We want them to understand that some tasks are done simply because they are the right thing to do. We want our children to develop an appreciation for the value of money and the hard work it takes to earn it. We want them to be practical and to realize that just because they have a dollar in their pocket, that doesn’t mean they must spend it on something immediately gratifying.

There are other ways to reward a child. A special privilege, such as staying up a bit later, getting to watch more TV, or playing a game on Daddy’s cell phone are all great rewards – and they’re free.

There’s nothing wrong with buying toys for your kids. But, ask yourself if you’re inadvertently teaching them life lessons as well as financial lessons that you might later wish you hadn’t.