First, when my son was young he participated in research projects at Vanderbilt University — where I work. He thus earned his own money and I did not have to be concerned with how he spent it. He saved some and spent some. And learned to be judicious with his spending – experiencing first hand when he spent his own money on something and later regretted it. Great lessons to learn young. You can call a university near you and find out about studies — medical centers tend to have a central sign up. Or call the psychology department directly.

Second, never underestimate the power of just sitting with your child. My son is now 14 (and 6 feet tall) and last night I was watching my beloved Kansas Jayhawks. Daniel was happy to just sit there with me. He fell asleep and later I woke him up to go to sleep in his bed. Time is often important, and not so much what you do with that time.