Its been some time since I've talked about pocket money and my children so I thought I'd give a bit of an update.
My son (at almost 6 years old) is showing signs of becoming interested in money now. Like my daughter, I have told him that when he can recognise the dollar values of the money, add and subtract 1s,5s and 10s, then he can get pocket money. I have also added an extra requirement - that he understands how to store his money safely! My daughter was always very careful about putting things (including money) she valued away in a safe place. My son is a little bit more absent minded with his things - he always seems to be leaving things behind or forgetting where he put things. He has been given money in the past (by his grandparents) but unfortunately he often forgets where he's put this money (I'm sure we will come across a treasure trove of coins one day). So once he's learned how to store his money safely, he will also get pocket money soon.
My daughter is continuing learning about savings, delaying instant gratification, and finding alternatives. Her current goal is to buy a DS!
Photo by EmilyWhen I explained to her that she will have to save up about $300 for a new one, her immediate response has been can she buy one second-hand?
I helped her research the types of second-hand DS's out there and she was surprised by the price range and asked me why. I explained to her that some had different features, some are older/newer, some come with lots of games and some don't.
She considers this for a bit and comes back to me and says:
"Mum, I don't want a DS with a camera or anything fancy like that. I just want one that I can play games with but not too many games. Because when there are too many games then I just play those games all the time and then it gets dark and I have to go bed and then I get sad because it means I have missed out on playing with S [her brother] and you."
So can you help me find a second-hand DS with about 5 or 10 games only please?"
Once again, I am in awe that my daughter can have such a clear grasp of impulse and self-regulation. I am so proud of her.
I wish you all a good weekend!
Incidentally, my daughter has now saved $71 of her pocket money. She wants to save $90 (going rate for a basic DS with not too many games). She's not far off her goal on getting her DS! (Oh and I did explain to her that she can if she wanted to, get a DS with more features but she's adamant that she wants a basic model only - I guess she can always sell her basic model and get a better one when she's older.)
8 comments:
You have raised your daughter well! There are plenty of 40 year olds who haven't yet learned to delay gratification and how to spend money wisely.
Susan
Your children are awesome. It bodes well for a life without any/too much debt which can only be a good thing.
What a great idea - and your daughter is an amazing saver! My son saved for quite awhile for his DS, too. We priced new and used and he was thrilled at how much shorter the saving time would be with used. He did opt to save a few extra weeks to the get the red Mario one, though :)
Stacy
Wow - I've just discovered your blog through Sharnanigans, and I love it!! Also, I have a 2 yr old DS that I was given as a gift and don't use anymore - was going to e-bay it, but maybe good for your daughter?
We do something similar here. The greatest revelation came when the kids realised they could pool their pocket money to buy something for group ownership, which is how we acquired our Wii. As much as we wished to delay bringing computer games into our home, I was so proud of them the day they purchased their long-wished-for Wii.
And we all get to enjoy it together, which is the best thing about it.
So proud of Ms. J, and you the Mommy, no doubt is doing a great job!!!! Hugs and kisses, hope she fills in the missing 20 something dollars very soon.
Ninang
Both of my children saved up for their DS's as well - and at the time a second hand DS was $150. It took them 7 months of hard saving (and doing extra jobs to earn extra $ - they learnt that if you want to earn more money then sometimes you have to take on a second job), but they were very proud when they could walk into the store and purchase their DS's with their own money.
Good job!
So wonderful. What a thoughtful and considerate daughter you have. Easy to admire her... now if only I can take a leaf out of her book?!?!
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