- Some games and apps designed for kids encourage in-app purchases
- For parents, it could be a way to help kids learn to manage money
When I brought up the idea of allowing our son to spend his $1 per week allowance on his favorite game, my husband was flatly against it. His reason -- that this virtual spending would nix any potential learning about money management -- seemed valid at first. If our son doesn't hold the dollar in his hand and pass it over to a cashier or slip coins into a slot, how will he understand that the money is no longer his?
But were we being old-fashioned? Isn't our society moving toward digital payments for everything? When was the last time we used actual cash for anything? And doesn't our son need to learn how to manage money
in whatever form it comes?
Another mom suggested we were being control freaks by dictating what our son could spend his allowance on. "Isn't the point of allowance to let him make his own decisions about how he spends his money?" she asked. Good point, I thought, but I wouldn't let him spend his allowance on guns or 10 pounds of candy. Is this different?
Ultimately, we decided to hold off on letting him use his allowance on the game. It's not a forever decision, but for now, given the impulsive nature of his personality, we want him to have a bit more experience with spending on tangible goods first. And hopefully he'll soon be mature enough to think through his financial decisions with care, rather than be at the mercy of a game designed to entice him to spend, spend, spend.