children record their daily savings in a journal since they started P1. There are 5 columns where they had to record, namely the Dates;Received;Spent;Saved;Balance. It has been more than 6 years since we first started recording. Initially, they would meticulously record the entries everyday and did periodic 'cash counts' to ensure the balance recorded agreed to the actual coins in the piggy bank. Where it differs, I will help to double cast the figures to ensure that it is not due to calculation error. At the end of the school year, I gave them the option of using the savings to buy something they like which I must approve of. My elder child used his P1's savings to buy an Oxford electronic dictionary which in my opinion, was a very good buy. Till today, we made use of it very often. He chose to deposit his savings into his bank account in subsequent years. He is now in Sec1 and I gave him pocket money on a weekly basis, about $27 per week. Recording was done on a weekly basis. However, there was really not much to save. $27 is barely enough and I usually have to top up his allowance as he has to stay in school for long hours and may at times, need to eat at foodcourt when there is project discussion after school. My younger child gets $1.80 per day and $2.80 when she has to stay back for CCAs. She is more a spender than a saver and will usually save, at most, 10cents to 20cents per day! :lol: - Not much accumulated at the end of the year.

Quite often, I find myself taking over the recordings & the cash-counts as it is less tiring to keep reminding them to record & save their money. I used to call home from my office to remind them when I had to work late! One may wonder if it is neccessary to create extra work for everyone in order to stick to this regimen. However, I am glad I have started them with a system of 'managing their finances' which they may use long into their adulthood. It also helps instill in them a sense of accountability for the money they have been 'enthrusted' with. Who knows, one day when they have to manage other people's money, such discipline will come in handy.

[Luvkid]

MMM:

Hi,


We actually have the OCBC kids saving accounts for the kids. For every $20 saved, they can deposit in the bank and get a present. They have a card where for every $1 saved, the kids will get a sticker to paste on the given card.

Heehee,finally open a mightysavers account for ds. Right at that moment, the gifts pleased him more than his saving of $50.00 (from jan09-may'09). But didnt get ALL the gifts displayed,like water bottles,binoculars, need certain amount to get these gifts. He got disappointed until i explained to him, \"u continue to save, u will get more gifts/presents\" :celebrate: After that, he has been overjoyed over his new saving account for the rest of the day!! :lol: