I don't know how well it's working yet, but teaching my boys about personal finance, budgeting, and general money management seems to be working. We have a system where the boys can earn up to $5/week for good behavior. There are also additional chores that they can do to earn additional money.
One of my sons has taken to it pretty well, and generally finds ways to make more money, another one seems to simply whine when his brother can buy something and he cannot! I suppose that is a great life lesson, something that will haunt them for the rest of their lives if they don't learn it now.
Now, teaching them to not squander it all away with candy and junk food will be another lesson entirely!
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