Looking for advice (or just other's experiences) with 7 yo Son. He is generally a well behaved kid but seems to get overly consumerist when he comes into money. He makes a relatively small 1 dollar/week allowance w some cash from presents and the like. But he shows a somewhat compulsive streak when it comes to consuming.
For example, last fall the school had a scholastic book fare that we provided some money for him to buy a few books. On a different day he brought all of his own money and just wasted it all on like 8 posters they were selling (for a total of almost $50!). He isn't allowed to bring money to school but somehow got his hands on a bunch of cash and then did some sort of trade with another kid at school for even more money (I caught him and made him trade back with the kid). We've restricted his access to his own money, but he seems to use his snacks as barter, and he was able to buy a couple of things with his limited funds at another school fare this week.
I mainly worry the compulsiveness and lying he has been doing in the pursuit of basically garbage that he doesn't care about for more than a week, wondering if anyone has been through this sort of thing with their kid and if they had successfully navigated it. There's only so much power i have over what he does in school (Where he is generally a good student and well liked). Thanks in advance!