Making Money Sense

Teaching her about money is part of my agenda to prepare her for primary school, and in the long run for her own benefit.

Not that I managed my money with much sense, but I think it is good to impart her importance of money, savings and also how to make wise choices with it.

Seeing us leaving for work in the mornings, little girl came to terms that we need to work in order to bring home money for our living expenses.

I have been thinking a lot…how to teach her on the importance of savings, making wise choices when she only has a certain amount of pocket money, and how to make good use of it.

Finally I decided that I shall start giving her some money to start off with. I will only give her 50 cents for a start on a daily basis. On weekend, she would have accumulated $2.50 and I shall bring her on one of my marketing trip, I will entice her with her favourite items, trying to make her spend money. She has to understand with the amount she has, she cannot buy something that cost more than $2.50. I will also factor in the requirement that she needs to save at least 50 cents for a week. I shall see how she behaves and we will refine the coaching from there.

This sounds exciting to her! As a school girl, with my pocket money, I will buy food during recess, go to the bookshop and when my friends buy stationery, I will want to buy too. However, Mommy will insist that I must save at least half of my pocket money. It’s a struggle for me back then. I need to teach Ethyl on her priorities.

It is inevitable that she will still be like me who will be tempted to buy fanciful stationery. I have been there, I will understand. I am trying my best here to help her making wise decisions; I hope this works for us. Next on my agenda is to get her involved in planning her timetable together with me. She has a responsibility for herself, and she needs to be comfortable with the guideline we both set together.