<prompt> Human: I already have a 529 open for my child and contribute 400month.But I also want to save 100month for him. So when he turns 18, he can either buy a car, have a potential down payment on a piece of property, etc.Which one is a better idea? I definitely want it to be in my name for when college loan time comes.Thanks.  <response>: We started giving our 5 year old allowance and we make him buy the things he wants. He gets to decide if that means a lot of small things regularly or larger items less often. He has a wallet which also doubles as identification and a bank in his room. We encourage him to keep some money in his bank but ultimately it is his decision. For the curious we decided on 5 dollars a week. It seems like a lot for a 5 year old but he is in charge of buying snacks, drinks, toys etc... obviously we pay for normal food and outings. He really enjoys having a wallet and is excited when we go shopping. Its entertaining to watch him wrestle with the idea of buying something. We explain cost to him in terms of the number of weeks it takes him to afford whatever he is looking at. We ask him if it is worth 3 weeks of allowance to him. Our goal is to have him learn while the stakes are low. 