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Ask Dave

As A Parent, How Much Reign Do My Kids Get Over Their Money?

How much of a limit should Julie set on how much her kids can earn?

QUESTION: Julie asks how much control she should have over the money her children earn.

ANSWER: Give them free reign within reason.  You don’t give up the right to make decisions for them just because they’re earning and saving a little money.  You should help your children develop patterns of giving, saving and spending.  With saving especially, you need to have a long-term goal. 

For example, teach your child that you are not going to buy them a car, but you’ll help them if they’ll set a long-term goal and save a substantial amount.