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I have two very different children. One burns through cash as though his pockets are endangered by storing money. The other is a calculating shopper and a dedicated saver. Each are learning about money, in his own way, in his own time, with his own mistakes. Allowances are one teaching tool my family uses to help facilitate discussions about money.

I wonder if people try to make allowances too complicated. It really isn't a confusing decision. If you are afraid you are giving too much, you probably are! If your child isn't making meaningful choices, is overwhelmed by options or is showing bad behavior about his allowance,that is also a sign that you are giving too much.

In my home, my husband and I pay for most bills, such as clothing, sports fees and school purchases, because we don't want our children to feel as if they are choosing to spend their money between shoes and an i-pod. Allowances are simply there for their extras-all things that could be done without, such as movies, eating with friends, or saving for music or games.

We've always found $1 per year of age to be a fair weekly amount given our socio-economics. We began giving allowance at age 7. If that is not a sufficient amount for a child's needs, we give him opportunities to work to earn more with chores that are above-and-beyond the chores he does as a member of the family. We also require that each child contribute monthly to our charity jar to establish the practices of tithing and generosity.

Allowances teach responsibility and choice-making, and they also give adults an avenue for conversations about money with their developing children. I would advise you from making it more complicated than it needs to be because then the focus will taken away from your family's goals on on to external definitions of what is valuable. Money should be seen as a tool and something to respect, not as something to be manipulated or to be the source of a power struggle.

Learn more about this author, Eva Smart.
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