It costs a lot to raise children. That's the common wisdom.

But it really doesn't have to. Of course, you can do it the American way, and surround them with stuff for their edification and safety. Or you can do it another way. Which means spending time with them and eschewing the bells and whistles our culture says will make us happy.

I dunno. There's a lot I didn't do, and my kids have still turned out OK. So far.

Angelina Jolie and Brad Pitt may score millions for their twins but there are tons of opportunities for non-celebrity new parents to earn rewards. While little Junior (or June) might not generate $14 million, there are numerous freebies offered by large conglomerates that don't include selling the 8lb 7oz tyke. That's right --you can keep 'em. Whether your sleep-deprived brain can focus long enough to find these deals is another matter. That's where we come in. Here are a few of the great freebie finds we've found for you and your newest addition:

Enfamil Family Beginnings program offers free gifts for expectant parents. If you register for free at enfamil.com, or at many doctors offices across the country, new parents will receive a diaper bag with samples, a feeding kit, and a free portrait offer from JCPenney. Parents can also receive up to $60 in formula rebate checks.

Not to be outdone, in May rival formula-maker Similac relaunched its Welcome Addition Club as Strong Moms to connect mothers online. In addition to advice, the Web site provides month-by-month guides on pregnancy and baby development, as well as many free samples of its product.

The Olsen Twins were once the world's nations wealthiest kids but it seems that title has been handed over to none other than Miley Cyrus. PEOPLE magazine has reported that Disney's singing and acting sensation and her Hannah Montana brand are slated to bring in $1 billion by the end of the year. (Not bad for 15-years-old) And, while not a billion, other child stars, like the Jonas Brothers, Dakota Fanning, and Abigail Breslin are bringing in multi-millions each year.

This made me wonder what average kids are doing with their money and how much they get in the first place. I headed out on the streets of New York City to find out and it seems that New York's youth are spending the majority of money they receive on their sweet tooth cravings. Many said that they spend their allowances on candy, and sometimes toys and clothes.

These kids, who generally earn their dough by doing chores around the house, bring in a range of dollar amounts: anywhere between $7 and $40 a week. While Miley Cyrus says that she would like to purchase a vintage Corvette with all her cash and the Jonas brothers bought new computers with theirs, the kids on the street said that if they had that kind of money they would consider doing something else with it.

Kids may well count the days until summer vacation, but their parents are dreading it.

That's because when school's out, camps are in. And we've got to find a way to pay for it somehow.

Time was, summer meant three months of running free, finding ways to kill hot summer afternoons at the community pool or with friends or in your backyard campsite. Those days are over.

Imagine this: Your 15-year-old goes to apply for his first after-school job...and finds out he has a number of black marks for credit fraud marring his record. And you were worried about his report card?

According to some sources, 500,000 children are victims of identity theft every year. Minors comprise the fastest-growing segment of identity theft victims.

Great. Just one more thing for a parent to fret over.

This from Hillary Russ in the Cape Cod Times: "A local schoolgirl took prank calling to a new low yesterday when she dialed 911 with disturbing fake calls more than a dozen times." While riding home on the school bus, she repeatedly told the state police that "someone was going to die."

It must have been a rough day in school.

It turns out that more than 30% of 911 calls in Massachusetts are non-emergencies and about 5% are "threatening, aggravating, abusive or harassing to the police." Laws on "aggravated 911 nonemergency calls" vary from state to state. Fortunately, the parents were upset and apologetic and this happened in the Bay State. The police chief had the sense to conclude that it was "probably more important to re-educate the kids on the importance of not crying wolf" than it was to press charges.

Troy Dunn's 2007 "Young Bucks - How To Raise A Future Millionaire," is about entrepreneurship and it's a must read for parents. Dunn, who has the credentials, has a lot to say about kids and money. He has a formula and he thinks outside the box. He believes that children can "learn to earn young," and he isn't a fan of allowances. He thinks it's better to give children, "the gift of want."

A self-made millionaire, Dunn learned how to think about money early in life at monthly, "business meetings" with his dad, a teacher, over hot chocolate at Denny's.

His ideas about how kids grow up to be financially successful fly in the face of what parents often assume. Rather than setting their sights on "getting into the right college or landing a job at a big corporation," Dunn thinks parents can prepare children for financial success by helping them figure out who they are -- then helping a child capitalize on his or her own interests and enthusiasm with a bit of business acumen.

What's in My Wallet is a series of posts from WalletPop writers and editors that will help you maximize your financial self according to what you carry.

I was never one of those organized sorts who bought memberships to museums and other public places. Even when I found myself returning repeatedly -- the Metropolitan Museum of Art in NYC comes to mind -- the price tags on those membership cards always seemed too steep at first glance.

But then I had kids. And those kids started walking and running. And they needed to be entertained, often in wide-open spaces. The cost of memberships to large, public institutions began to make sense.

Now that my kids are in grade school, I have a number of memberships to places that serve two purposes: They are educational; and they're great places to run (read: exhaust) a couple of over-active kids.