What do they have to do to earn the money? How much should they get? Do they spend it on anything they want?
I don't want my children to think I'm paying them to help around the house. I think they should do the chores because I ask them to help out and because I feed and clothe them! However the truth is, they rarely make their beds unless I nag them and they always leave their coats and book bags on the floor.
I decided to make a list of all of the things they should do on a daily and weekly basis. If they are caught not picking up after themselves more than twice, they do not get their allowance that week.
I was watching "We Owe What?" on our Live Well Network and financial expert Mary Caraccioli advised a family to give an allowance to their children based on their age. So, my ten year old would get ten dollars a week.
If you do that, the children should pay for some things that you would normally buy for them. This teaches them the value of a dollar and the need to save money for bigger items.
I found other comments helpful at "The Art of Parenting."
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