CNY Ang Pau Money Management

Do you teach your child how to manage his/her CNY red packet money?  AJ is going 7, & I thought it is apt to teach him how to manage these money (pocket money + red packet money).

He brings food to school daily except Friday, which I will give him pocket money to buy food from canteen. I can don't do so, he is happy not to handle money too (he is fearful that he may lose it), but I thought it is an essential skill to learn to manage it.

I give him $1.50-$2 every Friday for his recess break.  Any excess money left he must keep it in his piggie bank.  So far, he has exhibited the trait of a good steward of money, he did not spend any excess amount on other things beside food.  He saved them all. On Sat evening, we will dig out the money from the piggie bank & he will take out the amount of money he wants to give as offering to the Lord the next day.  He decides the amount, we do not intervene by saying whether it is too much or too little.

Back to red packet money.  These are the collections from the 2 days of visitation (we did not do any visitation on the 3rd day).  We counted the money together, & I told him he will need to set aside 10% of it as tithe for the Lord.  After which, he has to give me some money from the net proceed because I was the one giving out the red packets to other children.  He decides on the amount, I did not intervene.

Frankly, I was surprised by his generosity.  He gave me 60% of his net proceed.  I did not expect that much. Actually, my heart was crying out, 'Mummy doesn't need that much, darling", but I have to swallow those words.  I do not want him to feel that it is so hard to part with his money, especially when it is to be given to the Lord, his parents or needy ones.  So I took it.  The balance 40% of the net proceed will then go to his savings account he has with his father.

How about you? How do you teach your children about money management.

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