<prompt> Human: So I want to teach my kids how to be responsible with money before they leave home. I also want them to learn restraint so they dont get into deep. I figured I can do this with allowances. But I want to take it several steps further. They are young now, so since I plan on giving them 5week allowance, Ill actually give them 20, but have them pay me for certain things like rent, food, etc. I want to keep it fun for them, but when all the bills are paid, the remaining 5 is theirs to keep. As they get older, I can change thing up and add an in-house checking account and even make it that they can take out loans. The goal is to teach, not make them pay me... since its my money anyway.Im thinking that if done right, not only will it be fun for them, it will teach them how to handle money. Like if they pay bill late, there is a penalty. Or if they want something expensive and take out a loan, it hurts to pay it back each week cuts into the allowanceSo what are your thoughts? I have a lot of other ideas, but dont want to make this any more of a book.  <response>: I am in high school and my parents did something like this for me. Whatever you do, do not slack on this and not pay them sometimes. My parents would do this to me all the time and eventually they stopped giving me one altogether. It really made me mad as a kid but of course being young you cant really do anything about it. My parents originally tried to take some of the 5 and put it in a bank account to teach the importance of savings. They would show me the bank statement each month so I could see the money I had get bigger and bigger. I think this would be better than charging your kids for rent and food. Of course Im not a parent so I could be totally wrong just giving you my perspective. 