Money for kids?
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MMM:
:hi5: 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.
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)
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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: -
MMM:
Never quite think that far.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.
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.
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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… -
empre:
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.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
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.
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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!
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pri 1 is too early. shld not be educating them on financial knowledge but more of values that they should have. that should guide them smoothly through the teenager years. after then it’s about time to introduce them to the financial realities of the world. IMHO hahas.
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I think informally, kids can be taught simple values about money anytime. I would spend more effort in educating my children about money when they reach 10 years of age.
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Do you all think that for before pri 3, $2 per day should be enough? Kids shouldn’t give given too much money right?
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dadofthree:
Do you all think that for before pri 3, $2 per day should be enough? Kids shouldn't give given too much money right?
Find out how much is a meal (eg a plate of rice or a bowl of noodles) and then add a litte extra.
I gave my girl $1.80 per day which means it is $9 per week. She can spend or save all.
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