Pocket money

[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:

[maisy]

Luvkid:

. 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.


.

Hahaha this post this funny, Luvkid... i like the part \"Hope i really won't... and ....i am worrying that i will start nagging again\" Hahahaha u r so candid...and i can understand how u feel ... it is like we would like to give our son some \"autonomy over his money\" and \"let go off the rein at times and see how they manage their own funds \" ... but yet at the same time, we pray hard they will spend wisely & sensibly right ? hahahaha.... Such is life Cest La Vie !

Having said all that , i still think you have a very very good strategy in place... i shall adopt when my turn comes my boy is still young...but soon, he will need pocket money

[Luvkid]

maisy:

........Having said all that , i still think you have a very very good strategy in place... i shall adopt when my turn comes my boy is still young...but soon, he will need pocket money

sometimes i am still wondering i am doing the right thing for \"holding\" too tight. Once term 3 has started, i will random ask for details (how ds spent his pocket money) as compared to previous 5 months, i actually asked him daily :faint: Now, he dun come back with \"unnecessay stuffs\"anymore :xedfingers: :xedfingers: He comes back with saving varies from 10 cents to $1.00. But this naggy mum will throw questions like, \"what did u buy? why only left 10 cents??\" OR \"what did u buy? why eat so little? it won't make u full?\" CONTRADICTING huh?? :?

[fussyMummy]

//Moderator's note: Topics merged.


Hi All,

How much pocket $ for your Pri kid?

I prepare breakfast+drinks for my daughter who is attending P3 every morning.

I give her $2 for emergency use. But she always use this $ for buy stationeries from bookstore or buy drinks from canteen...

I am very desprate now.... As it happened many times and happen and happen again.. I really dont know how to lecture her..... to use $ at the right time/right thing.

[schellen]

Hi! You can refer to this existing thread: http://www.kiasuparents.com/kiasu/forum/viewtopic.php?t=657


Mods, pls merge. Thanks!

[tankee]

:oops:


I put 2 $1 coins and 1 $2 note in my DS wallet daily.

the 2 $1 coins are for him to buy snack & milk during recess. The $2 note is emergency, like he drop the coins and they rolled away & disappeared.

so far (5 days :oops: ) he has no touch the $2 note.

[tankee]

Thanks for the advice.


Food prices are mostly $0.80 and $1. Milk is $0.90. Thus $2 allowance.

So far I take back the loose change and what he did not use, and replace back with the 2 $1 coins. He will also account for what he spent his money on.

I also cant see how BASC food could be worst than the canteen food