A father created a strategy to teach his son about money management, and in just one year, he had almost RM1000 saved up!
According to a report from Sin Chew Daily, a father named Xu in Jinan, Shandong, China, created a “financial management plan” for his 10 year old son in January 2022. He is seeking to borrow money in order to complete it. This gave his son the opportunity to understand that earning money is difficult and to feel the changes in his savings and pocket money.
The father claimed that he included housekeeping, polite behavior, and study habits in his financial management plan for his kids. He will lose 1 RMB (about RM0.63) for failing to turn in his homework, 5 RMB (about RM3.15) for finishing a project, and 1 RMB (about RM3.15) for writing an essay.
In addition, as long as the son’s deposit achieves 50 RMB for a period of more than a month, the father will pay 10% of the deposit profit under the reward system with obvious rewards and penalties.
