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Woman reveals why parents gave her $150 a month pocket money: ‘Fantastic idea’

A TikToker has revealed why her parents gave her and her siblings $150 a month pocket money.

A composite image of Australian money and TikTok user hannahkoumakis talking about her pocket money.
A TikToker has revealed how her pocket money taught her how to save. (Source: Getty / TikTok @hannahkoumakis)

While $150 a month in pocket money may seem excessive for an eight-year-old, TikToker hannahkoumakis has revealed how it taught her the value of money.

In the TikTok, Hannah reveals that, while she and her siblings were given the hefty sum, it came with stipulations.

“We didn't just get $150 per month to spend. No, we had to be taught their power of saving. So with $150, we had to make sure that we put aside 30 per cent into our long-term savings,” she said.

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Hannah said long-term savings was essentially a “property account” and was meant for the purpose of saving to buy their first home.

“We are also Christians and believe in paying tithe, so we also had to pay 10 per cent of our income to tithe - that gives us 60 per cent left. With that 60 per cent, did we get to use it? No, we still had to save. We just saved another 30 per cent for our short-term savings,” she said.

Short-term saving was to be used for “big-ticket items” such as a car or a laptop, Hannah explained, leaving only 30 per cent for spending money.

“Bear in mind we had to buy everything. We even had to buy our clothes. So, if we need a new top, we’d have to buy it,” Hannah revealed.

Hannah said this system was kept in place from the ages of eight to 13 - when she and her sisters were expected to get their first job and continue the same savings technique.

Hannah said she was grateful to her parents for instilling money-saving techniques in her from a young age.

“It was the best system ever because it means that now I really understand and I have a great appreciation for money and for how hard people work to buy the things that they can buy,” she said.

People in the comments agreed, although some said her parents were more strict than they needed to be.

“I agree with this but your parents should of [sic] brought [sic] your essentials like clothes,” one user commented.

“I personally don’t agree with clothing being included. I feel like parents should buy necessities but otherwise a great idea,” another said.

Others said they were brought up using a similar system, but their parents weren’t as well-off as Hannah's.

“At 8 I was given $4 a week, $2 to long term savings and $2 to short term savings. Same concept but broke addition,” one user said.

“I think this is great. People stating that the amount is a privilege, yes but to an extent. The idea itself is a fantastic tool to teach children,” another commented.

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