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.
***Manners!! *** Etiquette is the secret sauce. Everyone appreciates being treated with respect. Etiquette is the art and science of respecting others. It’s timeless and universal. Customs change, hence the need for constant study, but respect is always the foundation. In summary: Be nice. Start with yourself. Study etiquette. It will help you in every single interaction you have, social, professional, financial, everything. Manners apply to every human, in every interaction, even on the hard days. Hence, the need for practice.
Set up automatic payments so they are initiated on your end, so that you send out money to the bill/ company you’re paying instead of giving them access to take money out of your account.
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.
Practice “going without.” Talk about how nobody gets what they want all the time. We should learn how to just choose to go without something we want. Get them in on the discussion and pick something every day to do without.
Start saving money early. Save as much as you can.
There are plenty of things worth spending your money on, but be mindful about your money - Don’t p*ss it away.
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.