Teach Your Child About Money
Grade-schoolers can learn about the value of possessions by paying for them themselves. Giving your child an allowance provides him with cash and you with the opportunity to teach him how to use it. If you want to institute spending rules, set them up right away so he knows from the start that, for example, half of his money should go into savings and half is his to spend as he chooses.
At this age, children should also understand that some expenditures, like groceries and rent or mortgage payments, are necessities, while others are optional. This teaches him that there are logical reasons behind purchasing decisions.