Families have different views on how they spend their money. This post is not written to tell you how to spend your money. These are just ideas for you to think about, tweak, and make fit your own family.
One foundational issue with money and how to use it is about gratification. Should we quest after instant gratification or delayed gratification? As parents, we want to help our children think through this as they mature. There is a spectrum:
Spend Thrift ---- to ---- Skin Flint