Since our daughter was 6 we have followed a simple but effective philosophy for teaching her about money. This was inspired from articles we read (I mean my wife read) about targeting a weekly allowance tied to your child's age, in our case we started at $6 a week. Common wisdom among many parents we knew was to tie allowance to chores and start later than we did. We didn't follow that path and felt that we wanted our kids to have a meaninful amount of money that allowed them to save for things like legos (which are expensive) and also make good choices about small and big purchases. We didn't want to get nagged to buy things for them and wanted them to learn how to save and save up for things they wanted.
If you want to read more about this, I would point you to this article and this book called The Opposite of Spoiled by Ron Lieber. About 1 chapter into reading it was already armed with insight and understanding on how to raise kids who thoughtfully consider the value of money.Read More