Disclaimer: this idea is not mine. I learnt this from a friend of mine who did this to his kid.
Many parents struggle to help kids learn about money. Here is a very simple practical way to do it.
Based on the kids age etc, decide on the money you want to give at a periodicity. The amount and the frequency are not material.
The kid can do only THREE things with the money ( the only three things anyone can do) - spend, give,invest.
The kid can spend 1/3rd on anything he/she likes. The kid needs to give away 1/3rd to anyone in need. Another 1/3rd, the kid must invest. Put it in a bank or buy a share etc.
To get the next installment of money, the kid needs to explain what he/she did on the 2nd and third items.
It's that simple.
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