I’ve often found that children have difficulty spending money with reckless abandon. Here I’ve outlined some great strategies that you as parents can implement to ensure your little Johnny and Jane stop saving and start spending!

1. Set a good example: Borrow money from friends and family and spend it on whatever you want. This will show the kids that debt is no big deal.

2. Offer incentives: If your children use up their allowances quickly then give them more money. If they start saving then lower their allowance until they learn their lesson.

3. Provide a place to spend: Back in my day you had to drag kids all the way to the mall. Now just hand them a credit card and plop them in front of the computer.

(Note: Some toddlers have trouble correctly entering credit card information at checkout. If you encounter this issue simply sign into your Amazon account and teach them to press ‘buy now’.)

4. Encourage your children to bankrupt a lemonade stand: As money starts flowing in from smiling neighbors, show your kids how to spend it on candy bars and sunglasses until they can’t afford lemonade ingredients.

5. Introduce them to the pawn shop: On birthdays and holidays children can receive hundreds of dollars worth of presents from friends and relatives. Drive them to the pawn shop and show them how to turn those thoughtful gifts into the cash they’re hooked on.