I would do some kind of allowance to teach your children about money and how we work to earn money and buy things. A couple options are giving a set amount each week and certain chores that go along with it, or paying a certain amount per activity. I like the second option for older kids. If they want to buy something expensive, they can get it sooner by doing more jobs around the house, or maybe offering to mow the neighbour's lawn, etc. (If any of you have kids in my neighbourhood, send them over. I would love to hire someone for that.)
The other idea I've heard people use, which I like is dividing up any money the child gets into saving, spending, and charity. That way, they learn not to just spend everything they bring in, a skill that will prove useful when they are older.
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