Money for kids?

Reply to Money for kids? on Mon, 20 Feb 2012 06:12:59 GMT

Sara1212 — Mon, 20 Feb 2012 06:12:59 GMT

I will also say that money management should be taught to child. Its good idea actually.

Reply to Money for kids? on Mon, 23 Jan 2012 16:54:23 GMT

BeContented — Mon, 23 Jan 2012 16:54:23 GMT

Funx3:
BeContented:
[quote=\"Funx3\"]
Wah .... matched dollar for dollar!
U Sounds Like .... Spore Gahment -le!
Ha....I do sound like one. Good policy can follow mah.

Ha Ha ....
Like tt Prepare to Match Ang Bao Money $ for $ for your dd then! :laugh:
:laugh:[/quote] :evil:
Am already well-covered after kids tried to go via loop-holes.
Ang Bao - only half goes to them (cos' I need to cover cost mah)
Birthday - only half goes to them cos' celebration dun come free, must help foot for buffet, deco etc etc.
Rewards (eg. scholarship, top prize etc) - 70% goes to bank....remaining 30% up to them to spend....whatever saved from this 30% then $for$

Actually also not sure if that's the right way to go.....tho it makes me look very very 'calculative' with the kids .... but again, they must know that things dun come free, dun want them to grow up expecting everything to be foot by the parents

My recent Dec holidays......both kids agreed to contribute $1K (each had only about $1.5K) from their savings account for their holiday. Tho will not really deduct the $, but we felt quite happy & relieved that both reluctantly agreed to let go of their hard-saved money We went with another family and tho their kids had much more $ in their accounts, they flatly refused, no negotiation.

Reply to Money for kids? on Sun, 22 Jan 2012 06:28:22 GMT

hquek — Sun, 22 Jan 2012 06:28:22 GMT

I ever heard of a parent who tried to reduce her son’s food intake by not giving him too much money. Ended up, heard that he went around finishing his friends’ unfinished food during recess - and not just one friend.

Reply to Money for kids? on Sun, 22 Jan 2012 04:34:17 GMT

Funx3 — Sun, 22 Jan 2012 04:34:17 GMT

BeContented:
Funx3:
[quote=\"BeContented\"]
Hmm....top up is not viable for my DD.
She will eat to her heart's contend and finish up her weekly allowance in 3 days.....
I give both kids (upper pri) $1.80 per recess and $2.50 per lunch. Can spend all or whatever amount saved into bank accounts will be matched dollar for dollar (to encourage savings
Wah .... matched dollar for dollar!
U Sounds Like .... Spore Gahment -le!

Ha....I do sound like one. Good policy can follow mah.[/quote]Ha Ha ....
Like tt Prepare to Match Ang Bao Money $ for $ for your dd then! :laugh: :laugh:

Reply to Money for kids? on Sun, 22 Jan 2012 03:00:19 GMT

BeContented — Sun, 22 Jan 2012 03:00:19 GMT

Funx3:
BeContented:
[quote=\"Funx3\"]
I Normally give my Gal $10 (in her upper Pri) ....
and that Can Last her for a week or More

She'll Ask me to TOp up when she runs Low ....
Hmm....top up is not viable for my DD.
She will eat to her heart's contend and finish up her weekly allowance in 3 days.....
I give both kids (upper pri) $1.80 per recess and $2.50 per lunch. Can spend all or whatever amount saved into bank accounts will be matched dollar for dollar (to encourage savings

Wah .... matched dollar for dollar!
U Sounds Like .... Spore Gahment -le! [/quote]Ha....I do sound like one. Good policy can follow mah.

Reply to Money for kids? on Sun, 22 Jan 2012 01:21:19 GMT

Funx3 — Sun, 22 Jan 2012 01:21:19 GMT

BeContented:
Funx3:

I Normally give my Gal $10 (in her upper Pri) ....
and that Can Last her for a week or More

She'll Ask me to TOp up when she runs Low ....
Hmm....top up is not viable for my DD.
She will eat to her heart's contend and finish up her weekly allowance in 3 days.....
I give both kids (upper pri) $1.80 per recess and $2.50 per lunch. Can spend all or whatever amount saved into bank accounts will be matched dollar for dollar (to encourage savings

Wah .... matched dollar for dollar!
U Sounds Like .... Spore Gahment -le!

