When to start giving Allowance?

[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.

[juz_me]

juz_me:

Nebbermind:

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

Oh... thanks!

I chatted with my 2 kids. Come to an agreement, i will b giving my younger kid $1.80 and elder one allowance remains -$1.50.

In the event, he wants to eat more, I will increase his allowance.

[cherrygal]

Money situation solved. Had a heart-to-heart talk with ds about the importance in saving money and we agreed to spend the money on more useful things like food in future.


He was very good at 3yo, putting away his money in the piggy bank… but i guess his friends keep influencing him to buy things in school…

[Chenonceau]

Me… I gave my kids pocket money since 3 yhrs. Financial management is a critical life skill, and I wanted to start them early with small amounts. In P1, I gave him 50cents. If now, I think I would give $1.

[Oppsgal]

Chenonceau:

Me... I gave my kids pocket money since 3 yhrs. Financial management is a critical life skill, and I wanted to start them early with small amounts. In P1, I gave him 50cents. If now, I think I would give $1.

3 years old? Give how much? 3 years old go childcare got free food given since school fee includes meals.

If give kid pocket money, can ask kid for the payment for toys kid want to buy?

[Chenonceau]

Oppsgal:

Chenonceau:

Me... I gave my kids pocket money since 3 yhrs. Financial management is a critical life skill, and I wanted to start them early with small amounts. In P1, I gave him 50cents. If now, I think I would give $1.

3 years old? Give how much? 3 years old go childcare got free food given since school fee includes meals.

If give kid pocket money, can ask kid for the payment for toys kid want to buy?

10 cents a day. He didn't buy anything with it. He just put it into the piggy bank... and then, when we get into fights over what toys to buy, we take out and count. Of course, not enough.

Then I encourage him to save more... One time, he said \"Mommy, you know I have not enough. Please buy for me.\" Then we had a discussion about what is worth the money and what is not. But I bought him the toy in the end because he asked so nicely and was so mature in how he reasoned with me to get the toy.

10 cents a day is a cheap way to encourage and inculcate the saving habit. He was happy to see his store grow from day to day.

My DD saved up to $5/= and she blew it all on a solar clock which broke down one week later. This hurt very much and since then, she is careful with her purchases.

On the 1st day of P1, he bought me a card that cost 70 cents. He made sure he told me that this was a very EXPENSIVE card because he had to save over 2 days to afford it.

[Chenonceau]

cherrygal:

Money situation solved. Had a heart-to-heart talk with ds about the importance in saving money and we agreed to spend the money on more useful things like food in future.


He was very good at 3yo, putting away his money in the piggy bank... but i guess his friends keep influencing him to buy things in school...

Good for ya!! Lucky DS!!

[SBKS]

Chenonceau:

Oppsgal:

[quote=\"Chenonceau\"]Me... I gave my kids pocket money since 3 yhrs. Financial management is a critical life skill, and I wanted to start them early with small amounts. In P1, I gave him 50cents. If now, I think I would give $1.

3 years old? Give how much? 3 years old go childcare got free food given since school fee includes meals.

If give kid pocket money, can ask kid for the payment for toys kid want to buy?

10 cents a day. He didn't buy anything with it. He just put it into the piggy bank... and then, when we get into fights over what toys to buy, we take out and count. Of course, not enough.

Then I encourage him to save more... One time, he said \"Mommy, you know I have not enough. Please buy for me.\" Then we had a discussion about what is worth the money and what is not. But I bought him the toy in the end because he asked so nicely and was so mature in how he reasoned with me to get the toy.

10 cents a day is a cheap way to encourage and inculcate the saving habit. He was happy to see his store grow from day to day.

My DD saved up to $5/= and she blew it all on a solar clock which broke down one week later. This hurt very much and since then, she is careful with her purchases.

On the 1st day of P1, he bought me a card that cost 70 cents. He made sure he told me that this was a very EXPENSIVE card because he had to save over 2 days to afford it.[/quote]LIKE!!!! :goodpost:

seems like i can start that as well when my DD turns 4.