I have a six-year-old and started giving him an allowance when he was five. The goals for the allowance are: 1. Teach him about saving and compound interest 2

I have a six-year-old and started giving him an allowance when he was five. The goals for the allowance are: 1. Teach him about saving and compound interest 2. Get him off my back for buying things Therefore, it's not tied to chores. Getting work out of him would be great but I figure the benefit of teaching him the benefits of saving are much more important. I pay him $5 a week because it's large enough that he can buy something at the toy store but not anything particularly nice so he needs to save. And here's the crazy part, I pay him interest for saved money, a crazy large amount. For every $10 he has saved I give him another dollar before I dole out his week's allowance. The money grows fast! He's already seeing the benefit. He reaaaaaaaly wanted a remote control BB8 and was super good about saving for it. Every Saturday morning we laid out his money, we traded in 10 ones for 1 ten dollar bill and then I paid out his interest by placing a one dollar bill on top of each ten dollar bill, and then I paid his normal allowance. He's already better with money at 6 than I was at 25. At some point I'm going to have to lower his interest rate or I'll go broke.