How much $$$ ...

When it comes to money, I wonder what our children spend with their allowances. In fact how much should they get for their allowances? Does it depend on the age and gender? As youth spending continues to rise, I am putting my drained-effort-brain to figure out just what Bruneian children are buying with their pocket money.

I found out that some children are given allowances according to their age. For instance, if the child is between ten and fifteen, he/she could be getting one or two ringgit a day; and more if the child is above sixteen and so on. Therefore, that sums up to about forty to eighty ringgit per month for the daily school allowances per child; imagine if there are more than three siblings!

Besides, school allowances, do these children get any other allowances – like extra weekly or monthly pocket money - that they can spend or buy whatever they want when they are out with friends or even with families?

I am sure with this extra pocket money; it increases their overall spending power. I guess the biggest part of their ‘heavenly’ allowances would go to food with movies comes in at a close second and followed by clothes, gadgets and so on. But some children are smart when comes to dealing with money. Some are spending right along their gender lines. Though at times it is fascinating to see how they are spending their so-called extra cash, parents should also instill the habits of savings at a young age. It is quite-an-alarming fact that there are some children who do take money for granted – spending lavishly and unwisely. They can just act as if their parents are running a money factory at home.

Today's kids, even those as young as three can wield an enormous amount of spending power. As the amount of money in the kids' wallets increases, it falls on to the parents to figure out how to teach their kids to responsibly save, budget and spend their cash. They should be taught how to manage their money and how to set priorities at an early age. These include allowing them to test their own financial limits and learn the value of money so as not to spend on frivolous things.

You can never know how’s the future economy will be like. If these children do not learn the value of money now, they can never survive when they enter the real world or working life.

Just sharing my concerns as it also serves as a reminder to me. Alhamdulillah, having taught the responsibility of savings at a tender age, Kimchi understands the importance and value of $$$ and learn not to be an impulsive spender.