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30 Apr 2004

pocket money
please could you give some guidance on what a boy of 11 with an allowance of R150.00 a month should be expected to do with this.How much control should parents have over the spendingetc.We expect him to buy his own airtime but are not sure what is realistic thereafter.I want him to respect money and know how to work responsibly with it.
Answer 380 views

01 Jan 0001

Dear mac,
Gee, if I had financial expertise, too, I might even be rich ! I sspect that your aims are good, and that a kid should learn not only how to work responsibly WITH money, but to work responsibly FOR money --- in other words that he ought to contribute in some specific ways towards the house chores, to earn his allowance, so that he understands from the start that money doesn't just appear but always has to be worked for.
grape raises some excellent points, about using the allowance to teach him to budget, and to save, both towards specific things he wants, as well as general savings so he can perhaps keep some savings for unexpected needs and wants. I like Lucia's idea of sharing the household budget, so that he understands that his allowance is coming out of a finite amount of money which also pays for many other things he relies on.
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