Start a yearly “review” right before school year. Raise allowance as appropriate. If they want more money, they’ll have to take on more responsibilities.
Start saving for retirement with your very first paycheck. Put away the MAX, you’ll never miss it. If the company doesn’t offer 401k then we’ll open a Roth IRA.
Take the family on periodic “spending fasts.”
As an exercise, go a day, a weekend or a week without spending any money. Make due with what you have.
Encourage participation. Tie in spending fasts with holidays, lent or in support of a cause.
Change is scary. But scary doesn’t equal bad. I don’t know what it’s going to look like but I know you will figure it out. You’re going to be okay no matter what curveballs you’re faced with. Stay calm. Be kind and respectful to everyone and every thing, including (especially) yourself. xoxo