Have a yearly “review” right before school year. Raise allowance as appropriate. If they want more money, they’ll have to take on more responsibilities.
"Watch the pennies and the dollars will take care of themselves." - Ben Franklin
This works with money and with other areas: Be faithful in the little things and the bigger things will take care of themselves. For example, if you don't get comfortable with telling little lies then you'll never tell big lies.
***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.
Work on developing a “no shortcuts” mode. Looking for a faster/easier/bare-minimum option isn’t always bad. People get paid a lot of money for creating efficacy. But there are times when that approach is wrong. Anything you want to grow from (relationships, school, work, wealth, health, knowledge, etc.) those things deserve your full effort, focus and dedication. Play. Definitely play! But don’t f*ck around.
Don’t have a clue? (Relationships / career / character, etc.) The solutions can be found in books. READ! Novels, biographies, history, religion, humor, politics, finance, sports, and whatever sparks your interests at the moment!) You’ll learn about the world, and you’ll learn about yourself. READ!!!! (or listen!)
Beware that when you’re first exposed to a new thing: a car, a college tour, house, etc. you will feel AMAZING and totally seduced by the shiny newness. Be cool. Remember that glitters is not gold. Things don’t need to be perfect and even if the house is it doesn’t mean life will be.
Be discerning about your sources of information. Some red flags: Too good to be true. Get rich quick. Chosen race. Any race or group blamed for societal problems. Fear of change. Threats of real or metaphysical harm (I.e. $@!#%) or bribes with reward.
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
Check out from the library or Amazon: “My First Money Book: A Guide for Parents and Children to Saving, Spending, Sharing, and Investing Your Money” by Reggie Nelson
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.