I like the idea of the forced savings for bigger ticket items. The process of systematic saving by auto-skimming money out of your account is a dead simple thing that far too few people do imo. As it's been mentioned, you're just teaching delayed gratification. Some kids will take to it and some will not. I think as a parent you have to present lessons like this and whether they take anything from it or not is up to them.
In my opinion making them pay for basic necessities might be a bit much at that age. They have plenty of time to learn about how the world will pick their pocket. For now the basic lesson is work hard --> get stuff.
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