I know that if anyone in my family is reading this they are probably rolling their eyes. I tell this story a lot. But I think it’s useful to think about, when considering how to teach your kids good money habits.
My sister and I are five years apart, with me being the oldest. If I wanted something, I had to save for it, and was always saving my allowance and birthday present money for something I wanted. Well, being a child of the 80s, I desperately wanted a Pound Puppy. So, I saved and I saved, and finally I had enough money to buy my very own Pound Puppy.
One of my parents (I won’t sell out which one 
)took me, along with my sister, shopping. I was an annoying older child, and I took my time contemplating which one I wanted – the spotted one, the brown one? I finally picked one out and my sister asked for one too. She had a temper tantrum in the store, and my parent gave in, and bought her one too.
This isn’t the best way to teach kids financial responsibility, but the truth is, most parents in the same situation would do the exact same thing. I know I would. So, how do you avoid this?
I think if you are trying to teach your kids to save, and have a younger one, the key is making sure they have the same amount of money. At a young age, kids just need to learn the concept of saving money, not necessarily how much stuff costs. So, I’d probably suggest giving both kids a similar allowance, and if your younger one (or older one) spends their money foolishly, you’ve got to stand your ground. It’s difficult, and none of us want to deal with a temper tantrum at a store, but remember that kids remember each and every lesson you teach them, even the unintended lessons.
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