Good sharing mummies, gives me an idea on how to teach my boy to manage his own finance. I gave my boy an ATM card sometime last year with a new joint account. I gave him an ATM card out of convenience, not so much about teaching him to manage his money. When my boy started Sec 1 last year, I gave him a daily allowance of $4, $6 if he needs to stay back for CCA. I myself don't carry much cash, sometime I only have less than $10 in my wallet. So it is very annoying when he would tell me that he needs extra to buy books or stationary from school bookshop or needs to stay back for extra lessons or he needs to pay for some enrichment activity or needs to top up his concession card, just before he leave for school in the morning. I wouldn't have extras after giving him his allowance. After much consideration, I decided to gave him an ATM card to save both of us the trouble. Each time I only top up $20 to the acct after he has made a withdrawal or top up his bus card. I still give him his daily allowance of $4 and $8. He's not the spending type and I make it clear to him that $ in the acct is only for urgent use. In fact, he tends to spend more if he has cash on hand. Just last month, I apply to have his concession card on auto top up so now he hardly touches the $ in the acct. He only withdraw cash or uses NETS to pay for meals when he had to stay out late in school.
I might consider giving him weekly allowance in the acct next year when he is in Sec 3, must let him be responsible for his own money 