Children and money should go together like rainstorms and reading – well, if you make the right preparations.

Our family started off okay, with a weekly allowance paid to our daughter in cash. It introduced her to some rudimentary math skills and taught her how to budget her expenses until the next payday or save up for a bigger purchase.

When she wasted $5 on an impulse purchase years ago and regretted it, I glowed with pride.

But then the pandemic hit in 2020, shutting down her school lunchroom. That essentially pushed her toward takeout food for most of the week, which became a hard habit to break and added a spiralling need for cash that transformed me into an ATM.

So, I handed her a credit card. She is responsible with it, but I fear she has now lost the connection to money that drives us to save and budget – something I’m reminded of with each monthly bill.

I don’t think I’m alone here, which is why a few weeks ago I reached out to a terrific source of wisdom – Globe readers – for tips on teaching children about money. Here are seven ideas, edited for length and clarity.

Gerarda used her credit card statements as a teaching tool.

“It became the task of my youngest daughter to check my credit card statements every month. I would have her go over every item to make sure it was correct. It taught her to be aware of money: the cost of things, where the money was going, that the charges were correct.”

Maryanne recommends introducing cash at a young age.

“It is truly important for children to handle coins so that information does not need to be taught once they arrive in Grade 3 because it puts them behind. Using plastic takes away these crucial experiences from our youngsters.”

Melanie advises giving a regular allowance that is not tied to basic chores.

“You can tie extra chores to money if you like, but basic tasks at home are part of caring for yourself, your belongings and your home and the people in it. These are part of becoming a well-adjusted and competent human.”

Lunch? Snacks? Gifts? John directed money toward specific purposes.

“Money should stay in the lane where it was intended, because that helps you keep things clear. When money management gets muddy and confused, that’s often when trouble starts.”

Mary launched a lemonade stand with her children.

“They have learned that it takes money ($8 for two jugs of lemonade, plus $5 for brownie mix) to make money. I also loaned them a float of $20 and explained what that is for, and that l want it back. We practiced making sales and taking money.”

Deitra turned regular bottle returns into a teaching experience.

“They learn about remuneration by packing up the bottles and going to the store. The reward is divided into two by the kind recyclers.”

Steve shifted his children’s allowance to a budget in their teens.

“Guide them through adding up all the expenses that they are likely to make during a month or a year. When you have tallied everything up, start to transfer that amount each month to the child’s bank account, explaining that it is now their source for all their needs.”

So there you go, a proven path to financial independence in seven basic steps.

Here’s my related question this week: When do you cut the financial lifeline to your children? Perhaps more importantly, how do you do it? Asking for a friend! Let me know at dberman@globeandmail.com.