When do you start to give money to your children?
By youless
@youless (112113)
Guangzhou, China
23 responses
@nitinnair89 (2900)
• India
9 Dec 12
Hi!
When i was a kid back at old times, my parents used to give me and my elder sister pocket money for the things we did...Like, for every good thing, we used to get a Rs.10 or so which is something like 0.2$ or so if i consider Rp.1=50$. Then we also used to get pocket money when we used to score good in our exams. They really taught us the importance of money back then by using such techniques..Thanks Mom & Dad!
2 people like this
@nitinnair89 (2900)
• India
10 Dec 12
Yeah and that's why i don't keep more money with me unless the need
@jenny1015 (13366)
• Philippines
9 Dec 12
I remember receiving allowance from my mom when I was 7 years old. The amount was enough to buy either a bottle of softdrinks or 2 packs of chips. My children started having their allowance when they have reached first grade. have taught them that they need to learn how to save so that if they want to buy something, they can use the money that they have saved.
1 person likes this
@jenny1015 (13366)
• Philippines
10 Dec 12
It's not too early to learn how to save and value money. I also remember my brother being thrifty at the age of 7 years old. I do not know how much allowance he has that time. But I was surprised one time when I came to his room and saw a bankbook. He really opened a savings account at the bank just across our school! Can you imagine that? I didn't think of that even when I was in High School!
My mom was surprised but proud of what my brother did. he is now 36 years old and has a family of his own. They live in Singapore right now and I think that he manages his money well. Although I could see them going to places for a vacation, but still he is not the extravagant spender. So, I guess, his early "savings" idea stuck in his mind through these years.
My mom was surprised but proud of what my brother did. he is now 36 years old and has a family of his own. They live in Singapore right now and I think that he manages his money well. Although I could see them going to places for a vacation, but still he is not the extravagant spender. So, I guess, his early "savings" idea stuck in his mind through these years.1 person likes this
@williamjisir (22819)
• China
9 Dec 12
If a child not only studies but also lives in the school, then there is need to give some money for him to spend. Otherwise the parents may get things for him. Have a good day, youless.
1 person likes this
@angelkarah050182 (4980)
• Philippines
3 Dec 12
Our sons have the same age. It's good that you're already providing your son his monthly allowance. For me, I just give money to our son when he wants to buy something. His father sometimes gives him money for the day and he has to buy his recess with it. I hope he'll be good in handling his money. I usually give him some coins whenever I go home and he saves it in his coin bank. Sometimes their budget gets short so they use it for emergency expenses. Let's hope that our sons will learn how to budget their money wisely. Thanks for sharing and happy mylotting.
1 person likes this
@angelkarah050182 (4980)
• Philippines
3 Dec 12
Salary? Fixed and behavior amount? I guess I got your point but can you explain it well? Salary means when your son do something, he earns money? Fixed amount is his allowance right?
1 person likes this
@randylovesdar (4932)
• United States
9 Dec 12
My oldest nephew is 10 years old and he gets an allowance. He saves most of his money for Christmas. He makes homemade gifts for his mom and buys gifts for his two brothers and his sister. He also buys a toy for the toys for tots drive (a charity that helps underpriveledge children have a great Christmas. My niece and two nephews (7 year old triplets) get an allowance as well and save most of their money for Christmas.
1 person likes this
@Mavic123456 (21898)
• Thailand
3 Dec 12
Oh yes, this is a good practice. How much is he saving now?
@Mavic123456 (21898)
• Thailand
3 Dec 12
wow that's quite good. then he can buy what he wants for his money, very good practice youless
1 person likes this
@wolfie34 (26771)
• United Kingdom
4 Dec 12
I was at a very young age when I started to get pocket money from my parents, I used to get 50p from my mum and 50p from my father, it taught me the value of money, even though I didn't have to do any chores to get the money, I had to save up for anything I wanted. Nowadays a lot of children get spoilt and don't know the true meaning of money and having to save up!
1 person likes this
@4mymak (1793)
• Malaysia
6 Dec 12
i start giving my children 'pocket money' / 'lunch money' when they started schooling - we start school when we're 7.
for my youngest - i give her on daily basis, the older ones i'd give 2-3 days pocket money.. to my eldest son - i'd give his weekly allowance.. my daughter in college - gets hers on monthly basis...
i dont dare to give the youngest one more than a day's allowance - because i worry she might lose it, or be too kind and 'lend it' to her friends...
1 person likes this
@jaiho2009 (39142)
• Philippines
3 Dec 12
I start giving money to my kids when they reached 8 years old.
But not a big amount, just an extra money if they want to buy something after school.
Until they reached teenage years that is the only time I give them bigger amount for their personal wants/needs and for them to learn to save as well.
@UmiNoor (4483)
• Malaysia
6 Dec 12
When my youngest daughter started primary school, I didn't give her any spending money. I worried that she would lose it or she would give it to her classmate who would ask it from her. I usually pack her some snacks for her to eat during recess. But when she's 8 years old, I started giving her money to spend during her recess and she seems able to set aside some money to save. I'm really very proud of her.
1 person likes this
@Paper_Doll (2373)
• Philippines
4 Dec 12
I do not have kids yet but I have brothers and a sister and I usually give them money. Well, they have different personalities and use the money in different ways. My first brother usually buy internet prepaid card, or CDs while the other, use it as allowance because he is already working. Our youngest, my sister, keep her money and use it in a daily basis. I do not know how she was able to come to a plan like that but she has a specific amount of money to spend everyday. Like in the morning, if it is already time to watch her favorite cartoon, she will go out to buy some snacks and eat them while watching. She does it in a daily basis.
@surekharathi (14146)
• India
4 Dec 12
I have no experience of this because unlucky no son or daughter but you are good parent because little money should give the child but watch how he is spending. Because friends should be good.
@vidhyaprakash_2 (7116)
• India
4 Dec 12
Hi friend, my sons are still little with 5 and 3 years, so i don't give money to them, there is nothing wrong in giving money to our kids after they are matured. We must teach the importance of savings to them and tell them to save money.
1 person likes this
@Clickston2 (39)
• Kenya
3 Dec 12
Once he understands the value of money;then you can start giving him amounts that the boy can handle comfortably. Teach him from this earliest stage that money is earned; you can make him perform some light chores around the home and give the money as reward for the same.
@captinjack (788)
• China
3 Dec 12
It seems that you wanna teach your son about money in American way. I am gonna do that when i have my own child.But i am not sure whether it works in China or not. Anyway, the environment is completely different.
1 person likes this
@rjschultz68 (387)
•
3 Dec 12
Yes, I definitely think that money management should be part of every school curriculum. Maths teaches us to add, multiply,subtract and divide but does nothing to teach about the value of money.
1 person likes this
@kokomo (1867)
• Philippines
3 Dec 12
I remember the first time that my mom gave me money was when I was a nursery. In the province, food packs are not used to do and not a habit and in our school there are a lot of food stalls. We can just choose what we want to buy from.I am thrifty when I was a child and a cent is so much valuable with me before. I used to have a piggy bank before.
1 person likes this
@dee777 (1417)
• South Africa
3 Dec 12
This is very good - parents should train the children how to work with money. I think a parent can start giving money to their child when they see that he/she shows responsibility. Age does not really count. Advice them as to what you feel are allowed to spend the money on. They should be kept accountable and must know that they cannot come ask for more before the next 'pay-date'.
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