Money for kids?

[Nebbermind]

30plus:

It is really totally up to him. He initially fought (or better in chinese - Lai) to get both. He always wins with grandpa. I made it very clear to him: he can choose any one, but only one.

That's good!!

Sometimes I find it strange that parents ask the child to choose when in actual fact, the parents already decided on the option!!

[MMM]

I thought money managment for preschooler is alittle too much as they are still trying to cope with denomination. They might not realise the full extent of value of money yet.


But for those from P2 onwards, I think this is important to start to inculcate them with money management skills. For P4 will be attending a money management workshop that is organised by the school.

But separately it really voice down to the values that we want to inculcate in them. Eg. being a saver than a spender. It’s interesting to see that despite the same environment, there is a behaviorial difference between my dd and ds. My dd is those that will save and does believe in indulgence once in a while. Meanwhile, it’s more difficult to get $ out of my ds.

[Funz]

MMM:

It's interesting to see that despite the same environment, there is a behaviorial difference between my dd and ds. My dd is those that will save and does believe in indulgence once in a while. Meanwhile, it's more difficult to get $ out of my ds.

Haha. I so agree with this.

My sisters and I are very different in our money management. Growing up, I was the saver while my elder sis was a spender. We can both go out for a shopping trip with $50 each and I will come back with $50 still in my wallet while elder sis will come back with $50 worth of stuff.

Looking at my kids, DS is a saver while DD a spender. Could be a gender thing too.

[MMM]

Funz:

MMM:

It's interesting to see that despite the same environment, there is a behaviorial difference between my dd and ds. My dd is those that will save and does believe in indulgence once in a while. Meanwhile, it's more difficult to get $ out of my ds.

Haha. I so agree with this.

My sisters and I are very different in our money management. Growing up, I was the saver while my elder sis was a spender. We can both go out for a shopping trip with $50 each and I will come back with $50 still in my wallet while elder sis will come back with $50 worth of stuff.

Looking at my kids, DS is a saver while DD a spender. Could be a gender thing too.

But I am trying to psycho ds to be less stingy. Just wonder what if he is very stingy towards us when we are old :yikes: So must strike a balance. Guiding him to be a saver yet must be generous to his parents

Sort of succeeded when both volunteered to come out $200 each for my birthday present and kept encouraging me to get the bag I like till the extent of pestering me to hit the newly open shop at MBS But of course, it was the thought that counts and hubby ends up paying for it. I feel that kids must be brought up to be generous to their parents.

[jedamum]

MMM:

But I am trying to psycho ds to be less stingy. Just wonder what if he is very stingy towards us when we are old :yikes: So must strike a balance. Guiding him to be a saver yet must be generous to his parents

Sort of succeeded when both volunteered to come out $200 each for my birthday present and kept encouraging me to get the bag I like till the extent of pestering me to hit the newly open shop at MBS But of course, it was the thought that counts and hubby ends up paying for it. I feel that kids must be brought up to be generous to their parents.

:hi5: MMM,
my saver-ds1 is stingy too.
have been 'guiding' him (had to demand during the first few rounds; now he will ask me what i would like from his school bookshop :D) to spend some money to buy stuff for us (parents).
ds2 on the other hand....raided his brother's piggy bank to get money to give me to buy shoes (he said my shoe look old) .

[jedamum]

wongsansan:

I think it is important to start from the top, my kid is quite young and of course he kind of get everything by 'whispering to daddy or grandpa'. and this is quite bad for me because their softness created a loophole for my little devil..:(

:rotflmao:

[Funz]

MMM:

But I am trying to psycho ds to be less stingy. Just wonder what if he is very stingy towards us when we are old :yikes: So must strike a balance. Guiding him to be a saver yet must be generous to his parents


Sort of succeeded when both volunteered to come out $200 each for my birthday present and kept encouraging me to get the bag I like till the extent of pestering me to hit the newly open shop at MBS But of course, it was the thought that counts and hubby ends up paying for it. I feel that kids must be brought up to be generous to their parents.

Never quite think that far.

But if I recall some instances, I think DS is ok. He doesn't seem to want to spend (but then he is only 6) but he handed DD his piggy bank when DD was in a bind over some money incident with us. Whenever DD comes back with any fund raising/donation cards, he will donate some. So when it comes to such stuff, he is quite generous. DD too is very generous with such stuff, only problem is, her heart is in the right place but if left to her own devices, she will not have any $$ left to help in any way.

[DesertWind]

My general plan (did not think too much about it for now though), is before 16 years-old, the kids will only get pocket money enough to cover their necessities and such. Got to teach them to give donations and savings from this allowance too…


After 16 years-old, push them to do part-time work preferrably those paid hourly type ie. McDonalds, Burger King and such. Nothing like working for money to make a kid realize the value of money!

I learned how difficult it is to earn money through that way too. Credit cards are a real MENANCE. Once out of control, it is very difficult to manage money already "forever" in debt. I hope my boys one day will be able to learn how to control themselves and not to fall into all these debt traps via cards, deferred payments etc…

[UncleLim]

empre:

Nebbermind: umm, handle money as in the practical use of money? I am a bit more concerned about children managing their own money in terms of savings, spending within a budget, etc.


I brought kindergarteners out to shop at supermarket too! It was such a fun learning experience for them

Hi empre, I have seen very young kids brought for a shopping trip to a supermarket but I think that is only the very first step.

What I am concerned with are the number of teenagers and young adults who have no cow sense about managing money. Like DesertWind mentioned, every student should be taught (and maybe even tested!) on topics like credit cards, compound interest, loan sharks, gambling, saving for a rainy day, delayed gratification, inflation and bankruptcy.

Maybe one day I will come up with my own course material and conduct this class myself in any school that is interested in educating their students.

[grace_toees]

I feel it is parents responsibility to teach them the value of money, as each family has different ‘money matters’… Never leave this to others, just like sex education!