Column on kids, money nets flak, pleas

After my recent column on teaching children about money, I was scolded a bit, begged for more details and inundated with potential resources.

Just reading it all was exhausting!

But seriously, much of what was sent in may help parents, like myself, who sometimes struggle with this issue. So let's take a look.

First, the scolding. A reader named Sally said in an e-mail that she was shocked that I was letting my 8-year-old daughter save money for an iPod.

"Are you actually teaching your 8-year-old . . . to save her money to purchase an iPod?" Sally asked. "Amazing! How about teaching her the wisdom of saving towards college? How about teaching her that cars cost lots of money, and if she is going to want/need one, perhaps by the time she is in college, that she will have to purchase the car on her own? . . . What will be more lasting, the iPod, which shall no doubt be outdated by college time, or the degree earned, partly with her own saving capabilities?"

Sally asked that I not take personal offense at her e-mail, and actually, I didn't. I wrote her back to say that, yes, our daughter is saving for an iPod, but she understands that only a portion of her savings can be used for that. The rest is for college. As I put it in my e-mail to Sally, "We're trying to teach her to save for both wants and needs, in the hope that she will recognize she should not go into debt for either."

That got me off the hook with Sally — at least for now. "I feel better, really, knowing you are teaching that precious 8-year-old about wants and needs," she wrote back. But I'm still glad Sally sent her first e-mail, because it was a good reminder of just how important this topic is.

Meanwhile, a reader named Mindi wrote to say she has a 4-year-old son and 2-year-old daughter and wants "DETAILED ideas on how to approach things like allowance, chores, helping them understand the value of money and how to SAVE. Especially when to have them open a checking account and when to start them with credit cards, etc."

Well, Mindi, I'd also love to hear specific ideas from readers about what has and has not worked with their children. But let's look first at what some professionals have to say.

Lisa wrote that she has children ages 6, 4 and "nearly 2," and she recommends two books that have helped her learn better money management "on the fly" while trying to get through life.