We hear these questions all the time, “How much do you pay your ayi?” “Does your ayi do laundry?” and the most hotly debated, “Do you give your ayi an annual bonus?”

Part of life in Beijing involves finding yourself an ayi, someone to carry out those tedious household chores and help to look after your kids. For some, the concept can be difficult to adjust to; the idea of having a stranger doing all the tasks you are perfectly capable of performing yourself doesn’t always rest easy.  For others, the transition to paying a reasonable wage for a clean home is a straightforward financial transaction.

Now in its 11th year, the Beijing Ayi Survey was started by our colleague Tobal Loyola. After asking around about ayi salaries and getting a variety of responses, he realized there was a need for a community resource to provide a basis for comparison.

Once again, we’re conducting the Ayi Survey to collect some much-needed information on an essential part of your life in Beijing.

To take the survey, scan the QR code in the poster below. Help us help you get the most accurate and up-to-date information about ayis in Beijing.

Images: Pexels

Financial literacy is a vital skill that empowers individuals to make informed decisions about money management. For teenagers on the cusp of adulthood, developing a foundation in financial planning is invaluable. One of my biggest regrets is that, growing up, I went along with the traditional Chinese way of teaching kids about money, which was that if I wanted to buy something, I’d just ask my parents for it. I wasn’t given an allowance and when I was in high school and finally given my “own money” it was in the form of a credit card. Looking back, I knew what money was, but had no concept of its value outside of my immediate community or how to manage it.

Here’s a curated list of five must-read books that not only educate but inspire teens to become savvy financial planners.

1. Rich Dad Poor Dad by Robert T. Kiyosaki: A classic in financial literature, Rich Dad Poor Dad challenges conventional wisdom about money. Kiyosaki shares his personal journey, highlighting the stark differences in mindset between his “rich” and “poor” dads. This book lays a foundation for understanding the importance of assets, passive income, and entrepreneurial thinking.

2. The Richest Man in Babylon by George S. Clason: Set in ancient Babylon, this timeless classic imparts financial wisdom through parables. Teenagers will learn fundamental principles such as saving a portion of their income, avoiding debt, and making investments wisely. The lessons, delivered in a captivating narrative, are easily applicable to modern financial scenarios.

3. Your Score: An Insider’s Secrets to Understanding, Controlling, and Protecting Your Credit Score by Anthony Davenport: Understanding the nuances of credit is crucial for financial success. Your Score provides teens with insights into the world of credit scores, offering practical advice on building and maintaining a healthy credit history. This knowledge becomes invaluable as they navigate financial milestones like college and homeownership.

4. The Millionaire Next Door by Thomas J. Stanley and William D. Danko: Dispelling myths about wealth, The Millionaire Next Door explores the habits and behaviors of everyday millionaires. By dissecting their frugal yet strategic approach to money, teens can glean valuable lessons about budgeting, saving, and living below their means to accumulate wealth over time.

5. Get a Financial Life: Personal Finance in Your Twenties and Thirties by Beth Kobliner: Tailored specifically for young adults, this comprehensive guide covers a range of financial topics. From managing student loans to investing for retirement, Get a Financial Life equips teens with practical, actionable advice. The author breaks down complex concepts into digestible information, making it an ideal resource for those entering the world of financial planning.

In a world that demands financial acumen, empowering teenagers with early financial education is a gift that keeps on giving. These five books serve as powerful tools for teens to not only grasp the fundamentals of financial planning but also to cultivate a mindset that sets them on the path to financial success. By investing time in these reads, teenagers can gain a head start in navigating the complexities of personal finance, ensuring a more secure and prosperous future.

Here at jingkids, we spend a lot of time talking about international education for families here in Beijing. Our annual School Choice Guide is at the printers as we speak. Filled with interviews and international school profiles, it’s ready to give you a glimpse into the international education scene here in Beijing.

Back in 2019, based on information collected by the International Schools Database, China ranked first as the country with the most expensive schools anywhere in the world. In a breakdown of the major cities in Asia, Beijing ranked number one, making us the most expensive city for international schools anywhere in the world that year. Beijing and Shanghai led the chart with the most expensive schools in the world, with top tuitions at around RMB 290,000 per year.

The latest information released by the International Schools Database now lists Beijing as the second most expensive city in the world, giving the title of first to New York City in the United States.

