saving pocket money

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

saving pocket money

Postby KAN » Tue Mar 29, 2011 11:20 am

Do you keep track of the money that your child save everyday when he or she come back from school. I do not want to be tracking the money spend and saved everyday. But I do suspect that she has not been saving everyday even though I give her more than enough for her recess. I want to instill the good value of saving and not spend every cent she has. Any advise?

KAN
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Re: saving pocket money

Postby KSP » Tue Mar 29, 2011 11:31 am

KAN wrote:Do you keep track of the money that your child save everyday when he or she come back from school. I do not want to be tracking the money spend and saved everyday. But I do suspect that she has not been saving everyday even though I give her more than enough for her recess. I want to instill the good value of saving and not spend every cent she has. Any advise?


I know the most common place to spend their spare money is at the bookshop buying things which are fancy and not needed at all. Another one is of course buying tibits.

KSP
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Postby BlurBee » Tue Mar 29, 2011 11:34 am

Yes, I'll track. I gave her a notebook to write down how much she saved.

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Postby Nebbermind » Tue Mar 29, 2011 11:36 am

haven't we all been thru this?? I mean, spending on the unnecessary and tidbits?
:?

One thing u must be able to answer is 'what r they saving for?'

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Postby KAN » Tue Mar 29, 2011 11:47 am

I did ask dd to write in a book. She did it for 2 days, the 2 days that I ask her to, the rest are all blank. :stupid:

I told dd that she can use the money at the end of the year to buy something for herself. maybe its because end of the year is too far away. No motivation for her :?

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Postby sleepy » Tue Mar 29, 2011 11:50 am

I didn't track. I just top up whatever left in her purse with next day's allowance.

So technically, she's not saving her pocket money. Whatever balance get flow over to next day

sleepy
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Postby BlurBee » Tue Mar 29, 2011 11:51 am

KAN wrote:I did ask dd to write in a book. She did it for 2 days, the 2 days that I ask her to, the rest are all blank. :stupid:

I told dd that she can use the money at the end of the year to buy something for herself. maybe its because end of the year is too far away. No motivation for her :?

U hv to keep remind her until it becomes a habit. :wink:

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Postby KAN » Tue Mar 29, 2011 12:14 pm

The part of being mum that i dun like is the need to constantly remind dd to do this and that. but I guess there is no better way of doing other than to remind her for her good, be it for saving or other things.

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Postby BlurBee » Tue Mar 29, 2011 1:30 pm

KAN wrote:The part of being mum that i dun like is the need to constantly remind dd to do this and that. but I guess there is no better way of doing other than to remind her for her good, be it for saving or other things.

Yes, I dun like that too. Feel like old lady who keeps nagging, right? :wink:

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Postby BlueBells » Tue Mar 29, 2011 1:56 pm

I incorporated a die-die-must-save 30cents into their pocket money when they started P1. Now, they are 9 and 11, and I gave out pocket money on a weekly basis. They will save some amount and use the rest.

Of course, in the process, they are taught to differentiate between their needs and wants, and also basic budgeting. So far so good for me.

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