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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Op here. Thank you for responding.  My youngest is 5 so quite young. They ask for little toys at every single store we step into from the dollar store to target to the grocery stores. I say no 99.9% of the time because although it's usually pretty cheap stuff but we are up to our ears in toys from the various holidays and birthdays and grandparent visits. Once they have their own money, do you allow them to spend it even if it's on a piece of chintzy plastic you know will break sooner or later? Or something you think you could realistically get cheaper elsewhere? [/quote]

Dave Ramsey (Money Smart Kids) says you let them spend it on whatever they want so that they learn from their mistakes when the stakes are low.  [b]He also recommends giving kids the cash for their expenses (i.e. lunch money, clothes money, sports fees, lessons, etc.) and establishing a bank account for them so that THEY start paying their bills.  Y[/b]ou still supervise, but they have to get in the habit of seeing how much money they spend, budgetting it out over a period of time, and seeing that there is a limit.  His philosophy is that it is better for kids to learn this on a small scale and while you have a chance to discuss it when they get into trouble (i.e. over spend) rather than sending them off to college where you aren't there to teach it... and the stakes are higher b/c they are adults (and therefore able to get credit cards and debts).[/quote]

following up on my own post.... I forgot to say that this is supposed to start at 14 yrs. old.  (paying the bills with money you give them).[/quote]

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