Teach kids that spending is not the only thing they should be doing with their money. Require them to put at least 10 percent of any money they get toward savings for long-term goals such as college. Another five to 10 percent should go toward charitable giving, such as tithing at church or buying clothing or food for donation to the less fortunate. That leaves up to 80 percent for them to spend, which is quite a lot given that you are already providing for their basic needs.
Alfred Edmond Jr. is SVP/Editor-at-large of BLACK ENTERPRISE. He is a content leader, brand representative and expert resource for all media platforms under the BLACK ENTERPRISE brand, including the web site, social media and live networking events. From 2008 through 2010, Edmond was SVP/Editor-in-chief of BlackEnterprise.com, helping to lead the transition of BLACK ENTERPRISE from single-magazine publisher to digital-first multimedia company. From 1995 through 2008, Edmond was chief editor of BLACK ENTERPRISE magazine. He has also hosted The Urban Business Roundtable on WVON-AM in Chicago and Money Matters, a syndicated radio feature of American Urban Radio Networks. Edmond is also an entrepreneur, speaker, author and amateur natural bodybuilding competitor.