The best way to teach your child to be fiscally responsible is to give them an allowance that they not only earn, but which covers their ‘expenses’. As in: school lunch, sports fees, lessons, and activities, savings and tithe. As they grow it can include more items and more complex ideas. Dance lessons are paid at the start of each month, meaning that ¼th of it needs to be saved each week until the bill is due. Extra money needed or wanted can be earned by doing additional tasks. When your children want the new something-or-other, they can earn it by doing additional tasks like washing windows, ironing pillowcases, raking leaves, etc. The converse is also true: neglect your chores and your allowance suffers -- first items to be omitted are the most ‘discretionary’ -- like spending money. This is an opportune time to teach the value of ‘work’ and being a responsible citizen. Remember your primary goal as a parent is to work yourself out of a job.