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13-01-2013, 09:03 AM
The Straits Times
www.straitstimes.com
Published on Jan 13, 2013
Mind over money matters
Parents use pocket money to teach their children to manage their finances
By Eve Yap
Gabriel Tan says holding $2 in his hands makes him feel rich.
Yet during recess last Monday, the six-year-old Fengshan Primary School pupil had to borrow 30 cents during recess.
His mother, housewife Jacy Tan, 45, says he had overspent: "He bought a hotdog for $1 and an ice cream for 80 cents. He also wanted a cup of Milo, which cost 50 cents.
"So he borrowed 30 cents from a classmate's parent, whom he didn't know."
Mrs Tan, who is married to customer service executive David Tan, 37, made their only child return the money three days later, after probing him on how he got the extra money for the Milo.
"He was afraid to tell us at first that he had borrowed," she says with a laugh.
The couple also reduced Gabriel's pocket money to $1 a day since he has lunch at home, a four-room HDB flat in Bedok, before taking a 15-minute walk to school.
"I think it's easier for him to manage a smaller amount. The $1 is just in case he gets really hungry," says Mrs Tan.
Mrs Grace Seah, 52, principal of Bethesda Bedok-Tampines Kindergarten, which Gabriel attended, says $1.50 is enough for most Primary 1 kids. Her kindergarten has run a four-day Primary 1 preparatory programme for the last 15 years.
Speaking to SundayLife!, some parents say the amount of pocket money they give their children depends on household income and the cost of food in school.
Among those interviewed, their weekly pocket money for their children ranges from $5 to $10 for a Primary 1 pupil, $25 to $40 for Secondary 1 student and $50 to $125 for a polytechnic student.
Allowances are also based on the child's schedule, such as the number of days he eats lunch in school when he has co-curricular activities, parents say. Amounts exclude cellphone bills and transport fares.
As the child progresses to the next stage in his education - from preschool to primary school or from primary to secondary school - parents will reassess the amount.
In the Liew household, 12-year-old Matthias got $2 a meal as a Primary 6 pupil in Anglo-Chinese School (Junior) last year.
Typically, he was given $10 to $16 a week, says his mother, housewife Diana Liew, 41. The bigger amounts are for days he stays longer in school, for supplementary classes and Boys' Brigade activities.
The sum will be doubled now that he is in secondary school at Anglo-Chinese School (Independent), says Mrs Liew.
The increase is "generous", she adds. "As an adult, you get a fixed income and that doesn't change though food prices vary. So he must decide how much to spend and save."
Her family, including husband Gary Liew, 42, a director in an IT company, and another eight-year-old son, lives in a condominium apartment in Newton.
Going from Loyang Secondary School to Nanyang Polytechnic this year, 16-year- old nursing student Pema Lim will also get double the amount of pocket money she got in Secondary 4, which was $150 a month. Her mother, housewife Michelle Lim, says: "We'll see if that is enough and we will still encourage her to save."
Mrs Lim, 43, attended the polytechnic's open house last week and found out the cost of food there - about $3 for noodles and rice or about $4 for a fast-food meal.
Pema, the elder of two daughters, had a good saving habit in secondary school and managed to save half of the allowance she received in Secondary 4. She spent about $3 to $4 daily during recess and a little more on days she had remedial classes.
Having breakfast at home - a five-room HDB flat in Pasir Ris - and returning for lunch helped her save money, she says.
Her mother gives her an envelope with the allowance monthly and tallies up her balances - also kept in envelopes - in June and December, before putting her savings in a bank account.
Progressing to the next level of education does not necessarily require a big jump in allowance, says Temasek Polytechnic student Norhafizah Abdullah, a third-year applied food science and nutrition student.
For first-year polytechnic students, $5 a day is about right, given food prices and schedules, she says.
The 20-year-old, daughter of housewife Norlizah Yaya, 51, and machinist Abdullah Jaffar, 54, now gets $5 daily. It is $10 for "long days", which are about twice a week when she is on campus from 9am to 8pm. She got about $3 a day in secondary school.
She has a 25-year-old sister who is also studying. The family lives in a four-room HDB flat in Tampines.
For lunches in polytechnic, she could spend $2.50 for a plate of fried rice or $3.50 for a bowl of tom yam noodles or claypot rice. On longer days, she buys extra food - a slice of cake, chicken pie or hotdog - which costs 80 cents to $1 each.
In contrast, her fellow polytechnic classmate Prashan Anbalagan, 20, gets about $20 a day.
His mum, teacher Selvi Muthair, 47, says he has been receiving that amount since he was 15. That was because he had to eat three meals out, given his daily training with the national hockey squad.
"He should have enough to eat and not starve. But I told him to use what he needed and to use it wisely," she says.
In any case, the $20 is topped up after she checks his wallet daily. "It is to instil the habit of managing money, saving, being responsible and being open on what he spends on and where," says Madam Selvi, whose family lives in a four-room HDB flat in Toa Payoh.
Mr Prashan, a third-year mechatronics student, figures that he gets about $400 a month in this top-up-as-you-need policy.
"My friends, who get $600 or $700 a month, say the amount I get is very little. But it's enough for food and daily living. Not for stupid things such as going out to parties or drinking.
