'My pocket money was $200 a month when I was in primary school'

"I was literally saving for a house at the age of eight," the budget-savvy woman reveals.

The cost-of-living crisis is well and truly underway. Or as we like to call it, the cozzie liz. 

Butttt it's really no joke. Families around Australia are feeling the effects, from weekly grocery bills to mortgage repayments.

So when one TikToker took to the platform to encourage parents to raise their kids' pocket money, most of us felt like pulling her to the side and whispering, "Read the room, pls."

But the woman, Hannah Koumakis, actually credits her high allowance as a kid to her present-day money savviness, potentially helping her weather the current economic storm. 

The former nanny said in the now-viral video that she and her sisters were given $200 each in pocket money per month by their parents.

But there were a few caveats to ensure this large sum of money was spent wisely.

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"Introducing you to the Pocket Money System created by my Father," she captioned the clip. Image: @hannahkoumakis

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The savings system

Hannah and her siblings had to earn their money and they weren't allowed to spend it all at once either.

The 23-year-old was rewarded monetarily for completing daily chores around the house and also had to categorise the pocket money into four separate accounts: long-term and short-term savings, spending and tithe for their local church. 

She starts out the video by explaining that her parents decided they were going to teach their kids how to be good with money, starting when each kid turned eight.

"Instead of buying us stuff that we wanted, they were going to teach us how we can do it. We had daily chores."

She explains that it probably was equivalent to $150 "back in the day" so she would use that figure to explain the breakdown of money.

"We didn't just get $150 per month to SPEND. No. We had to be taught the power of saving," Hannah continued.

"Of that $150, we had to put aside 30 percent into our long-term savings, which basically meant, for a house. So at the age of eight, I was literally saving for a house. I got so excited watching it grow."

"We're Christian and believe in paying tithe, so we also had to pay 10% of our income to pay tithe."

Of the remaining 60 percent, they had to put half of it in short-term savings (to buy big-ticket items like a car or laptop). 

Then the remaining 30 percent was totally up to them and was the only account they were allowed to touch.

BUT, there was another catch. They had to buy things like clothes and toys themselves with this money.

"Fortunately, I was the third child so I had a lot of hand-me-downs but my sisters decided to make a bit of money from me so they would sell me their clothes," Hannah laughed.

She also detailed how she would never go to her parents and nag them for things like Barbie Dolls as they would just ask her "do you have enough money?"

When chatting about how her parent's system made her more money conscious, she said, "From the age of eight I was literally looking forward to sales and making sure that I get more bang for my buck."

On top of the saving arrangements, her dad also made her keep a 'finance book' to track every single thing she spent and she still does this today.

At the age of 13 however,  the sisters started part-time jobs so were no longer given pocket money.

While she can understand that the whole thing seems a little "OTT", she is thankful to her parents for instilling the value of looking after your money.

"It was the best system ever as I really have a great appreciation for money and how hard people have to work to buy the things that they buy."

Hannah now owns a three bedroom flat and an investment property too. Image: @hannahkoumakis

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Some people pointed out her privilege

The clip has over 2.2 million views with many people praising her parents for the approach.

"Love this! I wish I had been this educated," someone replied.

Another wrote, "They should teach this in a class for parents! Or write a book."

But others were quick to point out her privilege.

"My parents made 1000 a month. Imagine if they had to give my sister and I 200 haha," someone mused.

A different woman reflected, "At eight I was given $4 a week, $2 to long-term savings and $2 to short-term savings. 😂 Same concept but broke addition."

This story was published in January 2023 and was updated in February 2024.

Originally published as 'My pocket money was $200 a month when I was in primary school'