The whole point of allowing your kids to manage some of their own money is to learn basic financial skills through firsthand experience. Learn by doing. Often, that means learn by failing too. Making a bad financial decision and living with the consequences is a powerful teacher. Like the time my daughter blew her annual clothing budget on a Nieman Marcus chiffon gown for the prom. Going cold turkey on clothing for the rest of the year left a far more indelible impression than any preemptive, eyeball-roll-inducing lecture I could have given.
So, does that mean you should let your kids buy anything they please with their money?
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