Kids pocket money

When I give my children their pocket money it is divided in 2 ways.  20% is saved and put into a bank account and the other 80% is for them to spend on any items they may want like clothes, or toys or books or games etc. Of course they do have the option to give or save more. 

I started to teach my son about saving when he was about 5 years old. I opened a bank account at CIMB Junior account for him.

Junior Savers Account/Junior Savers Account-i is a passbook-based savings account created for children aged 12 years and below. It makes savings fun and rewarding for them with the exciting CIMB Junior Rewards and Privileges. Junior Savers Account-i is a Shariah-compliant savings account based on the Shariah concept of Mudharabah.

And there are several advantages of saving in CIMB Juniors:-

• Free Coin Box for opening of account with RM300 & above. specially designed CIMB Junior recognition card when open Junior Savers Account / Junior Savers Account-

• Manage the account conveniently via Internet Banking.

• Nationwide e-Banking Centres for easy depositing.

• Great discounts and privileges at participating merchant outlets.

For info detail about this account, please refer here. 

Paying my children pocket money has allowed me to teach them the importance of working to a good standard. Pocket money is a good way to help children learn to make their own decisions and live with them.Having their own savings account helps children to learn how to manage their money.