3 Thrifty Tips for a Schooling Kid

I have set aside a daily allowance for my daughter to spend in the school. With her money allowance, we as parents gave her the right to choose what to buy for herself whether snacks, lunch, or treats. Or sometimes an unexpected need for school projects or supplies for writing. With her 100 pesos daily allowance, a surmountable change is still left in her pocket. Twenty pesos, fifty pesos, five pesos and most of the times nothing - NADA.

As a kid she is, it is inevitable for canoodle wishes to buy her additional foodies and goodies at sari-sari and convenience stores nearby our house. Thus as loving parents, we give in with her “lambing” not thinking that this small amount is reduced from our family budget.

Since I wanted her to start being financially wise as early as her young age of 8, I started giving her instructions on how to spend or keep her change from her daily allowance.

1. Spend personal expenses from her left allowance

It says, “ you cannot earn 100 pesos without saving a 1 peso”. True, that is why I tried to explain to her that all petty food or toy expenses after school should be spent from her allowance so she can allocate money or budget money on her pre-needs.

2. Store in a piggy bank

She has two piggy banks, a yellow dinosaur and a blue cow that was left dusty under the cabinets and store shelves. I instructed her that every day, when all her chips and tiny expenses are over, the amount left will be dropped in her coin banks.

3. Recycle/Reuse good old things

I totally agree that kids in this generation always wanted new stuffs – at least from my point of view when I was young as them before. As I also say, “start good habits young for a better future yet to come”. An old bag can still be used after a year as long as the quality does not suffer. A notebook with only 5 pages used can still be used for other writing subjects. A durable pen case that lasts for years can be use overtime without having to purchase the latest trends.

As much I can teach good habits without hurting the pocket nor hurting the kid’s emotion, my three initial tips for her will save her a vault of wisdom and a bank of savings.