Let's take an allowance poll. Do your kids get an allowance and if so, how much? Do you tie it to chores? Some warn against this, because chores are something we all do as members of the household. No one pays mom to load the dishwasher. This blogger suggests tying it to financial chores, such as using it to pay for entertainment and other extras.
What is the point of an allowance? You want to teach them how to manage some money. If you are only giving them $1 to $3 a week, they aren't really getting much of a chance to do that. It needs to be at least $5 a week, in my opinion, for a school-aged child, so they can actually buy something with it. They can learn to save up for something big and it won't take a year. They can also learn the consequences of blowing it all on that one big thing if it turns out to not be what it's cracked up to be.
-- Sharon Kennedy Wynne
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