My Money, My Responsibility

In the picture, the student is using a debit card or a stored-value card to pay for something at school. This has become a common sight because many schools have moved to cashless payment, so students no longer carry coins and notes for recess. Parents can also top up the card from home and see what has been spent. What I also noticed is that the student is checking the receipt or the balance on the screen, which shows they are keeping track of their spending.

I receive five dollars a week for pocket money. I try to spend about three dollars during recess and keep the rest in a small tin at home, though I will admit that some weeks I spend everything, especially if my friends are buying something after school. Since last year I have been writing down what I spend in the back of an old notebook. Seeing it written down made me realise how much went on drinks alone.

I feel parents can guide without controlling by teaching and then stepping back. One way is to give a fixed allowance and let the child decide how to use it, because you learn far more from running out of money on a Thursday than from being told what to buy. Parents can also talk about their own spending decisions out loud, so children see how adults weigh choices. Most importantly, they should let small mistakes happen, since a five-dollar mistake at twelve is a much cheaper lesson than a large one at twenty.