BB & GG have been saving their pocket money for about two school terms now. They get S$1 per recess daily. Most days since they’re back by 1:30 pm, they just get $1, but on days they have to stay back in school for either extra curricular activities or extra curriculum time, they get the additional dollar. GG saved much more than BB who was more prone to spending his money in school.
On Saturday, we took them to the Popular store closest to our home as they both wanted to buy some books for their cousins. There, I witnessed, the power of savings! Now that they both had some money to spend as they wished, when it came to actually spending it, they thought multiple times. GG wanted to buy a Geranimo Stilton book for her cousin S who is about 6 years old. The book cost about $10. I then showed her an offer for a set of three Enid Blyton books which cost $12 and explained three of those books were almost equal to one of the one she had. I could actually see the ‘Ka-ching!” moment in her eyes when she tuned to me and said, “So if three of those books are equal to one of these, I will take those and give S one book and keep two for myself!”
So now whenever they ask for anything, they think twice because they are scared all their money will get over!
I’m glad they learnt this lesson of life sooner than later….Now to build on these foundations…
Memories and Such 
Interesting that you do this…how old were they when you started? I love how your daughter reacted to the offer for S$12!
Hi Natasha,
Thanks for dropping by. They were around 8 when they started saving their money. I’ve tried earlier to get them to save, but somehow it either never got accounted for or they just didn’t have the motivation to do. Our holiday next month proved to be the motivation for this saving spree and now that they’ve started saving, hopefully it will hold true when school starts once again in the new year.
Now that they know that any ‘unwanted’ purchases will be from their savings, they actually think it over more than once and most of the times pass the chance to buy…
How old are they now?
They turned 8 in September, when they decided to start saving
This is a great idea! These days, the value of money is a lesson often forgotten in the education of a child. In my opinion, often with disastrous results!
Thanks for dropping by Morgan. I totally agree and when my kids wanted to start saving money, I instantly agreed. Children today are not as sure of the value of money as I would like…