Pocket Money For Young Thais.

[bdenner]

I’m considering giving my 11yo step daughter a weekly allowance (pocket money). This will be on top of the daily allowance TW gives her, she attends a private school and heads off every morning with between 20 and 40 Baht in her pocket for lunch and any special needs.

She helps around the house with dishes, laundry, ironing, vacuuming etc. but seems to have inherited the same trait as my own 2 daughters where her bedroom always looks like a war zone.

I thought 100 Baht per week would be reasonable but would be interested in hearing from others as to their opinion. How do you encourage a young Thai to save?

[Siwanan]

I give every Saturday my children some pocket money (if they have been fighting all week, I don't give!). To my 7 years old I give 50 baht and 5 years old 20 baht. My older son has allready learned to save some money after I have told him that if he does not use it all at the same week he will have more on next week.

[p_brownstone]

I’m considering giving my 11yo step daughter a weekly allowance (pocket money). This will be on top of the daily allowance TW gives her, she attends a private school and heads off every morning with between 20 and 40 Baht in her pocket for lunch and any special needs.

She helps around the house with dishes, laundry, ironing, vacuuming etc. but seems to have inherited the same trait as my own 2 daughters where her bedroom always looks like a war zone.

I thought 100 Baht per week would be reasonable but would be interested in hearing from others as to their opinion. How do you encourage a young Thai to save?

Firstly I would strongly suggest that you discuss it with your wife. There are lots of reasons why you should not give a child cash - especially in places like Thailand where there are temptations which a youngster might not be able to resist, and which you, as a Farang, may not be aware of.

If you want to encourage her to save it’s probably better to open a Savings Account in her name at a local Bank and tell her you are depositing monthly amounts for her there. Show her the Passbook from time to time so she can see how her personal investment is growing.

Patrick

[The Dan Sai Kid]

I’m considering giving my 11yo step daughter a weekly allowance (pocket money). This will be on top of the daily allowance TW gives her, she attends a private school and heads off every morning with between 20 and 40 Baht in her pocket for lunch and any special needs.

She helps around the house with dishes, laundry, ironing, vacuuming etc. but seems to have inherited the same trait as my own 2 daughters where her bedroom always looks like a war zone.

I thought 100 Baht per week would be reasonable but would be interested in hearing from others as to their opinion. How do you encourage a young Thai to save?

Firstly I would strongly suggest that you discuss it with your wife. There are lots of reasons why you should not give a child cash - especially in places like Thailand where there are temptations which a youngster might not be able to resist, and which you, as a Farang, may not be aware of.

If you want to encourage her to save it’s probably better to open a Savings Account in her name at a local Bank and tell her you are depositing monthly amounts for her there. Show her the Passbook from time to time so she can see how her personal investment is growing.

Patrick

What kind of dangers were you thinking of Patrick?

[talatnat]

How do you encourage a young Thai to save?

My six-year-old gets 10 baht pocket money to spend as he pleases at school everyday. Our deal with him is: Whatever he comes back with at the end of the day, we double it, and put it in his piggy bank. At first it didn't register, but after came back with a baht or two, and we made a big show of putting his and our money in the piggy bank, he's started to come back with five or more baht most days. When the piggy's full, we plan to take him to the bank and open an account, doubling the amount once again with a contribution.

[bdenner]

How do you encourage a young Thai to save?

My six-year-old gets 10 baht pocket money to spend as he pleases at school everyday. Our deal with him is: Whatever he comes back with at the end of the day, we double it, and put it in his piggy bank. At first it didn't register, but after came back with a baht or two, and we made a big show of putting his and our money in the piggy bank, he's started to come back with five or more baht most days. When the piggy's full, we plan to take him to the bank and open an account, doubling the amount once again with a contribution.

That sounds great, I'll talk to TW about a variation of this. I did start the allowance as of the beginning of the year and decided that Monday's would be pay day thinking that the temptations of the weekend would be too great and at least she would have to save some for 5 days.