At the same time teach them the concept of saving by giving them a bonus if they don't expend them all in a week or month.

To be honest, I have learned the concept of finances from my father. He used to make just enough so that we can survive the whole month and thus we used to get really less money to spend. But again for that less money also we try to save for some getting something in future. Mind it, it was when I was like 10 years old. So yeah I will try to do the same thing with my daughter when she will be like 8 years old.

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