Allowances for Children? "An important part of growing up is gaining experience in handling one's own money. A weekly allowance can provide this." It's definitely important for kids to start learning how to be responsible with money. If not, then they could grow up with bad spending habits. We really need to equip our kids with some real world expectations. According this Time article , the generations that are coming into adulthood will start off being buried under debt. So for now, how do we start them off with some financial experience with chores and allowances? Our almanac suggests starting off simple. You need to give them tasks that will be easy for them to handle and appropriate for their age. I kept a chore board and the tasks were things like feeding the dog, clearing the table after meals, and putting away all toys at the end of the day. Once they began to master certain tasks I gave them new ones. I would take away ...