Pocket Money & Allowances for Primary School
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.
I’ve contemplated about this for a while. Should we give daily allowances? How about weekly? Or Monthly? After much discussion with various ones, we concluded that for kids under 12, it may be wiser to give them daily allowances. It would help them better manage their finances and give them a small sense of the power of money!
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:
I will put their daily allowance into the boxes accordingly. 1 for Monday, 2 for Tuesday, 3 for Wednesday etc
When they take their allowance in the morning, 10% of that goes straight to #7, that’s Sunday. We believe kids should learn tithing at the soonest possible age too.
When they get home after school, all remaining monies go to #6, that’s Saturday or I call it Savings box
We clear the boxes at the end of the week. Everything in #6 goes to their piggy banks, and everything in #7 gets dropped in the offering bucket on Sunday.
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 will put her weekly allowance into the first box. Just notes, not in any smaller denomination
- On Monday, when she takes her allowance, she has to decide on her own, how much to bring to school, and break the notes herself
She knows that 10% goes straight to the last box “Offering”. We still believe kids should learn tithing at the soonest possible age.
When she gets home after school, all remaining monies go to “Savings” box.
As the pill boxes, we clear hers at the end of the week. Everything in Savings goes to her piggy banks, and everything in Offering gets dropped in the offering bucket on Sunday.
I’m praying my kids learn better money management, savings and honoring God with this!
Nice idea! Will keep it in mind for when my girl start going to primary school too =)
My recent post Thankful for 2013
whoa. that's too much counting. LOL. We never really had a system down and still don't.
My recent post Tips on Making Your Swimming Pool Look Really Cool
Well prepared and organized! Most importantly, teaching them to set aside the first fruit of 10% goes to #7. I like the thoughts for #7 and and remaining goes to #6.
My recent post I Won in Lego® Friends Giveaway
The pill box for the allowance is a great idea! Thanks for the tip!
Ooohhhh. I love the idea! Thanks for sharing. Although my kids are no where near handling monies yet, but this is really very useful! 🙂
My recent post My 2013 in summary
Good idea! Thanks for sharing!
I like your method. Funny but money isn't a big thing at our elementary school yet.
My recent post The Next Generation of Microwave Ovens
What cute ideas! I love that robot wallet. My son would love it too!
My recent post 2013 Year in Review: Top Posts on A Moms Impression Last Year
Great idea! Adopting your method! Thanks for sharing! 🙂
Oh I like the idea of doing a pill box for the younger kids! Might need to pick some up from the dollar store for the kiddies. Something has to change with their lack of commitment to chores.
My recent post Catch the Moment 365: A simple week one #catchthemoment365OJSA
What a cute wallet! And I never would have thought to attach it with the clip.
My recent post Friday I’m In Love: Lion King puppy, 6-Second Classics, Cardboard Box Office
I never thought of using a pill box! What a great idea!
I think the pill box is a great idea! I never would have thought of that.
My recent post Stress Free Spanish Breaks with the Kids
Great tips! My little ones carry change purses and their teacher collects them first thing in the morning.
My recent post Fibromyalgia – What is it? How does it affect me?
the pill box idea is genius!
My recent post Comment on Things Remembered Personalized Car Speaker Review by Megan @ That Neat Blog
Nice idea, I never thought of using pill boxes for coins!
What a genius idea! I'm going to do this for my kiddo when he's older 🙂
My recent post 2013 A Girl Worth Saving’s Most Popular Recipes
What a neat idea. I hadn't thought to use a pill box but this definitely keeps things organized and more easily accessible.
That is a great idea. We do a weekly allowance with 3 jars. One jar is for tithes, one jar for savings (10% for each) and the third jar is his for whatever he wants. I would be afraid I would forget to give them money if we did daily.
My recent post Finding the perfect rug for our space #Review
I don't know that we'll do an allowance for my daughter. But those are great ideas for organization!
My recent post What’s in store for 2014?
What a fabulous idea! I love that you are teaching saving & tithing at an early age.
We haven't started allowance yet, but we have taught tithing and saving with monetary gifts. There really isn't a need for daily or weekly money yet, but I will keep this in mind.
My recent post #Spon: A Mom’s Guide to Home Organization
I gave my son a weekly allowance, but I really love the method you have come up with.
My recent post My Samsung Galaxy Studio Experience in NYC #NextBigThing
Love, love, love the idea of using the pill boxes!
My recent post 2013 Reader Favorite Recipes
The pill box is a great idea – I have some extras around the house, so I am definitely going to incorporate that idea.
I've never thought of giving a daily allowance – my kids are very young, and I actually think the daily allowance would be a good idea.
My recent post The 52-Week Money Challenge and Beyond: Money Saving Tips for the New Year
I love how you do that, and that you are teaching tithing too 🙂 Our daughter got her first job this year and since we also taught her young about giving the first to God and saving she's managing her paychecks very well 🙂
My recent post Leftovers Pot Pie
They are learning great lessons with this! I also think it's important for the twirly thing, I would hate to have them lose their wallet or coin purse.
[…] Pocket Money & Allowances For Primary School […]
I see a lot of interesting articles on your page.
You have to spend a lot of time writing, i know how to save you a lot of work, there
is a tool that creates unique, google friendly articles in couple of
minutes, just type in google – laranita’s free content source
can i check how much you give to your son for his daily allowance in pri 1 this yr?
Hi Ivy: There’s no definite amount cos it varies based on canteen prices! 🙂 For me, P1 starts at $1.20 nett. After putting aside tithe, they only bring $1.10 to school. There are strict rules that they can’t buy drinks (cos there’s water bottle) and they can’t buy snacks. but I’m aware there’s restrictions cos they can’t buy from the Western Stall cos food from there always costs at least $1.20.
Great idea, but just a thing about the wallet chain thingy, we actually don’t encourage our pupils to use it as there were instances of kids misusing it (throwing around and strangling themselves) and accidents where the chain got caught in the car door and the car almost drove off. We do ask the kids to try to get a chain as short as possible so that accidents like that don’t happen. . Just to share.. 🙂
This is a good idea! I’ve been wondering how best to help my boy manage his money. Good starting point. Thanks!
hi there, can i find out where u got these right sized circulcar M-S Pill boxes? the ones i saw so far are all too small for our 50 cents and dollar coins! 🙂 thank u!
I got them from a pharmacy in JB. I can’t find it anymore though.. Daiso has large ones periodically or you can try Taobao!
All the best!