Suzanne is now studying in Primary One. Recently, Mrs B and I concluded that she is not really that savvy about money due to several misadventures she encountered with her classmates.
Quite a shocker to us really. You would have thought that with parents like us from the financial industry, our girl would be a super money churning genius, right? hehehe, joking joking!
Anyway, it got me thinking "how the heck am I going to teach my girls that money does not grow in her parents pockets?" To be honest, I think she knows that we work dang hard for our salaries, what with Mrs B and I coming home only after the sun sets. But how do you teach the VALUE of money?
My thots so far....
Solution #1 - Daily allowances?
I was toying with the idea of giving Suzanne a daily allowance of maybe 50 sens per school day. Why so low? Well, that's because her school's canteen has catered food for the kids, if the parents pay for it lar. She gets a cup of milo, and maybe bread, rice or noodles - a simple meal hearty enough for the kids to fill their tummy.
As Suzanne gets catered food during recess, she has no real need for an allowance. Additionally, Mrs B and I are also afraid that she will buy those sinful yummy food like fried nuggets and potato fries. (Man, why didn't we have these during our school days? dang!)
Thus, would giving a daily allowance help our girl learn the value of money? Something tells me that this may not be, hence...
Solution #2 - She work's hard for the money
We know money is hard to come by because we sacrifice our time and energy on activities to EARN it. That got me thinking. How about getting Suzanne to earn her money? But again, this could get tricky. Let's discuss.
Earn $$$ by completing homework scheme
Sounds like a good matching concept. You do your homework, we pay you abuden, a student IS expected to do their homework. What if she put up a "Strike! Strike! Strike! Higher pay for completion of homework!" campaign? "NO pay rise no STUDY!" Cialat! Mana boleh?
Earn $$$ by doing house chores scheme
Ok, so we don't match $$$ to her school work but how about house chores? Help daddy wash the dishes and you get X amount. You want more? Then sweep the floor and so forth. But again, the same argument applies. Growing kids are expected to help around the house. We are family, right?
But the worse that can happen is manipulation of chores for more money (hehehe, trust daddy's evil mind to think of the below).
Imagine... lil'buaya69 making a mess of the place. Then go offer "cleaning services" to mummy for a fee. Just ensure that I kacau mummy when she's really busy and harried by chores. Sure dapat one, muahahahahar! *do evil dance*
Sigh... so how now, brown cow? Honestly, I am keener to implement solution#2.
I am thinking of doing a pseudo-negotiation with Suzanne on the "fee" and the "chore". Just need to ensure that it does not sound like a bribe or forced incentive. In this regard, I could work out a standard "chore agreement" like folding clothes or sweeping the floor and on completion, Suzanne get's X amount on a weekly basis. And the fee will probably be RM2 per week.
That's what I can think of thus far. So mommies and daddies, any suggestions to help out the Buaya here? Mucho thanks ;)
Buaya69 says... "Hmmm... if they earn fees, then it's TAXABLE to the home gahmen, right? muahahahahar!"