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Latest Family
What it is: For older kids who can and are responsible enough to buy their own apps, Apple allows parents to set up an iTunes allowance, without the kids ever touching mom and dad's credit card. The kids will have to have their own iTunes account (separate from their mom's and dad's), and the accounts can hold anywhere from $10 to $50 a month. Money not used each month rolls over to the next, and it can be closed at anytime (the leftover money can be withdrawn).
How to do it: iTunes > iTunes Store > Buy iTunes Gifts > Allowances > Set Up an Allowance Now