The new school year is in full swing, and if you’re like most Pinoy mums, you probably just finished getting all of your kids’ school supplies, uniforms, and have finally chosen the best tuition fee payment plan to fit your budget. But one thing that you may have to sort out is your child’s allowance.
Indeed, one of the questions that come up these days in parents’ minds is how much baon should you give your kids. If they’ve started asking for some money to spend at the school canteen, here’s what you need to know to create an effective allowance system for your children.
When to start giving baon
Last year, your child may have been content bringing some snacks and a packed lunch to school. But if he or she suddenly asks for an allowance this time around, it may be because your child has seen a classmate paying for food at the canteen. At around the age of 6, kids become more aware of the concept of money and purchasing. It’s essential that they have a good grasp of the basics so when they grow up, they can make good choices when making important financial decisions, such as dealing with credit card debt. Thus, starting them early with an allowance would be good practice for the future.
How will you know if your child is ready to receive an allowance?
If your child can do simple addition and subtraction or mental math, you can give enough money to buy a snack or a sandwich for recess. Check out the school canteen to know the types of food and the corresponding prices, which will help you determine how much baon to give your child. [Read more…]