Read this column by Jeff Opdyke first and then answer this question:
I say yes and no. Obviously kids have parents for a reason. I think as parents it is our job to steer our kids down the path that we think is best. If I think one of my kids is about to do something really foolish with their money, I will stop them. However, the other side of me says that I should just allow them to spend their money pretty much any way they want to. I mean they tithe and save 25% of their allowance and my wife and I tell them that the rest is their money. If they go and spend their money on something stupid, they will feel the hurt and most likely learn the lesson. That said, I’m still torn on this issue.
I’m really interested to hear what you guys and gals think.