Mum Money Hacks 101: Creating An Allowance System For Your Kids

tips and tricks, money matters, money talks, parenting tips, budget and saving tips, budget saving tips for families
Jordan Rowland

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.

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Money Matters: Money Saving Tips For Frugal Families

tips and tricks, money matters, money talks, budget saving tips for families, budget and saving tips
You don’t need anyone to tell you how expensive it is to raise children. From food, clothing, shelter, education, among other things you need to raise a child, it’s not surprising how our salary can seem to vanish in a blink of an eye.

But here’s the deal, you can find lots of advice on how to save money. But the problem is lots of families have a hard time in keeping up with those suggestions. As your family grows, so do your needs, and figuring out ways to save whilst raising kids becomes a difficult feat.

The good news is, there is a better way to live frugally without feeling deprived. Being thrifty doesn’t mean you’re cheap. It only means you are much more sensible when it comes to your finances than others.

To help get your family in the right money-saving mindset, we’ve collaborated with Alpha Car Finance to come up with no-frills, common sense tips about saving, as well as spending money.

Budget, Budget, Budget

tips and tricks, money matters, money talks, budget saving tips for families, budget and saving tips
via Pixabay
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