By James Lew
Our 4-room HDB is often filled with the soundtrack of life—homework debates, snack negotiations, and an ongoing chorus of “Can we buy this, Daddy?” Somewhere between boiled eggs and bedtime routines, we’ve carved out a unique family ritual: budgeting—with the kids.
Financial literacy isn’t something we teach once in a while. It’s baked into the everyday, shared like a family meal. And with four children under one roof, we’ve learned that the earlier they understand the value of money, the smoother the journey toward financial freedom becomes.
Here’s how we turned budgeting from a boring grown-up task into a lively, teachable experience that benefits us all.
🍯 It Starts with Storytelling, Not Spreadsheets
We didn’t begin with Excel. We began with stories.
We told our kids how Ah Gong used to walk to school barefoot, how myself saved my first $500 from working as a cadie so that i can buy sega to play, and how our family chose to live simply to build a future of choice.
Money, when framed as a tool—not a trophy—becomes something they feel empowered to manage, not afraid to confront.
These stories set the tone: budgeting wasn’t about restriction. It was about respect—for effort, value, and intention.
🏦 The 3-Jar System: Spend, Save, Share
Each of our kids has three labeled containers. Not high-tech apps—just jars from Daiso, lovingly decorated with stickers and their names.
- Spend: For small joys—ice cream, toys, class fund contributions.
- Save: For bigger dreams—a bicycle, an iPad, a special outing.
- Share: For giving—be it a school fundraiser, a friend’s birthday gift, or a donation.
Every week, they get a small allowance, and we guide them to divide it among the jars. At first, they wanted to put everything into “Spend.” No surprise! But over time, they started shifting priorities themselves. The eldest even asked to start a fourth jar: “Invest.”
A proud dad moment, indeed.
🧾 Grocery Runs = Teachable Moments
We made NTUC our classroom.
Each child gets a mini list and a budget. One’s in charge of comparing egg prices; another checks for discounts on fruits; someone’s racing to find the lowest per-gram price for rice. It’s chaos—but delightful chaos with purpose.
They now know the difference between “value” and “cheap.” They’ve learned to read labels, use mental math, and argue (convincingly) about whether grapes on promotion should be a “need” or a “want.”
Budgeting, it turns out, is hands-on learning disguised as a family outing.
🎮 Wants vs Needs: The Great Console Debate
When our kids started asking for the latest gaming console, we turned it into a budgeting challenge.
We sat together, researched prices, and calculated how long it would take to save up—individually and as a team. We discussed trade-offs: fewer bubble teas, postponed toy buys, delaying gratification.
They ended up choosing a cheaper secondhand model. And they appreciated it more because they’d earned it. Even now, they take extra care with it—it carries the weight of effort.
And they’re already saving for their next “big dream.” Financial patience is a muscle. This was their first real workout.
We keep it short, fun, and age-appropriate. Sometimes there’s a quiz. Sometimes there are mini rewards. Always, there’s open conversation.
Budgeting becomes less of a mystery, more of a family sport.
🌈 Embracing Mistakes as Lessons
There have been moments. Oh yes.
Like when our daugher blew her entire “Spend” jar on rubber and pencil at the school bookshop. Or when one child “borrowed” from their “Save” jar for snacks during school canteen break.
We didn’t scold—we reflected.
We sat down, talked through what happened, and asked how they felt. Disappointed? Frustrated? What would they do differently next time?
By allowing financial mistakes in a safe environment, we teach resilience. Better to learn these lessons now—with $2 rubber and perncil—than in adulthood with credit cards.
💡 Incorporating Fun: The Budget Challenge Game
To keep things exciting, we came up with mini family challenges:
- No-Spend Weekend: Get creative with free fun—cycling, board games, baking.
- Mini Entrepreneur Day: Kids brainstorm and “pitch” a way to earn money that month.
The laughter, the bonding, the skills—they’re worth more than any finance seminar. It turns budgeting from a chore into something they look forward to.
🌱 Planting Seeds for Lifelong Financial Habits
My hope isn’t just that our kids grow up debt-free.
I hope they grow up confident in their relationship with money—unafraid to talk about it, equipped to manage it wisely, and generous enough to use it for good.
Budgeting with kids isn’t always neat. But neither is parenthood.
It’s messy, joyful, slow-growing work. Just like tending a garden in clay soil, it takes time before the roots deepen. But when they do—it’s beautiful.
✨ Final Thoughts
Raising kids in Singapore is no small feat. There are tuition bills, peer pressure, and that ever-present comparison trap. But by budgeting as a family, we’re choosing a different path—a slower, more deliberate one.
We're teaching our children that money is a tool, not a measure of worth. That living simply can be joyful. That every cent has power when used with purpose.
This is financial education, the Lew way. From our 4-room flat to their future—the seeds we sow today will become the freedom they inherit tomorrow.
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