Friday, April 13, 2007

Money lessons for 7yo Suzanne


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!"


Doreen said...

HAHHAhA. Taxable income eh?

Erm. I'm no parent, but I'd go for a fixed allowance thingie. Ha? I got 50 sen back when I was primary 1 in 1988 leh. After almost 2 decades, takkan still 50 sen per day? Heh.

Buaya69 said...

dorren: hi, thanks for dropping by. what to do? me kids have a accountants as parents, muahahahar!

mama bok said...

You see .. we damn smart..!! we put chloe to work already at the store.. hahhahahaha!! She needs to help put away stuff.. greet the customers.. and act cute.. so they will spend more money .. for her diapers..and college funds.. hahahahahha!!!
And then we give her a penny each time.. and she puts it in her piggy bank.. hahahhahaha!!

chin12 said...

I've seen parents insisting of having the children to pay for the things they want to buy at bookshop or groceries shop using their own pocket money. This way, the children learns to evaluate what they really need and want to buy with their limited pocket money. Rather than having the parents to pay everything they want for them.

xin said...

Hmmm If me i would not encourage to use money as a reward for helping chores, they are supposed to! Children will become very negotiative or materialistic as they grow. You want something from me, you pay. I'd say go for 80cent a day.. then earn their bonus with good academic results :D

suanie said...

Mom used to give 30 - 50 cents per day. then in secondary school, i had rm50 per month for recess and stationary (like pens, water colour and stuff. the more expensive ones, she'd pay). for UPSR, we got rm 10 for every A we received. i had 3 As out of 4 possible As, and spent the money on an alarm clock that i cherished for 3 years until the damn thing broke down.

also i think it's important not to gloat about new stuff in front of the kids. maria shriver was on oprah, and she said that her mother never boast about her new purchases in front of her, like a new dress or something. you see a lot of parents, especially mothers would parade their new clothes in front of their kids, going, 'isnt this beautiful'... apparently that sends a wrong msg to the kids that material stuff matters more than others, simply because their parents are showing it off. heheh good luck