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Introducing your kids to a monthly allowance

October 10, 2016

Introducing your kids to a monthly allowance

Dear moms/dads of the world,

There’s something about Tuesdays and having a flashback about the time I received my first pocket money. It was a mere twenty five rupees which today will just about cover the distance from Santa Cruz to Bandra (Mumbai) if not more.  That’s a good 11 kilometres and that too at the age of 11.

Before that, my “pocket” money was five rupees and increased to ten when I had turned 10 years old.  Every year the money increased. So did the savings. For every Rs 25 that I earned, my mother made sure my sister and I would save at least Rs 6. Unfortunately our mother’s goal of getting us to save never succeeded until we had no choice but to save. (Until a few years back!)

A lesson learnt the hard way, one could say, but better late than never! Right? Right! Because as a parent, who has a growing child, introducing the concept of pocket money and saving is your duty.

Between my husband and me, he provides the kids with their monthly pocket money and I take over helping them save. A piggy bank made out of mud is locked up in the cupboard where they cannot break it while playing or drop while putting in some money. Every month, on the first weekend, when the kids get their 100 rupees about twenty percent goes into their piggy banks. At the end of the year, they get to break their piggy banks just the way, we would in our childhood.

The trick is to make money saving a family event or a chance for bonding rather than just about the money!

So how do you introduce the concept of pocket money and saving to your kids? Let us know by leaving a comment below.

Until next time,

Love
Pod Parents



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