Letting Kids Handle Their Money and a Tattler for 05/18/2018
Dear Family Coach
Dear Family Coach: My children often receive holiday cards with money inside in the mail from their grandparents. They usually spend the money on stupid stuff they don’t need. One time my son gave a $50 bill to the American Heart Association, which is noble but I also thought a bit excessive. Should we let the kids spend their money on anything they want (even if it’s a waste of money) or try to show them the value of saving? — Frugal Dad
Dear Frugal: Define a waste of money. My guess is your definition will be vastly different from that of your children. In the eyes of a 7-year-old, a $50 bill is not much different from a $5 bill. Children don’t know what money can buy or why it might be worth it to save a bit.
Updated: Fri May 18, 2018