Now before you feel that sigh of relief wash over you thinking that the new ranking might save you a pretty fen on next semester’s tuition, it’s worth noting that in 2019 the average tuition price for international schools in Beijing was around USD 34,000, while the latest data now lists Beijing’s average price at USD 36,243.

But that’s not to say that all international schools in Beijing are similar in pricing. Back in 2019, the tuition difference between the cheapest and the most expensive schools was over RMB 230,000. Today, the most affordable international school in Beijing charges around RMB 38,000 per academic year, while the more expensive ones charge RMB 200,000+ per academic year.

To find information on every international school in Beijing, visit the School Profile Index section of our website and look for this year’s School Choice Guide.

Sources: International School Database
Images: International School Database, Pexels

Every year around this time there’s a debate in the ayi WeChat groups about whether we should prepare a hongbao for ayi for Chinese New Year (regardless of whether we celebrate it or not) and how much to put in it. Why is it such a hot topic? For most ayis, the CNY hongbao is the equivalent to their annual bonus and something they really look forward to each year.

In the past we’ve given our readers specific examples from longtime Beijing expats, as well as examples from other Asian countries. This year, we went straight to the source – you!

Here’s what the community had to say about just how much to stuff in each person’s hongbao.

Finally, when I was little CNY was THE holiday to rake in a ton of extra spending money. Family members and visiting friends each had hongbao for all the kids, and collecting the different envelopes and planning all the cool things you can buy with your newly found fortune was part of the festive fun. While it’s not mandatory to give every kid you see on the street a hongbao, it’s one of my parents’ CNY hacks that I’ve picked up over the years – always pack a few extra hongbao in your pocket at all times. Very often people will forget to RSVP their kids when attending dinners, especially at homes. It takes a fraction of a minute to pack a few extra hongbao, and it’s definitely worth it not having to witness the sadness in a little kid’s eyes as they wonder why they’re not special enough to receive some holiday cheer.

Images: Pexels, jingkids

In recent years, the ultimate teen craze has been escape rooms! Though their popularity cannot be doubted, they are still shrouded in controversy. So … Are escape rooms really worth it? Are they safe? Too expensive?

You wondered, Beijing teens answered.

Let’s dive right in!

Safety?

While most reputable escape rooms are very safe to play in, there have been news reports of people getting injured at escape rooms. Though safety should not be a big problem, it’s important to understand and follow and safety precautions listed by the worker. For instance, those who are claustrophobic or have cardiovascular diseases should not participate.

“I personally don’t like escape rooms because I’m scared of the safety issues and also in most of the escape rooms there is very little space, so if anyone is claustrophobic then [they]should avoid going to the escape room,” says Kannika Mehrotra from ISB.

“The one I went to was quite expensive, but I think it was pretty worth it because of the quality. I could see where the expense came from because there were costumes and monitors and NPCs and props that had to be replaced after every group,” explains Tina Cui from THIS.

Expensive?

Usually, the cost for playing in an escape room ranges from RMB 100 to more than RMB 300 per person. But it really depends on the place you choose.

“I think it depends from person to person. Personally, I don’t think so that it’s worth paying because you’re literally paying to get scared, but I do understand that a lot of people enjoy such mystery and horror stuff, so for them it might be totally worth it,” says Mehrotra.

Selene Sun from Keystone Academy explains, “Personally I think they’re too expansive. Take the escape room Yin Yang Shi as an example. It’s RMB 500 for two hours per person. So when there’s five to six people, they’ll earn RMB 2,500-3,000 for a single round. That’s way too expensive, although the place is huge and there are many good-quality NPCs.”

Spend Time With Friends?

A large part of an escape room experience is solving puzzles or problems with your friends (for those who aren’t scared to death and at this point crying on the floor). Many enjoy this bonding experience as everyone gets terrified together, laughs together, and just has a good time together.

“It’s a nice place to kill time with friends and it’s also a chill place to hang out during summers,” says Mehrotra.

Cui says, “Every time my friends coerce me to go, I end up regretting it and wanting to leave the entire time. I’m miserable and pretty useless in solving tasks because I’m too scared to think properly. But afterward I usually don’t regret going because I can look back on the experience with humor.”

“You get to practice using your brain and just be happy with friends,” mentions Joyce Zhang from Keystone Academy.

“It’s a fun experience to be with friends and interact with a realistic storyline. It’s also a good place to hang out since often we don’t know where to go out with friends,” says Sun.

