re: Kindergartners and Bank Accounts

I have heard as an idea that kids should be progressively more and more responsible for their own spending decisions. Sure, go ahead and give them an "allowance" but they decide how to spend.

For example, when a kid turns, say, 12, let him/her buy his own clothes and put enough money in the account to allow reasonable purchases.

They will, of course, make bad decisions, drain their accounts for dumb things, etc. Don't bail him out. It's better to get this out of the way early while the money involved is small.