Pocket Money
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How to teach kids to be careful about money when parents are not careful as well? If parents eat at Starbucks rather than coffeeshops, how do we expect our kids to eat at coffeeshops? And if parents do not find savings as a value to incalcate, then why is there a need to preach this as a value? My hubs always say, don’t ask me to save money, ask me how I can find more money!
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You are right. It’s hard to tell them to be careful when we buy luxury items or eat at nice places. But it’s important to tell them that if they want such a lifestyle, they need to work hard to earn that kind of money. Being able to save like a squirrel may not necessarily mean they will become rich. Kids should be taught how to make money and grow money. It’s like the book Rich Dad Poor Dad.
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I once spoke to a couple of parents who gave her child S$60 - S$100 pocket money a week and I went :yikes: , and I said, \"like that can drink KOI / starbucks everyday liao\".
My guiding principle for pocket money has always been : If I, as a working adult, work in the CBD area and eat in the CBD area where prices are high and I hardly spend $50 on my weekly lunch; how much would my child require if he is to have recess and lunch break in school everyday?
I also advise parents to survey the food prices in the school canteen and ensure that there is enough for a little savings.
Having said the above, if my child informed (aka ask permission) me before any planned outings with friends, I will gladly give additional pocket money, any left overs are their savings. -
weatherbee:
A bit scared they save money to buy stuff like PS3, Xbox what nots. I told my kids I have the right to veto. It's true the money they saved theoretically belongs to them, but I own the real estate on which whatever they buy will rest on.Nebbermind:
how do you control your kids from spending their savings unnecessarily...or rather, on things which you feel are unimportant?
Like on what kind of things? I don't control them from spending their savings. Since it is money which they have saved themselves, I think it is all right for them to spend it on things they like. -
The kids nowadays have it so easy! Yes I agree that parents must have the VETO factor. After all, we as parents must have the finally say.
Also, it may be important to instill in them the value of frugality since young, so that they will not anyhow spend when they have the money next time. We must be able to teach them the value of money and how to spend wisely.
This sort of thing will be difficult to cultivate one they reach their teenage years, so we have to cultivate this sort of "good" spending habits as early as possible. -
How much pocket money do you give your secondary school DC? (exclude transportation allowance)
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BlueBells:
I once spoke to a couple of parents who gave her child S$60 - S$100 pocket money a week and I went :yikes: , and I said, \"like that can drink KOI / starbucks everyday liao\".
I think that amount is about right for secondary school kids since they will be spending pretty long hours in school
I gave my primary school kids $5 for recess and lunch in school if need stay back in afternoon. If only recess will be $2.
If they join the lower primary school kids for recess, after their extended hours in school, $5 is barely enough
In secondary school, I think at least $10 if they are staying back in school that day. Just for meals, excluding transport. -
ngl2010:
How much pocket money do you give your secondary school DC? (exclude transportation allowance)
DS is given $32 a week (purely for lunch & a break). He has to stay till 6pm twice a week & goes to Sch on Sat morning. As his appetite has increased, I intend to up his allowance next year. I suppose I will do the same for DD next year, assuming price of canteen food is similar. Honestly, I think it's good they are not near malls. Else it will be a lot harder to control.
One of the main expenses I believe is soft drinks. I try to limit my kids to only drink on their CCA days as a treat after sports & of course, for health & cost reasons. -
I give $6 to Sec 2 DS n $6.50 to Sec 4 DD.
DS, at one period of time, was always hungry n the allowance was not enuf. I told him that I cant afford to give him more. So he tried to control his hunger (I am a mean mummy rite).
DD also controlled her eating becos she wants to save the money for her outings with her friends during the school holidays as I refused to give her extra.
Now she tells me that she wants to find a holiday job to earn some spending $. -
I’m currently giving my p6 DS1 $2 for recess another $2 if he need to stay back n lunch in school. DS1 always skip recess for play time. So usually he’ll save $2 daily. Going forward, I’ll probably give my DS2 the same amount when he’s p1 next year. However, for DS1, I’m considering to give between $6 - $8 per day (excluding transport). I need to set the right precedent for my DS2 & DD3. So would like to hear from more mummies what should be the market rate for Sec school allowances. Don’t want to give too much or too little to DS1. TIA.
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