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?
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.