"But Mom, I need it!" This is one of the most common terms when it comes to children and money. One thing you can do so you stop hearing "I need it" is give your child an allowance. However, you should not just give your child an allowance; you should make them earn it. Having your children earn their allowance will teach them pride for themselves and others, responsibility that will later help them in life, and also the different dimensions of reality.
By having a child earn their allowance it will teach them a sense of pride. If a child is being compared to one of their friends through their allowance money, they will feel better about it because they will have earned it. Pride is a big thing in a child's upbringing. When a child is brought up well they grow up differently than a child that has been brought up poorly.
It feels great to know that you have earned something instead of just having it given to you. This sense of pride would help the child gain a greater level of success later in life. This leads me on to my next topic.
Another thing earning an allowance will do for your child, is teach them responsibility. Responsibility is something every child needs to learn because it is essential in life. Every child must know how to deal with responsibilities or they will not succeed in life. Having a good sense of responsibility will later help your child, especially when they are working on getting a job. It will teach your child that you need money to spend money. They will also learn that to get that money, they need to earn it. Earning money is hard and not something that you get used...