Have them sort change, and eventually to count it. It teaches them to gather things that are alike, it's an introduction to money and it occupies them for 15 minutes! Just make sure they're old enough to be past the point of putting coins in their mouth.
IMPORTANT: If you borrow money from someone pay it back as soon as possible. In full. If you borrow an item, return it in excellent condition. I’d say if you borrow a car, return it with a full tank of gas but hopefully by the time you’re driving there won’t be any combustible engines. So return it fully charged!
Beware that when you’re first exposed to a new thing: a car, a college tour, house, etc. you will feel AMAZING and totally seduced by the shiny newness. Be cool. Remember that glitters is not gold. Things don’t need to be perfect and even if the house is it doesn’t mean life will be.
Have a yearly “review” right before school year. Raise allowance as appropriate. If they want more money, they’ll have to take on more responsibilities.
Check out the Jesuit Volunteer Corp. A short but deeply meaningful immersion into service, faith in action, selflessness and living on a lot less than you think you need.
Misquoting someone here: “It’s not about getting everything you want, it’s about giving everything you have.” Stuff will never satisfy. Pouring yourself into something heart and soul will.
Start saving for retirement with your very first paycheck. Put away the MAX, you’ll never miss it. If the company doesn’t offer 401k then we’ll open a Roth IRA.
Change is scary. But scary doesn’t equal bad. I don’t know what it’s going to look like but I know you will figure it out. You’re going to be okay no matter what curveballs you’re faced with. Stay calm. Be kind and respectful to everyone and every thing, including (especially) yourself. xoxo
Check out from the library or Amazon: “My First Money Book: A Guide for Parents and Children to Saving, Spending, Sharing, and Investing Your Money” by Reggie Nelson