Popular escape rooms in Beijing for the daredevils:

1. Mr. X (X 先生密室逃脱)

Find it:
2/F, Shimao Plaza, 13 Gong Ti South Road, Chaoyang District
朝阳区工体北路13号世茂广场F2
Tel: 186 0004 9303
Hours: Open 24 hours. Average Price: RMB 249

2. It’s Young (异次元密室逃脱)

Find it (1):
2/F, Shimao Plaza, 13 Gong Ti South Road, Chaoyang District
朝阳区工体北路13号世茂广场F2
Tel: 8453 8041

Find it (2):
B1/F, Gui You Building, 5A Jianguomenwai Dajie, Chaoyang District
朝阳区建国门外大街甲5号贵友大厦B1
Tel: 131 2195 1558
Hours: 10am-10pm. Average price: RMB 97

3. Omescape (奥秘之家)

Find it:
B1/F, Bld. 12, Ban Dao International Compound, 18 Qu Tong East Road, Chaoyang District
朝阳区阜通东大街18号半岛国际公寓12号楼B1层
Tel: 173 4300 5634
Hours: 9.30am-10pm. Average price: RMB 115

Images: Pexels, Dazhong Dianping

You’ve done it. Graduated. Now you’re headed into the great unknown to follow all your college dreams. Yet with this freedom comes great responsibility, right? Right!

Part of being an adult is managing your coins (not those digital ones in your WeChat wallet, but the real, grown-up ones) as adults do. College is the best time to develop healthy financial habits and start building wealth, even if you don’t have a lot of money coming in. And the good news is you don’t have to wait until you leave for college to begin. Saving for tomorrow actually started yesterday, so let’s get going!

Know Your Current Money Moves

Start tracking your money habits now so you are aware of your money moves. Begin by taking a look at how you are currently spending your WeChat dollars. Not so sure? Pull up your WeChat wallet and go to Transactions. Take out a pen and paper and record your purchases for the last 30 days. Where did most of your money go? Food?  Entertainment? Shopping? Make a list of the total amount for each area and ask yourself: What did I discover about my money habits? Am I more of an eater outer, or am I the next master chef? Am I a person who likes to hang out with my friends? Or am I a shopper? Knowing yourself and how you spend your money is the first step in creating a budget that works for you.

Here’s a challenge for you. Until you leave for college, give up one of your most purchased small items and save the money you would have spent. You’ll be surprised to see not only how often you purchase that item, but how much you are saving instead.

Budget: Not a Bad Word

Budget. Most people dread this word because it sounds super restrictive. However, I challenge you to think of your budget as your “say yes” buddy. Do you want a dream vacation for spring break? Yes! Then you need a budget. That new pair of Jordans? Yes! Then you need a budget. Your budget becomes your best friend when you think of it as a means to have what you want!  So, how do you create one of these budget besties?

First, write down all of your expenses. These include your fixed expenses – those expenses you must pay each month. Hello tuition, rent, and transportation costs. These may even include subscription services like Netflix or Spotify, or even your phone bill. Typically, these expenses are the same amount monthly.

Next are your variable expenses. These vary from month to month and include things like groceries, eating out, shopping, or entertainment. Typically, you do not spend the same amount every month in these categories.

Looking at your two lists, circle those items that you consider Have Tos – typically your fixed expenses. Then, draw a box around those that you consider Want Tos – typically your variable expenses.

Once you’ve determined all of your expenses and added them up, now comes the hard part: subtracting them from your monthly income. Your monthly income is the total amount of money you have coming in. Think of this in terms of money from your parents, your part-time job, side hustle, internships, scholarships, or financial aid.

If you have money left over, hooray! You’ve budgeted correctly. If not, that’s OK – you may need to make some adjustments to your Want To list. Remember, your goal is not to be in the negative. This is where the 50/30/20 rule comes in.

Ugh, I dislike rules as much as the next person, but this one sets you on the path towards financial success. The 50/30/20 rule states that you reserve 50% of your monthly income for your Have Tos, 30% for your Want Tos, and 20% for savings. Here’s how you do it. Let’s say you receive RMB 10,000 a month as your income. Remember those things called needs – those expenses you need to pay, like rent, phone bills, etc. After you get your income for the month, 50% of your total income goes towards those needs, which in this example would be RMB 5,000.

