Responding to the chores and allowance post, my old friend David sent me this illustrative story about his kids and money. I liked it so I’ll post it for all to see. He writes:
Regarding the constant nagging at stores to buy stuff: we tried the following on vacation and it worked pretty well. We gave each of our kids an amount at the beginning of the trip and said they could spend it on whatever they wanted, but once it was gone, that was it. It was interesting to see how it played out. My then 4 year old still wanted everything she saw and still did some pleading when her money ran out (at the first store). My then 8 and 10 yr olds, however, were quite different. They became good little consumers. Their money lasted until the end and it got to the point where I was trying to help them find something I thought they’d like.