How do you teach your children how to spend money?

I helped my niece when she was young. I bought her a bank that looked like a small ATM machine when she was 4 years old. It had a card that you could slide and a little screen that showed the balance. After she put money in, it would show the balance and there was a slot also for paper money. She loved it! It taught her to save. She liked it when the balance went up but didn't like it if she took money out and the balance showed as being less. She's 17 now and is very good at saving and figuring out her own expenses. She still has the bank but I don't know if she uses it anymore. I know she was still using it when she was 13.

Intersting topic. We were taught this way andseems that my parents were effective to do this. Firstly we were taught that we don't have enough money so we need to save money or buy only necessary things needed. Not to spend money beyond our means. Be sensitive. Secondly, we were taught to be contented to what we have and therefore if we aim for something else more... We have to work for it,. That's very effective we learn to be good in small money we have.

It is great that you should give money to your child, but I don't think that you should be waiting until they're 15 before they're able to earn money. When I was a child, my parents would give me pocket money in return for doing chores around the house right from when I was very young. At the beginning they were very simple jobs for a very small amount of money, but as I got older I was able to have more jobs to choose from and could therefore earn a fair amount of money. This helped me to understand that nobody could get money without working for it, and I realised that if I wanted a lot of money in my life I was going to have to work hard for it.