The 30% of your income is for your wants – hello matcha latte on the daily! Be careful here, because in our example only RMB 3,000 goes towards spending on these wants. Here’s where you really have to get real. How much do you really want your want? If it’s really, really, then that’s ok. This just means you may need to give up something else you only kind of want. It’s all about give and save.

The 20% goes directly to savings, so deposit that remaining 20%, which in our example is RMB 2,000, and forget about it. Here’s the thing about saving: Saving now means living comfortably later. Placing 20% of your income into an interest-bearing savings account, or investment account will grow your money even faster. Even better if you set up an automatic withdrawal to your savings each month. You won’t even see it!

Get Techy With It

There’s an app for that! When you are first setting out on this budget journey, it helps to have help … and apps are the way to go. Here are a few you can try:

· Mint – Easy to use and stick to, Mint securely links to your bank accounts and automatically inputs every transaction, making it easy to see where your money is going. Plus, they give you reminders to help you with overspending and have stellar tips on creating a budget. Win, win.

· YNAB (You Need a Budget) – This is a super helpful app that assists you in tracking every dollar you spend. Talk about knowing where your money is going. YNAB helps you become intentional with how you spend your money.

Discounts, Baby…

Here’s the lovely thing about being a college student. There is literally a student discount for EVERYTHING. Netflix, Spotify, virtually every streaming service, restaurants, clothing stores, computers, cell phones – you name it and pretty much almost every business around you has a student discount that you basically only need your college ID to access. If you’re not sure, ask. Make sure you are getting in on all the deals. Check out apps like UNiDAYS and Honey for more deals.

Use your campus fees. So, for college students, there’s a little fee called a student usage fee. Basically, it’s what your college or university charges you to be a student there. You get charged this fee whether you take advantage of it or not … so use it or lose it. If you need to print anything, print on campus instead of using your precious ink. Use your campus gym to get your sweat on. And take as much advantage of your campus meal plan as you can. That’s right, most colleges and universities offer a meal plan, which basically means … you eat. For free. On campus. And at most times, whenever you want. Super easy way to cut down on your food budget.

Insta Inspiration

Sure, we follow influencers for entertainment, style, and fashion, but what about money?  The new trend in influencers includes finfluencers, who are all about financial literacy. Add these to your feed for a healthy dose of money management info:

Sara Finance @sarafinance – Interested in starting your own business? Sara is definitely your go-to. Also make sure to check out her YouTube channel: Sara Finance

@napkinfinance – Everything you’ve always wanted to know about money, drawn on a napkin. Check out their feed of fun and quick money advice.

@TheFrugalGene – Meet Lily, your go-to for tips on how to save money.

@calltoleap – Meet Steve Chen, a former math teacher who helps beginners learn about investing and the stock market.

Dream Big … Then Add Tax

Here’s the thing: You have an amazing future out there, and it’s never too early to start visualizing what that future entails. Create a visual financial future vision board. Find images and words that represent the future financially savvy you. Place them on a poster, or make a nifty Canva screensaver and look at it daily. Visualization helps you practice success, training your mind to see your dreams in real-time.

Images: Pexels

College is not just about studying and social life. In many ways, it is a set of training wheels for adulthood that helps you learn to navigate being fully responsible for yourself, including your finances. In many families, however, money is a taboo subject. But if a child is going to grow into a successful adult they need to understand how money works. Before your graduate heads off to college, you may want to talk about their financial health. Hopefully, they already have a basic understanding of bills, budgets, and credit (BBC), but the application of those concepts is about to get very real.

This is a complicated issue. If you have a trusted financial advisor, ask them if they would consider giving your child a crash course in credit, savings, and investment. Not only will a professional likely be able to explain it more clearly than you can, but making a connection now will set up a relationship with an advisor for your student in the future. But if setting up such a conversation is not an option for you, here are a few steps and tools to set your student up for financial success.

Bills:
Start with the basics. What are you still willing to help pay for and what do you now expect your child to provide for themselves? This might seem obvious to you, but I had a dorm mate who was shocked when her parents didn’t provide her an allowance once she left for college, and her parents were shocked she still expected it. She found out she would no longer be getting an allowance the day her parents dropped her off for college, and she had no idea how to make money, much less how to budget it.

Don’t take for granted that you, your partner, and your child are all on the same page. Each family’s finances and expectations are different, so there are no wrong answers, but you do need to clearly lay out what you will continue to cover and for how long.