Reply to Money for kids? on Sat, 21 Jan 2012 15:18:27 GMT

BeContented — Sat, 21 Jan 2012 15:18:27 GMT

Funx3:
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?

I Normally give my Gal $10 (in her upper Pri) ....
and that Can Last her for a week or More

She'll Ask me to TOp up when she runs Low ....

Hmm....top up is not viable for my DD.
She will eat to her heart's contend and finish up her weekly allowance in 3 days.....
I give both kids (upper pri) $1.80 per recess and $2.50 per lunch. Can spend all or whatever amount saved into bank accounts will be matched dollar for dollar (to encourage savings

Reply to Money for kids? on Mon, 26 Dec 2011 07:02:46 GMT

Funx3 — Mon, 26 Dec 2011 07:02:46 GMT

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?

I Normally give my Gal $10 (in her upper Pri) ....
and that Can Last her for a week or More

She'll Ask me to TOp up when she runs Low ....

Reply to Money for kids? on Mon, 26 Dec 2011 02:39:35 GMT

Belle2011 — Mon, 26 Dec 2011 02:39:35 GMT

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.

Reply to Money for kids? on Mon, 26 Dec 2011 02:33:40 GMT

dadofthree — Mon, 26 Dec 2011 02:33:40 GMT

Do you all think that for before pri 3, $2 per day should be enough? Kids shouldn’t give given too much money right?

Reply to Money for kids? on Wed, 21 Dec 2011 10:50:31 GMT

River — Wed, 21 Dec 2011 10:50:31 GMT

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.

Reply to Money for kids? on Wed, 21 Dec 2011 10:02:41 GMT

Aceacebaby — Wed, 21 Dec 2011 10:02:41 GMT

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.

Reply to Money for kids? on Wed, 19 Oct 2011 14:20:43 GMT

grace_toees — Wed, 19 Oct 2011 14:20:43 GMT

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!

Reply to Money for kids? on Wed, 05 Oct 2011 07:07:53 GMT

UncleLim — Wed, 05 Oct 2011 07:07:53 GMT

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.

Reply to Money for kids? on Sun, 02 Oct 2011 08:56:09 GMT

DesertWind — Sun, 02 Oct 2011 08:56:09 GMT

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…

Reply to Money for kids? on Fri, 30 Sep 2011 04:25:17 GMT

Funz — Fri, 30 Sep 2011 04:25:17 GMT

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.

Reply to Money for kids? on Fri, 30 Sep 2011 03:38:24 GMT

jedamum — Fri, 30 Sep 2011 03:38:24 GMT

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:

Reply to Money for kids? on Fri, 30 Sep 2011 03:37:49 GMT

jedamum — Fri, 30 Sep 2011 03:37:49 GMT

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) .

Reply to Money for kids? on Fri, 30 Sep 2011 03:32:12 GMT

MMM — Fri, 30 Sep 2011 03:32:12 GMT

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.

Reply to Money for kids? on Fri, 30 Sep 2011 02:41:36 GMT

Funz — Fri, 30 Sep 2011 02:41:36 GMT

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.

Reply to Money for kids? on Fri, 30 Sep 2011 02:30:27 GMT

MMM — Fri, 30 Sep 2011 02:30:27 GMT

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.

Reply to Money for kids? on Fri, 30 Sep 2011 02:18:31 GMT

Nebbermind — Fri, 30 Sep 2011 02:18:31 GMT

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!!

Reply to Money for kids? on Thu, 29 Sep 2011 12:52:11 GMT

30plus — Thu, 29 Sep 2011 12:52:11 GMT

Nebbermind:
30plus:
.... It's up to you to choose. He thought very hard and eventually decided on packet drink after a few minutes' mental struggle.

I was given a knock on the head by the wife when I told her though. :oops:
Just curious...was it really up to him or would u have insisted he buy the drink if he had chosen the ride?? :?

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.

Reply to Money for kids? on Thu, 29 Sep 2011 09:56:29 GMT

Funz — Thu, 29 Sep 2011 09:56:29 GMT

In that case the parents should be the ones attending the classes not the kid.

Okay, yup know what you mean. But I doubt the effectiveness of such classes for children if at home, the values and decent money sense is not in place.