Pocket Money
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TheAnswer:
My P2 DS gets $2 everyday. We encourage him to save so his actual pocket money is only $1.50. Sometimes, he brings a snack to school so he doesn't spend any pocket money.
The classic \"joke\" in our family was. My dd2 (when she was P1) told daddy to save her pocket money as she don't need to bring $ to school. But we didn't realised that she was taking $ from pils almost everyday!!! Her kangtou broke when mil was telling my mum & sil casually during an outing that dd said we never give her pocket $...She never pull such tricks again... -
For our P5 and P6, they get a weekly allowance that they are supposed to manage. So on sunday night, they would calculate how much they require taking into consideration the no. of days they need to stay back and get their allowance from dh.
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I had reduced my ds pocket money from $1.00 to $0.50 since p1. The main reason because his snack is provided and he goes to scc for his lunch. He has requested us to keep the money for him and bank in the money in year end.
He is stingy with his money, hardly use his own pocket money to buy stationery from bookstore. He will let us know what he needs and we will get for him. -
how do you control your kids from spending their savings unnecessarily…or rather, on things which you feel are unimportant?
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Nebbermind:
how do you control your kids from spending their savings unnecessarily...or rather, on things which you feel are unimportant?
When my kids were starting out with pocket money, we helped them separate their money into portions for various needs, and left a small amount for discretionary spending. They were allowed to use that for anything they wanted, no questions asked (unless it was really harmful). It was a small enough amount that they would have to make choices about how to use it, and save a few weeks to get anything much more than a few sweets! When they bought 'useless' things that broke easily or turned out to be bad buys for whatever reason, or used it too quickly and had nothing left later, we would chat to them about quality, making choices, planning expenditure etc and used those as learning experiences. By the time they were in upper Pr, they had learned to consider more carefully how they spent their money. We also reminded ourselves that how kids value certain items will not be exactly the same as us parents, so sometimes we just gritted our teeth and let them spend even if we thought it was a bad buy. At least the amount was limited and we knew we could use it as a teaching opportunity later.
To help them learn about saving, sometimes, if they wanted something which we considered worthwhile but we decided not to buy outright, we would offer to co-pay some percentage. Eg. if they saved an agreed amount towards that item, we would top up the remaining amount to buy it. And we would make them save the amount before buying the item, no debts allowed! Another thing we tell our kids is that even though their savings are 'theirs', while they are minors, we parents still have the final say on how they spend although we will take their views into account and relax controls as they show greater maturity and responsibility. -
slmkhoo:
Unfortunatey, I could not rewind and do what you did in your 1st paraNebbermind:
how do you control your kids from spending their savings unnecessarily...or rather, on things which you feel are unimportant?
When my kids were starting out with pocket money, we helped them separate their money into portions for various needs, and left a small amount for discretionary spending. They were allowed to use that for anything they wanted, no questions asked (unless it was really harmful). It was a small enough amount that they would have to make choices about how to use it, and save a few weeks to get anything much more than a few sweets! When they bought 'useless' things that broke easily or turned out to be bad buys for whatever reason, or used it too quickly and had nothing left later, we would chat to them about quality, making choices, planning expenditure etc and used those as learning experiences. By the time they were in upper Pr, they had learned to consider more carefully how they spent their money. We also reminded ourselves that how kids value certain items will not be exactly the same as us parents, so sometimes we just gritted our teeth and let them spend even if we thought it was a bad buy. At least the amount was limited and we knew we could use it as a teaching opportunity later.
To help them learn about saving, sometimes, if they wanted something which we considered worthwhile but we decided not to buy outright, we would offer to co-pay some percentage. Eg. if they saved an agreed amount towards that item, we would top up the remaining amount to buy it. And we would make them save the amount before buying the item, no debts allowed! Another thing we tell our kids is that even though their savings are 'theirs', while they are minors, we parents still have the final say on how they spend although we will take their views into account and relax controls as they show greater maturity and responsibility.
As for your 2nd para, yes, we are on a similar track. The difficult part for us is how to explain it wisely, without shooting ourselves in the foot. Kids are so very smart aleky these days...they will find many ways to challenge you. -
Nebbermind:
how do you control your kids from spending their savings unnecessarily...or rather, on things which you feel are unimportant?
Like on what kind of things? I don't control them from spending their savings. Since it is money which they have saved themselves, I think it is all right for them to spend it on things they like. -
Nebbermind:
Unfortunatey, I could not rewind and do what you did in your 1st paraslmkhoo:
[quote=\"Nebbermind\"]how do you control your kids from spending their savings unnecessarily...or rather, on things which you feel are unimportant?
When my kids were starting out with pocket money, we helped them separate their money into portions for various needs, and left a small amount for discretionary spending. They were allowed to use that for anything they wanted, no questions asked (unless it was really harmful). It was a small enough amount that they would have to make choices about how to use it, and save a few weeks to get anything much more than a few sweets! When they bought 'useless' things that broke easily or turned out to be bad buys for whatever reason, or used it too quickly and had nothing left later, we would chat to them about quality, making choices, planning expenditure etc and used those as learning experiences. By the time they were in upper Pr, they had learned to consider more carefully how they spent their money. We also reminded ourselves that how kids value certain items will not be exactly the same as us parents, so sometimes we just gritted our teeth and let them spend even if we thought it was a bad buy. At least the amount was limited and we knew we could use it as a teaching opportunity later.
To help them learn about saving, sometimes, if they wanted something which we considered worthwhile but we decided not to buy outright, we would offer to co-pay some percentage. Eg. if they saved an agreed amount towards that item, we would top up the remaining amount to buy it. And we would make them save the amount before buying the item, no debts allowed! Another thing we tell our kids is that even though their savings are 'theirs', while they are minors, we parents still have the final say on how they spend although we will take their views into account and relax controls as they show greater maturity and responsibility.
As for your 2nd para, yes, we are on a similar track. The difficult part for us is how to explain it wisely, without shooting ourselves in the foot. Kids are so very smart aleky these days...they will find many ways to challenge you.[/quote]Haha. But sometimes we adults also spend money on unnecessary things. :moneyflies: -
weatherbee:
even when they wanna buy a laptop or smartphone?Nebbermind:
how do you control your kids from spending their savings unnecessarily...or rather, on things which you feel are unimportant?
Like on what kind of things? I don't control them from spending their savings. Since it is money which they have saved themselves, I think it is all right for them to spend it on things they like. -
weatherbee:
Providing their needs and wants that are not too expensive, kids should learn to save and get it at their own means , in that way they learnt money does not comes easily.Nebbermind:
how do you control your kids from spending their savings unnecessarily...or rather, on things which you feel are unimportant?
Like on what kind of things? I don't control them from spending their savings. Since it is money which they have saved themselves, I think it is all right for them to spend it on things they like.
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