That includes things like:
*Tuition: Tell your child exactly how much money is already set aside, and who is covering any overages.
*Books, housing and meal plan: Do you consider books and housing costs to be part of tuition, or do you expect your child to pay for them? Will you cover meals they don’t eat in the dining hall, or is that pizza they ordered on their dime?
*Clothing and personal care: Your child probably never even considered paying for their jeans and haircuts. Are you willing to pay for all or part of that, or is it time for them to take over?
*Vehicle payments, gas, and maintenance: If they are taking a car to school, who owns it and who is responsible for its upkeep?
*Activities: Are those debate team trips part of the pre-law course work, or do you consider that to be extracurricular?
*Vacations: Will you cover all trips, only family holidays, or do you expect your child to pay their own way if they want to go on the annual family ski trip?

Budget:
Now, your child needs to build a budget for their new responsibilities. Using all of the factors discussed, have them carefully think about where their money will go and how they will track their spending. The NerdWallet website has a great free budget worksheet that has a student option and can help guide the process.

In some instances, it’s a good idea to ask your kid to write down everything they spend money on for a month. It’s often an eye-opener how quickly they spend their cash.

As we all know, the cost of living can differ from place to place, so have your child research the average cost of things where they will be attending school. An online cost of living calculator (NerdWallet also has one of those) can be helpful.

After they have a base number for their cost of living, have them add a reasonable percentage on top for savings. An emergency fund should be part of their budget. Does your child want to give a certain amount each month to a charity, or will they be giving back to their community through other means like service work? If they do plan on donating, that needs to be included in the budget as well.

Now that you agree on who is responsible for what and what bills your kid need to pay regularly, you need to discuss how they make or receive money to cover those costs.

Will you be paying the bills you agreed to cover directly to the school, or will you supply an allowance to cover them? What are the stipulations for that allowance? For example, a certain GPA to access the funds? Will you provide the allowance through a pre-loaded bank card, or will you deposit money into your child’s bank account?

How will your child earn the money needed to cover the expenses they are directly responsible for? Help them brainstorm. Can they apply for work-study, or do they need to get a job off-campus? Have them consider the maximum distance of the job from the school and how flexible the work schedule needs to be before they apply.

Now that they are going to have income, they need to have a place to put it. Help them identify the best bank for them. A family institution where you can link your existing account to theirs for emergencies might be a good idea. If they are attending university in a different country from you then an international bank might be a better option to avoid ATM fees and transfer penalties. But don’t decide for them. Help them research and figure out what questions to ask. Doing it for them won’t help in the long run.

Credit:
Perhaps one of the most important and most fraught aspects of finance is learning to use credit. Explain what credit is and why it’s necessary. There are a few ways your child can build credit now.

*Students loans: If you need to take out loans anyway, have them take out at least some in their own name. As they repay them after graduation, it will show that they are responsible borrowers.

*Credit cards: A low-limit credit card (think USD 200-500) paid off every month is one of the fastest ways to build credit. If your child needs to buy books, have them put that expense on the card and then immediately pay it off. A card is also a good idea in case they have a small emergency, like a flat tire.

However, it is vital that they understand interest and minimum payments. This is a complicated topic, so here are a few resources. There is an excellent article for first-time credit card owners on the Intuit Mint Life blog, called “Credit Card 101: How Do Credit Cards Work,” or if you prefer videos, there is a YouTube channel called Honest Finance that has a series on understanding credit cards. None of this is the most fascinating reading or watching your child will do this summer, but it is important.

*Authorized User: Many institutions will not offer a student a credit card, especially if they don’t have income. In that instance, an option is making them an authorized user on your credit card. This will help them build credit to eventually get their own card, but there are some things to be mindful of.

Authorizing them means they can legally run up your credit card bill. This could harm your credit score, and if you were ever to default the bank could hold your child responsible for the payments as well, since their name is on the account.

This period of transition can be a time for your child to grow in maturity and take control of their financial health while they still have you as a safety net just a phone call away. Learning to navigate their own finances is not the most fun or exciting part of college, but it’s an investment they need to make in themselves for their future.

KEEP READING: Money Matters, From One Teen to Another

Images: Pexels

Recently the Jingkids team had a realization. Our childhood cultures directly impacted our relationships with money and the way we handle our finances. So, over the next few weeks, we will each take a few minutes to explore how our childhood culture affects our view of money both positively and negatively. We hope it encourages you to reflect on your own experiences and what messages you want (or don’t want) to send to your own kids.

