2. Providing your kids with spending money or an allowance is all well and good, especially if you assign them duties or chores in the house where they earn money.
But encouraging them to manage their own money will teach them that money does run out. Instead of replenishing their allowance when they run out, let them feel the feeling of not having money. 3."Explain what taxes are to your children in gentle terms, but as they get older make sure they understand the cause-and-effect relationship between paying tax and their education, healthcare, etc."
Educating them about paying their taxes and perhaps introducing them to a tax practitioner when they reach an appropriate age might be helpful.
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