From what I have read and heard from financial experts, you need to give them a reasonable allowance. You can't give a child two dollares a week and expect them to learn financial skills. My son is a saver, while my daughter is a spender. I was hoping she would learn by logical consequences but she has not, so I think I am going to have to force her to save money. I don't know what's the right thing to do. If it's there money maybe they she be allowed to do with it as they please. How would we like it if we got our paychecks and our boss told us how to spend it. I know some parents make kids bank money from relatives for birthdays and holidays. I don't quite agree with that.
at 7:54 AM on Oct. 28, 2010