My mom was told very clearly to go to college until she gets her MRS Degree (i.e. gets a husband) and then to drop out. So for most of her life and mine, she worked data entry jobs that she didn’t really care about. My father was a librarian who enjoyed his routines and to this day keeps all the bills and important documents in a basket near his recliner or on his desk.

We had a house outside of Boston that they bought for $25,000 in 1978, steady work, and were/are by far the most financially stable of our large Irish and Italian families. Money was certainly a concern at times, but rarely an obstacle, or we didn’t hear about it until it directly affected us. We weren’t able to go on extravagant vacations, but they insisted we leave town once or twice a year (a habit I will eternally be grateful to them for instilling in me), and so we visited old towns on the east coast that we could drive or take the train to. Nothing huge, just a change of scenery, a little history, and some interesting sights along the way.

We didn’t have to let the phone ring endlessly on (in the days before voicemail) like my aunt and uncle did, to avoid creditors. We didn’t have to rely on my grandparents to pay our rent like many of my relatives with lower paying jobs. We were able to somehow save enough for a Disneyworld trip when I was ten, but that meant no shopping trips for months afterward. My allowance went almost entirely towards comic books and my parents and grandparents took care of my savings bonds without me really having to do anything.

The first time I really recall talking to my father in-depth about money was when I got accepted to New York University (NYU) to study drama. We couldn’t afford it. I would have to take on tens of thousands of dollars in student loans in order to do it, and he would too. Accepting my position there meant my father would need to accept his political appointment to a government library position, leaving the public library he’d loved and grown into a bustling part of his community. I remember him telling me how I would be affected by student loans and interest for years to come (and I remember not caring because I’d be a famous director by then, so why worry – oh, the ignorant folly of youth), but I never remember my father telling me how my decision would affect his life and happiness.

Maybe he did. I know my mother tried to explain. I know I am still paying off my student loans, twenty years after graduating. I know that for many many years post-graduation, even while working full-time jobs, I needed him to bail me out a lot. Mostly, however, long-term planning and anything beyond how much my allowance could cover in comic books were not discussed. Maybe they thought that was for the best, and maybe things were much tighter than I could ever imagine and my father didn’t want to scare me. All I know now is that I’m certain my parents sacrificed a lot for my sister and me, but where our money went and how we could afford some things and not others was a bit mysterious to me.

I haven’t gone to the extreme other side when it comes to most of my own childhood, but in that respect, I parent quite differently. Ever since my kids could ask for things in the store or when LEGO so brilliantly marketed five more sets to them before we finished building the one we’d bought, I’ve explained the concept of money. It takes many years and much repeating, and we’re still teaching them. Especially in our current situation, when their mom is working outside of the home for the first time in their lifetimes, and we have a lot of privilege where we live. Every time they want something, we delve into how much they already have, and do they really need more LEGO bricks when we quite literally stack bins of unused bricks every day?

When we started playing online games, we made four rules, and one of them was “If you want to spend money in the game, ask Mommy or Daddy and we’ll talk about it.” We’ve said no as often as we’ve said yes to minor purchases, but we always talk about it and have them reason through why they do or do not need this to enhance their gameplay. They’ll often talk themselves out of it, to be honest. And when our oldest said he accidentally bought something because we hadn’t set up the parental control correctly, we asked him straight: “Can we trust you to have access to our bank card in Roblox, or not?” And after a second, he said “No,” which might have been the most trustworthy thing he could have said!

We still struggle with it, especially as we begin to transition out of the expat life and its cost of living perks. A lot of our money discussions revolve around how much we already have versus what we need to save money for — honestly in adult and child-related talks. When their ayi gifted them RMB 300 in hongbao last new year, we started them on the concept of “Spend 1/3, Save 1/3, and Donate 1/3.” I gave the boys a few options of how to spend their RMB 100, and they chose the LEGO Store (shocker). I remember their disappointment when I showed them where to look on the displays and how to calculate if they had enough for what they wanted. They briefly engaged in negotiating with each other to get a bigger set, then they found the perfect solution in an RMB 99 Ninjago mini-set and they could choose their favorite characters. Later at home, we upcycled some tins to make them both a bank and are still deciding where to donate their last RMB 100 to. (Can’t wait until they realize that USD doesn’t buy as many LEGO sets as the same amount of RMB).

