If your child's idea of money management consists of whining or crying when they want something, it's probably time to give them an allowance.

As soon as your child understands that money buys things, usually age 3 or 4, it's time to start.

The rule of thumb amount you should give is $1 for every hear of age. This gives a child enough cash for real responsibility, not mad money. It also teaches the child the art of saving for an item that costs more than they have.

Don't like an allowance to chores or homework. Pay it faithfully each week. If you want to incent the child to help around the house, provide them with a list of "chores" and what you'll pay for bed making or leaf raking over and above the allowance. This becomes something akin to overtime work in the adult world.

Finally, be consistent. Decide what the child must use the allowance for and stock with the program.