Today is the first day of school. Nicole is going Primary 3 and Nathan is going Primary 1. One of the most important things about starting school is POCKET MONEY or ALLOWANCES! Yup, money talks even at this young age.
Here’s what we are using for the distribution of the monies:
These are pill boxes! I found them to be really useful to allocate the monies. This is how we do it:
We did this with Nicole for two years and it was very good. She has a habit of saving and uses the savings for buying birthday gifts for the family. And she knows to honour God first with her money before she even gets to use it.
So far, this is effective, cos everything is in coins. I need larger boxes for the notes as they grow older!
One more important thing to get for the kids with regards to monies:
I’m not sure what you call that. But that wriggly thing attached to the wallet is very important. We hook it to the skirt/shorts pocket, so that when the child takes out the wallet during recess to pay for stuff, he can do it easily. But the critical thing is, we don’t have to worry about it falling out of the pocket during play, or if he doesn’t put it back properly.
It’s a simple chain. We got it at the local Pasar Malam stall for $1-$2. Really highly recommended!
So that’s our money preparation for school. For Nathan, all the background work’s done.. we’ve taught about money, change, counting, and what you cannot (snacks/erasers/papers). The real test is on the ground! I pray with his voracious appetite, he has enough to fill his tummy. I pray he doesn’t spill the food as he carries it in his couldn’t-care-less-boy-attitude.
How’s your preparation like for allowances in school?
**Update 30 Dec 2014**
The containers can only last 1 year max. This is because of the daily opening and closing, and at 6 a.m. in the morning, things can get quite rough. So please buy something that doesn’t cost too much. Your best bet is the regular $2 stores like Daiso.
**Update 7 Jan 2016**
Nicole is now P5. We started giving her a weekly Allowance. It’s time she learns to spend within her means, be responsible for what’s given to her. The temptation is always great to spend it all on the first half of the week, or like many kids, LOSE the money during the week! Ahhh! This mummy is strict and won’t give in if that happens.
Here’s what we are using for Nicole.
Yup, that the P5 decoration on her box. She’s going to add more stickers and tape soon! How does her box work? It’s similar to the pill boxes.
I’m praying my kids learn better money management, savings and honoring God with this!
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