Financial expert David Bach recommends that parents put together an allowance program for their children.

When you establish allowances for your children, try for a system that will teach the kids the value of money and still put parents in control of spending.

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Some solutions:

• Give children weekly aged-based allowance. For example, a 15 year-old might get $15 per week "base pay."
  
• Set certain tasks that are included as part of a child's weekly base pay allowance, and give bonus chores extra money.
  • Wash car: $10
    
  • Vacuum downstairs rug: $5
    
  • Clean the garage: $15
    
  • Fold laundry: $2