Hellobee Boards

@Mamaof2: My parents did this for us growing up. We used to get $100 to spend during our 2 week vacation to Florida. We were not required to pay for our own activities if it was something we were doing as a group (i.e. Mini putt with the family) but if we wanted to do something on our own we had to pay for it. I think one year I wanted to go to a fair with a family friend and so my parent made me pay for the admission ($5).

I think the $5 year old might surprise you with the level of understanding, at least of the abstract concept of a budget

I wouldn't be able to give my son an amount for the week, he would want to spend it all on the first day, so for the very first time, I would institute an amount per day just to see how he copes with the decision making process. I would allow him to save his money on a daily basis and then buy something big at the end.

I would begin with $5 per day.

I remember getting $100 each when we went to Disney. My siblings spent it the first couple days and I waited untill the end. It was used for souvenirs or if we bought little gifts for our friends. Activities were paid for by our parents.

@looch: I think it is important for them to get the full sum of money to learn the consequences of spending it all at once. My sister was the youngest and alway liked to spend money, my parents never treated her any different. They would let her make her own choice and use the opportunity as a learning experience. She eventually figured out that she wasn't going to get extra so she became more thoughtful with her choices. She was about 4 or 5 the first time we went and my parents did this.

@mrswin: I think this is a situation where the "right" answer is very child dependent. I think it's something we would have to work up to, simply because of my son's personality and the experiences we have had thus far.