When to start giving Allowance?

[BeContented]

I started giving my kids weekly allowance for spending in school at P2 & P3.

Initially I would audit their spending as they were excited and would spent everything....sometimes before the week finishes. So for the remaining days, they had to bring food to school....after 2-3 times, they learnt their lesson.

Each has a personal savings account, whatever savings they have, I will top up dollar for dollar and bank in on quarterly basis....seems to work well on them too.

And when they waste resources eg. play with correction pen, I stop paying and instead made them pay with their own savings so that they feel the pinch :evil:

So far, so good......

[Oppsgal]

UncleLim:

Nebbermind:

[quote=\"UncleLim\"]If your child is quite young and is given an allowance, make sure you conduct audits on the spending habit.


My DD's classmate gives everyone treats and free pens whenever she gets her monthly allowance !!!

why monthly? how old?

Primary 4. Not sure why monthly.

My own child does not have an allowance.[/quote]No allowance how to eat during recess?

[bebebub]

I've been toying with the idea of giving my P3 dd an allowance, but fear that she will spend the $$ unwisely (buy tidbits/unnecessary stationeries). She does not like to buy food in school, preferring to bring sandwiches/buns from home. So, till today, she doesn't take any money unless she needs to buy lunch on days when there are extra activities.


So going by what was posted earlier, should I keep my eyes close to whatever she spends on - so thats he learned what/how much to spend? Under what circumstances should I raise my red flag? I'm actually quite happy that she is not lured by the \"freedom\" to spend. I encourage her to buy food during recess but she said she prefer home-made stuff

[Nebbermind]

dunno abt th rest of u, but I went thru the phase of buying tidbits, stationaery and other nonsense too...are we worrying too much? :?

[cteo101]

i think at the beginning they will spend their money on nonsense, but once they have a goal, like something they really wanna buy, that’s when the chance to teach them about saving money comes in. That immediate gratification is not always the best thing

[starlight1968sg]

For parents with sec sch kids, may I ask how much do you give as pocket money per month?

[juz_me]

Both of kids (Pri 1 and Pri 3) given S$1.50 daily.


My older son, Pri 3 does not eat much during recess - 1 bowl of noodle or rice is sufficient for him - about $1.00. Hence, he has savings of $0.50.

On the other hand, my younger one eats more. Besides, a bowl of noodle or rice, he will buy sandwiches = S$0.50. Hence, no savings.

In that case, should I increase the allowance for the younger one so that he can save? However, by doing that, I am afraid the elder one may feel jealous?

How?

[Nebbermind]

increase equally lor…so #1 will save more.

[juz_me]

Nebbermind:

increase equally lor...so #1 will save more.

Oh... thanks!

[Nebbermind]

sometimes not easy…and u will be surprised how calculative kids can be.


Friend’s case:

#1 - goes premium JC, cheaper food, cheaper bus fare
#2 - goes Poly, more expensive food & bus fare

Friend goes by their expenses and give them accordingly.
#1 complained why he should get lesser.