Tuesday, February 05, 2008

Money sense

I grew up with parents who shielded us the children from "adult" stuff. My parents were frugal and what I knew about money was through listening in on their conversation. We were by no means poor 'coz my father earned a good income. My brothers and I were not involved in how the family finances work. I guess that was my parents' idea of protecting us.

Recently, I bought Laura a lovely journal, guided one where she answers questions and write a little about herself, her family and such. She had it for one day, brought it to school to show off to her friends (even though she's been told she wasn't allowed to do that) and it was gone. She wasn't very concerned about it being gone which made me realize that maybe my kids have been getting things too often and too easily. They do not seem to value gifts as much as they should. So, now they're restricted to gifts only on birthdays and Christmas.

Recently, Laura asked for a High School Musical water bottle with Troy on it. I told her she has to wait for her birthday in June to get it. Alternatively, she can save up for it.

Laura started getting some pocket money for school, just in case what she brings for recess is not enough, she can buy something to eat from the canteen. Nominal sum which she has to budget for it to stretch but enough to save some up if she doesn't spend the weekly allowance. We went to check out the bottle together to work out how much she need to save and for how long with what she gets every week. She was quite excited to learn that if she brought food from home every day, she will be able to buy the bottle herself in 4 weeks. I am hoping that this way she will value the bottle more 'coz she bought it with her own money.

I am not very good with working out budgets and money management. I am hoping this way, Laura and Adam will be more savvy when they grow up.

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4 Comments:

Blogger janet said...

hi,

i'm just bloghopping. i'm a mom too with 2 kids so i enjoy reading blogs about kids or family in general.

you have a good day!

http://j3net.blogspot.com

12:35 am  
Anonymous a&a'smom said...

Ya I believe in teaching kids the value of money while they r still young. Since we dont buy everything they ask for, they now learn to make their own money by selling the sweets they get from party packs to their sch buddies.

9:12 pm  
Blogger Big Pumpkin said...

You did good, Mama! Keep us posted...

4:08 am  
Anonymous Anonymous said...

hi! I started training my daughter "money sense" when she entered primary 1 with pocket money on a daily basis, primary 3 on a weekly basis and primary 5 on monthly basis. The weekly pocket money is to teach her that she must not use all her money beginning of the week or else she will be hungry. I gave her slightly larger amount in primary 5 but she has to buy her own pencils and erasers n other small items. She's now in Form 5 and she handles her money very well. She has even started investing in mutual funds with her angpow money. Now, when we said she's kiamsiap, she answered that she's an accountant's daughter mah. lol. -est

3:24 pm  

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