"Parents don't work hard for you to throw their money around."
eveyap@sph.com.sg
www.straitstimes.com
Published on Jan 13, 2013
Mind over money matters
Parents use pocket money to teach their children to manage their finances
By Eve Yap
Gabriel Tan says holding $2 in his hands makes him feel rich.
Yet during recess last Monday, the six-year-old Fengshan Primary School pupil had to borrow 30 cents during recess.
His mother, housewife Jacy Tan, 45, says he had overspent: "He bought a hotdog for $1 and an ice cream for 80 cents. He also wanted a cup of Milo, which cost 50 cents.
"So he borrowed 30 cents from a classmate's parent, whom he didn't know."
Mrs Tan, who is married to customer service executive David Tan, 37, made their only child return the money three days later, after probing him on how he got the extra money for the Milo.
"He was afraid to tell us at first that he had borrowed," she says with a laugh.
The couple also reduced Gabriel's pocket money to $1 a day since he has lunch at home, a four-room HDB flat in Bedok, before taking a 15-minute walk to school.
"I think it's easier for him to manage a smaller amount. The $1 is just in case he gets really hungry," says Mrs Tan.
Mrs Grace Seah, 52, principal of Bethesda Bedok-Tampines Kindergarten, which Gabriel attended, says $1.50 is enough for most Primary 1 kids. Her kindergarten has run a four-day Primary 1 preparatory programme for the last 15 years.
Speaking to SundayLife!, some parents say the amount of pocket money they give their children depends on household income and the cost of food in school.
Among those interviewed, their weekly pocket money for their children ranges from $5 to $10 for a Primary 1 pupil, $25 to $40 for Secondary 1 student and $50 to $125 for a polytechnic student.
Allowances are also based on the child's schedule, such as the number of days he eats lunch in school when he has co-curricular activities, parents say. Amounts exclude cellphone bills and transport fares.
As the child progresses to the next stage in his education - from preschool to primary school or from primary to secondary school - parents will reassess the amount.
In the Liew household, 12-year-old Matthias got $2 a meal as a Primary 6 pupil in Anglo-Chinese School (Junior) last year.
Typically, he was given $10 to $16 a week, says his mother, housewife Diana Liew, 41. The bigger amounts are for days he stays longer in school, for supplementary classes and Boys' Brigade activities.
The sum will be doubled now that he is in secondary school at Anglo-Chinese School (Independent), says Mrs Liew.
The increase is "generous", she adds. "As an adult, you get a fixed income and that doesn't change though food prices vary. So he must decide how much to spend and save."
Her family, including husband Gary Liew, 42, a director in an IT company, and another eight-year-old son, lives in a condominium apartment in Newton.
Going from Loyang Secondary School to Nanyang Polytechnic this year, 16-year- old nursing student Pema Lim will also get double the amount of pocket money she got in Secondary 4, which was $150 a month. Her mother, housewife Michelle Lim, says: "We'll see if that is enough and we will still encourage her to save."
Mrs Lim, 43, attended the polytechnic's open house last week and found out the cost of food there - about $3 for noodles and rice or about $4 for a fast-food meal.
Pema, the elder of two daughters, had a good saving habit in secondary school and managed to save half of the allowance she received in Secondary 4. She spent about $3 to $4 daily during recess and a little more on days she had remedial classes.
Having breakfast at home - a five-room HDB flat in Pasir Ris - and returning for lunch helped her save money, she says.
Her mother gives her an envelope with the allowance monthly and tallies up her balances - also kept in envelopes - in June and December, before putting her savings in a bank account.
Progressing to the next level of education does not necessarily require a big jump in allowance, says Temasek Polytechnic student Norhafizah Abdullah, a third-year applied food science and nutrition student.
For first-year polytechnic students, $5 a day is about right, given food prices and schedules, she says.
The 20-year-old, daughter of housewife Norlizah Yaya, 51, and machinist Abdullah Jaffar, 54, now gets $5 daily. It is $10 for "long days", which are about twice a week when she is on campus from 9am to 8pm. She got about $3 a day in secondary school.
She has a 25-year-old sister who is also studying. The family lives in a four-room HDB flat in Tampines.
For lunches in polytechnic, she could spend $2.50 for a plate of fried rice or $3.50 for a bowl of tom yam noodles or claypot rice. On longer days, she buys extra food - a slice of cake, chicken pie or hotdog - which costs 80 cents to $1 each.
In contrast, her fellow polytechnic classmate Prashan Anbalagan, 20, gets about $20 a day.
His mum, teacher Selvi Muthair, 47, says he has been receiving that amount since he was 15. That was because he had to eat three meals out, given his daily training with the national hockey squad.
"He should have enough to eat and not starve. But I told him to use what he needed and to use it wisely," she says.
In any case, the $20 is topped up after she checks his wallet daily. "It is to instil the habit of managing money, saving, being responsible and being open on what he spends on and where," says Madam Selvi, whose family lives in a four-room HDB flat in Toa Payoh.
Mr Prashan, a third-year mechatronics student, figures that he gets about $400 a month in this top-up-as-you-need policy.
"My friends, who get $600 or $700 a month, say the amount I get is very little. But it's enough for food and daily living. Not for stupid things such as going out to parties or drinking.
"Parents don't work hard for you to throw their money around."
eveyap@sph.com.sg
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