Put money into a checking account and have the child manage it. Any deposits from you need to be far enough apart to be a stretch for your child to manage. You want to get to quarterly or longer periods. Think of it like a bonus plan. They're part of the family and contributing in non-financial ways, so they get a share of the wealth.
This teaches valuable skills. I can't tell you how many people showed up at college with no idea of how to manage a bank account.
If they have money in their account, they can spend it on what they want, but they should be required to spend a portion of it on charitable things. Having money comes with responsibilities. If they run out, they need to figure something out.
Later, introduce the child to the concept of investing by showing how you can earn money in stocks, bonds, funds, etc.
Also, money they earn goes into the account. My friend bought a used car and fixed it up when he was 15 based on the money he earned from work he did for neighbors and investing in the stock market.
His dad was an engineer who flipped houses before it was fashionable. If the kids wanted a job, he always had one that paid.
This teaches valuable skills. I can't tell you how many people showed up at college with no idea of how to manage a bank account.
If they have money in their account, they can spend it on what they want, but they should be required to spend a portion of it on charitable things. Having money comes with responsibilities. If they run out, they need to figure something out.
Later, introduce the child to the concept of investing by showing how you can earn money in stocks, bonds, funds, etc.
Also, money they earn goes into the account. My friend bought a used car and fixed it up when he was 15 based on the money he earned from work he did for neighbors and investing in the stock market.
His dad was an engineer who flipped houses before it was fashionable. If the kids wanted a job, he always had one that paid.