Rod Stewart Says He Tries to Give His Kids $100 During Bets but Wife Tells Him to 'Make It 5'

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Rod Stewart turns to his wife Penny Lancaster when it comes to deciding how much money is appropriate to give to his kids. 

In a new interview with PEOPLE, the 76-year-old musician discusses his thoughts on sharing his financial success with his children and how his wife has become his "moral compass" when it comes to giving them money.

Stewart shares two sons, Alastair, 16 this month, and Aiden, 10, with wife Lancaster, whom he wed in 2007. Additionally, Stewart has daughter Sarah, 58, whom he and ex-girlfriend Susannah Boffey placed for adoption as teens; son Sean, 41, and daughter Kimberly, 42, with ex-wife Alana Stewart; daughter Ruby, 34, with ex-girlfriend Kelly Emberg; and daughter Renee, 29, and Liam, 27, with ex-wife Rachel Hunter.

The star says it's a "fine line" when it comes to giving his kids money, noting that he doesn't "give them thousands and millions" but shares "a little bit."

"I go to my moral compass and I ask my wife. She won't let me give them a $100 bill," he says.

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Stewart says he will bet his kids sometimes when they have a "game on a football pitch" and will challenge them to make a goal from a certain spot on the field.

"The halfway line. We call it crossbar," Stewart explains. "You got to kick the ball in it, at the bar at the top. And I was like, 'First one to get three, gets $100.' [My wife] comes out, she says, 'What are you doing? $100? Make it five."

The singer says he wants to teach his children the "hard way" about making money and is "not going to spoil them."

"I give them a little bit, because I say, 'Listen, you've got to learn the hard way. Do it the hard way like Dad,' " he shares. "I'm not going to spoil them. And yet, there is a fine line between denial and spoiling, especially when it comes to Christmas."

For all the details on the lessons Rod Stewart has learned about love and life, pick up the latest issue of PEOPLE, on newsstands now.

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