saving pocket money
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resist buying whatever they want. if they want something, they have to save up for it.
we will try to have s biweekly mini shopping trip to popular (currently their favourite place) and if they want something, they have to use their savings. nothing more than $15 if possible.
once in a while, i will ask them to guess where i got $$$ (from dad answer is out) to buy them things since i am a sahm. saving of course.
i dont mind topping up a bit but no loan for sure. -
BlueBells:
This is a good approach. I advocate to ask the child to save 10% of their allowance. Hope this will become a habit for them when they grow up & workI incorporated a die-die-must-save 30cents into their pocket money when they started P1. Now, they are 9 and 11, and I gave out pocket money on a weekly basis. They will save some amount and use the rest.
Of course, in the process, they are taught to differentiate between their needs and wants, and also basic budgeting. So far so good for me. -
Hi,
I started with daily allowance and monitoring what my 2 kids spend everyday.....found it tiring and a hassle myself
In the first year of school (P1), both kids gets really excited about having $ to spend....so kena scolding of course. Then, I started showing them good value vs lousy value eg. a good eraser vs the lousy eraser. They witness the difference and decided not to get anymore of those 'cannot rub properly' eraser etc
Subsequently, I tried motivating letting them by allowing once-a-week ice-cream/tidbits with their savings....works too, except it's junk food, so I try to minimise.
Finally, in their P2/3, I started the Dollar-for-Dollar scheme ie. every dollar they save, I'll top up the same amount into their bank accounts. This so far has the greatest effect as they really see their money grow and now aim to 'earn mommy's money'..........no sure if this is a good method, but it gets them going. But of course, there will be a time when this scheme has to expire
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cwc:
Finally, in their P2/3, I started the Dollar-for-Dollar scheme ie. every dollar they save, I'll top up the same amount into their bank accounts. This so far has the greatest effect as they really see their money grow and now aim to 'earn mommy's money'..........no sure if this is a good method, but it gets them going. But of course, there will be a time when this scheme has to expire
That is a great idea.
Lets see if it motivates DS.
He gets to buy a drink every day, and he can buy junk at school bookshop once a week for not more than $2.
His savings/earnings go to his Mighty Savers Acct -
My other approach to their wants is to subsidise them, they 60% mummy 40%. For savings, I will top up S$10 for every S$90 they saved.
I also cut their pocket money when the recession hit. We were honest with them that daddy and mummy suffered pay cuts, so we have lesser spending power, therefore, we must cut thier pocket money as well. -
Ha ha....this mommy is a SAHM.....yet they can 'earn' through me. Cos' I tell them, daddy's money is mommy's too......same same.
On drinks.....unless the kid is able to exercise proper judgement, they will always end up with soft/sweet drinks. Hence, I have not allowed them to get drinks since P1....solely food. From P1 to P3, both kids have to bring a packet of milk for recess. P4 onwards....dun want milk, plain water then Drinks are only allowed 1-2 times a week when they have their CCA So they get to buy 100plus or whatever they choose. Somehow, they will value that 1-2 times. So far, still able to 'control/influence' cos still young (P4 & P5), but think getting tougher liao. And of course, always face the tough question of 'how come my friends can buy drinks/tidbits everyday' 
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Wah.. maybe my way is the extreme type. Since ds1 was young, I kept telling him that I have no money and I spent very little in his presence. Sometimes, he saw me at the pc for very long and he ask me what I was doing on excel. And I would tell him that mummy is counting money otherwise tomorrow cannot pay bus fare/buy school shoe/buy book/give ahma/ ... but I would always provide him with necessary items, hardly frivolous stuff.
So maybe he got the impression that $ dun come easy. When he went to p1, he got $2 a day. And this mummy say you better dun spend everything otherwise if tomorrow I forgot to give you, you are going to starve! And he saved$1.30 daily. He also got this saving a/c which is purely his savings and he's very proud of his savings inside.
Now, he's in Sec 1 and he still saves about 50% of his allowance. He only spends his savings when he sees the need, like buying a printer or paying his teachers for impromptu stuff.
Comparatively, I did not do the same for ds2 and he spends like anything!
Sometimes up to $6 in a day and he's only p3 now. :stupid: Haiz. -
Orhhhhh.......unfair treatment
Tho seems a little extreme then, I'm sure your DS1 is very thrifty & thinks well :). I hope my kids will be as ζδΊ next time. -
no lah. no unfair treatment, just that ds2 always secretly ask ah ma ah gong to supplement! Then they always see him eat so much, scared he go hungry in school!
Also ds1 tend to spend more time with me when young but ds2 spent more with my PILs. -
Sorry, double post.
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