Last weekend my eldest daughter opened a lemonade stand for the afternoon and totally raked in the dough.
She and her (totally adorable) friend made a whopping $24 in a half-hour and she was thrilled to stash the loot in her piggy bank. The thing is, she has absolutely no sense of the value of a dollar. We have not yet instituted an allowance, and she has never really bought anything for herself. When we’re out and about running errands at stores, I try to explain to her how it’s fun to look at things but it’s not good to buy stuff that we don’t need. She knows that I like it when things are “on sale” and she is generally understanding when I explain that some things are too expensive or that we don’t have money for them right now.
But. I wonder when she will be ready to start managing her own money (in small amounts, of course). I think it’s so important, but I don’t really know how to approach it.
Do you give your kids an allowance? At what age did you start? Do you let them have free reign with their purchase choices or do you refuse to let them buy a four-pound bucket of gummi bears with their cash?