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.

pocket money

Postby Mr choo » Sat Nov 14, 2015 9:10 pm

Do you think$12 is enough for a 15 yearold,who eat breakfast in sch and lunch and dineer outside school?please share your experience.tia.

Mr choo
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Re: pocket money

Postby mummyxoxo » Sat Nov 14, 2015 10:02 pm

Per day? I think it is more than enough. I gave my dd $10 per day (also settling all her three meals outside + transport fare)

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Re: pocket money

Postby ngl2010 » Sat Nov 14, 2015 10:17 pm

Girls and boys eat different amount. During growth spurt boys eat a lot. You may need to adjust accordingly.

ngl2010
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Re: pocket money

Postby redpeasant » Sun Nov 15, 2015 1:35 am

I think you can check the food prices of the coffeeshops or malls nearby for a rough gauge then mark up a 15% to teach him to save money?

redpeasant
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Re: pocket money

Postby slmkhoo » Sun Nov 15, 2015 9:30 am

Get his to prepare a budget with estimated amounts based on the prices in the school canteen and wherever he intends to eat. You can round up a bit to allow for saving and discretionary expenditure, if you want.

slmkhoo
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Re: pocket money

Postby Ginger breadman » Thu Jan 28, 2016 1:25 pm

I am teaching my son budgeting this year.

I gave my son $400/ month (Sec 1).
Told him to keep 10% as savings first before spending the rest. ($360)
So he will have about $10/day for food and others , plus the rest on his transport.

Books and other necessity is of course paid by either my wife or me.

Ginger breadman
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Re: pocket money

Postby KidCat » Thu Jan 28, 2016 4:49 pm

I give my son $80 weekly and it is more than adequate to meet his daily expenses in school and for his weekend outings.

Now I am thinking of giving him a monthly allowance to teach him about budgeting. However, boys being boys, I worry that they might be careless and lose the whole month's allowance if not careful enough.

So, may I ask the parents here who practises mthly allowances, does your child carry the full amount to school or just bring sufficient to cover for the day?

KidCat
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Re: pocket money

Postby ilovelaksa » Thu Jan 28, 2016 9:21 pm

Hi,
My kids get:
P1-P2 $1
P3-P4 $1.50
P5-P6 $2
S1-S2 $5 ($25 wkly)
S3-S4 $7 ($35 wkly)
J1-J2 $8 ($40 wkly)
This is for lunch. It includes dinner at school if they need.
I think it's ok cuz all of them are able to save for their personal things
My nb ds gets $5 a day in JC.

ilovelaksa
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Re: pocket money

Postby sleepy » Thu Jan 28, 2016 9:50 pm

As a general guideline to my kids, $10 per day for Secondary school, $5 per day for primary school. If weekends then $20 because food is more expensive than school canteen. They won't spend the entire amount. Just whatever they need for recess and lunch won't buy nonsense from bookshop.

I prefer them to bring more money than less. Whatever balance just roll over to next day. Reset to $10 and $5 again. So far this arrangement worked well. I don't want my kids to be too mindful of cost and tried to save up their pocket money, especially dd2 she would eat less if she gets to keep the balance.

sleepy
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Re: pocket money

Postby zulu » Thu Jan 28, 2016 10:36 pm

DD is 15 this year. She gets $50 ($45 after tithing) per week for her breakfast and the occasional lunches in school. Everything else taken care of. I believe she has more savings in her bank account than I do!

zulu
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