When it comes to teaching kids about money, the sooner the better.


I feel that up until they start earning a living, kids are apt to spend money like it grows on trees.
I have seen that long before most children can add or subtract, they become aware of the concept of money. Any small kid will knows where their parents get money - the ATM, of course. Now children are getting smarter, don't they? Think for them to understanding that parents must work for their money, requires a more mature mind.
Once they learn they can buy things they want with money e.g., candy, toys etc - many children will begin hoarding every nickel they can get their hands on. So I think I will need to work on child's financial awareness early on. Cause once they're teenagers, they are less likely to heed our sage advice.
An allowance can be an effective teaching tool when come to manging managing of money. Feel that when kids are young, giving them small amounts of money helps them prepare for the day when the figure will get bigger. I will make it very clear to them that what kinds of expenditures the money is for, and that they are expected to save some of it in a piggy bank and have a wallet for bills. Count the money with them periodically, and tell them how close they've come to their goals. Above all, I will definitely praise their progress. This help to encourage them to save and manage money. I think the best way to encourage my children to develop money discipline is to make savings a condition of their allowances. And I will account for this when deciding on a weekly or monthly figure.

I just read this and find that it is a good way.
.... "Always encourage children to save money in a locked-box. But since this doesn't teach restraint and you won't always be around to oversee savings deposits, there are more instructive ways to make the point. recommends what she calls the Bill-Paying Game, inspired by a scene in the film, "I Remember Mama." Count out a reasonable "salary" in play money, like that from a Monopoly game. Then, take some old bills and write the amount due on the back of the envelope of each. Show the child the entries in each for "date due," "minimum payment due" and "balance due," then let them decide how much to pay. If the allotted money is enough to pay the bills, everyone wins. Use the leftover money to introduce the concept of savings. The younger your child, the more limited his or her concept of time." ...

Amabel, last time your 姨姨 always complain and request from your maternal grandmother last time, where she wanting higher allowance after comparing the allowance with others.
Allowances is how much - the decision affected by personal values and family income. We should never let our children influence the amount by saying what their friends are getting: Any normal child will bring in high figures.

And never expect me to as I will never reward my children for helping me with the housework cause they should be expected to help out around the house because they are members of the family, not because they are paid.

Money is not everything and money not neccesary can buy all things, -eg True Love. Take for another example: Do you know that even you are damn rich, you're unable to stay in a A class room/ward in a hospital? Don't believe? This is what my collegue told me, she is a ex-staff in IMH, yah a hospital which deal with Mental patients. If a mental patient is having violent behaviour, even if he/she is millionaire, the patient also can't stay in A class room cause they may disturb or hurt other patients.

Thought about buying 4D and Toto for a chance. Me and Daddy used to be very addicted in it. Can you imagine we spent about $8k in half a year on 4D (Not yet incl. those spent out off this half-year). You may be interested to know whether i strike or not right? Yes, I did. Second prize, $8k for that half -year! In the end, I win or earn anythings? No! So what's the point? It is only wasting of time and effort. Same for going to casino and betting on soccer. Maybe you will win but there is still one day, you have to return back the money and even lose double or triple from what you have won. So again what's the point? Waste of time and effort again. It's ok to buy alittle bit 4D / Toto for fun, but not too adictive in it. Anyway, no one is able to bring those money along with them when stepping into the coffin right?

Labels: Money, Words for you