Oct 12 2009
Pocket Money
I have never given any pocket money to my children yet. They don’t need money. Every meal is provided and included in their school fees. They are with me all the other time, won’t have the chance to use money.
That’s why I haven’t really given them regular pocket money.
Just now, before bed, Ian told me that his friends have pocket money, and asked if I would give him some. I told him okay, starting from next year, and I will give 20 cents per day.
Upon hearing this, Isabel also requested for pocket money!
Hmm… I wonder, when is the best to start giving pocket money, and how much?
I know it is good to give, and then cultivate the habits of saving. I actually wanted to start giving since last year, but I always forget to give and he didn’t remind me… we soon forgot about that!
What’s your view on this??
Hi, my name is Suzette aswell! Its how i found this site, tapped our name into google on a boring afternoon!
It sounds like you are very nurturing and loving mother (like my mum) so i dont think your children will be that expectant about pocket money after a while. I used to get a £1 a week from age of 8 although after a few months i was never really that bothered. It was more of a passing phase like you’ve described. I only wanted money because my friends recieved it.
Its a good idea though if your children want something expensive, they can save for it, although my mum pretty much gives me anything anyway!
Anyway, im not a parent and only 19, but i hope that helps a little!
x x x
My dad started giving me pocket money since I was in kindergarten. If I recall, he gave me like RM1 (which was a lot then) on a weekly basis. Main reason is that he was afraid of being forgetful and I will end up with no money for the day. The weekly pocket money continue (of course increased on yearly basis) and by the time I was in form 5, I got RM100 per month. The money is supposed to cover for tuition fee, petrol for my bike, food, and everything under the sun that I need.
I must say getting a large sum of money did teach me to budget carefully and be very “kiam-siap” with the money. I would save as much money as possible, and do extra errand (for my grandparents) to earn additional pocket money that I will use to spend.
The pro of this method of giving weekly pocket money is that it allowed me to handle large amount of money then, (and the excitement of holding large amount of money, when other kids were holding coins!!) and inculcate the habit of savings.
It also helped that during that time, the school had a saving scheme with Bank Simpanan Nasional. I guess, you can encourage this by perhaps making a monthly trip to bank with the kids and let them get all excited by doing the transaction themselves. Just an idea…
Vivian: Wow! It sounds so exciting for me, I’m sure it would for the kids too! They have savings account, but I’ve never brought them there. I think your idea is good…!!
I used to have pocket money starting from Std 1, to buy food during recess. It was 50cents, I think. Then one day I suddenly got a scolding from my mum, saying that I’m wasteful for using all 50cents everyday. Heck, how was I suppose to know that I’m suppose to save some of money.
I give my kids loose change to keep in their little coin box but I haven’t started giving them pocket money for school yet. Since their lunch is provided for, I don’t think its necessary at this point as they’ll only use it to spend on unnessary stuff from the school bookshop.
Just make sure you make them work for it
20 cents a day for doing a small chore. Actually, I’d make it 25 cents because a quarter is easier! We used to make us write down or chore of the day kind of like “reporting our hours”. It really helps learn responsibility!
It’s also a good time to start teaching them to save up for something. Perhaps find something they want, and find the price of it. Keep track of how much they make at “work” and let them track how they are getting closer to buying the thing they want… as opposed to spending it on a piece of candy
Good luck!
good article on teaching kids about $$$
http://www.min.com.my/min/article.aspx?menu=4&menuAttch=245&sec=article
Vivian: Thanks a lot!