When children like Ryan, Giselle and Danni have their own cash to consider, the good news is that they tend to impose those rules themselves. There is plenty of help available for parents who want to teach money management. This group has been educating kids about economics since 1919. The Wall Street giant runs an online family-saving website and produces literature for kids. This mutual fund for youth has a newsletter with kid-friendly financial stories.
Many experts agree that six is a good age.
The amount should be small enough to force kids to make choices, but large enough for them to save a little, spend a little and give some to charity. Take advantage of moments in the supermarket or at the bank to teach your financial values. Planning together can be a fun family project. Think twice before bailing a kid out after a first bad purchase, credit card bill or speeding ticket. Encourage kids to use their own money for charity.