The hardest part, honestly, is explaining how working more hours doesn’t necessarily bring you more money in a salaried position, and the importance of weighing mental health, love of a job, and the ability to survive into decisions made for and with the family when you’re lucky enough to have those choices. I have no doubt our feelings might be different if we were in more dire straits, and I appreciate that fact every day. Our decision to buy or not buy them a lollipop isn’t whether we can afford it, but how it will affect their teeth. That’s another huge privilege that allows us these conversations.

We have a lot of big decisions coming up that mostly revolve around money and happiness and the co-existence of the two, and as hard as the discussion is, we’re dedicated to talking openly about our struggles each step of the way.

KEEP READING: Teaching Kids About Finances: The Expat Kid

Images: Canva

It’s no secret that the culture we were raised in affects us for the rest of our lives, even if we choose to live out our adulthood in a different one. How we dress, the food that makes us feel comforted, the way we like to organize our homes and workspaces, and what we do to unwind are all influenced both directly and indirectly by our childhoods. But recently the Jingkids team had a realization. Our childhood cultures directly impacted our relationships with money and the way we handle our finances. I personally think that is fascinating and worth a much deeper dive. So, over the next few weeks, we will each take a few minutes to explore how our childhood culture affects our view of money both positively and negatively. We hope it encourages you to reflect on your own experiences and what messages you want (or don’t want) to send to your own kids.

My Back Story: My parents are from working-class families. They both worked their way through college and made a lot of sacrifices to keep my siblings and me happy, healthy, housed, and fed. We never went without necessities but there wasn’t a lot of extras to go around either. When my dad’s career offered an expat opportunity in South East Asia my parents took full advantage of it. Suddenly we were living in quarters with marble floors and there was a staff of people to cook and clean. The family dollar stretched a lot farther and we were able to live in a way my grandparents could never have imagined. The collision of the old lifestyle and the new one created some interesting situations for my parents to navigate. They wanted my siblings and me to make the most of the amazing experience that was on offer but they didn’t want us growing up thinking those experiences didn’t need to be earned.

So yes, we had an ayi and a cook but I was still expected to make my bed each morning and clear the table each night. My parents tied those chores directly to my allowance. Forgot to empty the trash cans or put my laundry away? My allowance would reflect that. From the very beginning, my money was tied directly to my work. This has served me well (so far) as an adult and I attribute a lot of my work ethic to those early lessons about the value of my efforts.

How I was taught to use what I earned was a direct reflection of their experiences as well. They knew first-hand the value of a savings safety net and they firmly believed in community, service, and giving back. So, for every dollar of allowance I earned, one quarter had to go into my piggy bank for savings, one quarter had to go to the charity of my choice and 50 cents was mine to do with as I pleased. To this day I am still a saver and a low balance on that account makes me very, very nervous. The downside to this was that it took me a long time to realize it was ok to enjoy my money. That getting something I didn’t need but that made me feel good, like a facial or a piece of nice jewelry didn’t make me irresponsible or selfish. Part of my financial journey has been realizing that you put that quarter into savings and towards community needs so that you can enjoy the other 50 cents without worrying.

But the most interesting effect of my early childhood on my financial habits is not how I save but how I spend. I enjoy beautiful things, but I would rather have fewer treasured items than a lot of things I don’t love, and I would much rather have an experience than an item. I am convinced this is because of how often we moved. Boxes get lost, luggage doesn’t arrive, or something gets broken in the shipping process. Experience has taught me that “stuff” is transient. But my memories of a family safari in Nepal or the day spent collecting dried coral with my siblings on a beach in Sri Lanka can never be taken from me. This is still true for me today. If forgoing a pair of expensive pumps means I get to learn to make a lotus lantern with friends in Seoul or taking a slightly smaller apartment lets me finance a long weekend of panda watching and noodle gorging in Chengdu it’s a no brainier…I’ll take the memories!

The biggest monetary lesson being an expat kid taught me was this. Money is not a magical mystery cure-all. It will not automatically provide you with comfort, security, adventure, or happiness. Money is a tool and you can use it to help you build the life you want. Thanks, mom and dad!

KEEP READING: Maker’s Corner: Motivating Kids to Save Money With a Recycled Bank

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