Most money experts agree that paying kids an allowance is a good idea. It can teach children the value of a dollar, it can instill your own financial values if you start at the right age, and it is a great way to incorporate math into everyday life (how many times have your kids gotten out the coins just to sort and count?)

We asked our Cozi Facebook fans if they pay their kids an allowance. It's clear that there are many philosophies to handing over money to kids. What's interesting is that regardless of what method parents use, they believe their approach will help kids learn the value of money.

The No-Allowance Approach
These parents believe that being a kid is a volunteer position. There is no weekly allowance, but still a sense of duty and working hard to get what you want.

• "My girls do not get an allowance. They are required to do chores, since they are part of the family. If they go above the call of duty, such as helping get ready for a special dinner, they will get compensated." --Lisa M. D.
• "No allowance here yet. I think keeping things picked up (room and toys through out the house) is a part of being responsible. However, perhaps we should start something monetary for additional duties." --Nicole S.

Strings Attached
Money is handed over every week, but there is a method to the spending that usually involves saving a portion of the allowance, donating to charity, or paying for a big-ticket item first.

• "$5 a week. (They are 9 & 11) They can spend it however they like but we encourage them to give 10% to charity which so far they've been more than happy to do." --Kyla B. A.
• "Yes they get 50 cents per year [of age.] It gives them a little spending cash after they place 10% in their savings account. As a family we decide at the beginning of the year what charity we are helping during the holiday season. This might mean a can drive, delivering meals or a monetarial donation." --Patricia K. H.
• "We give our kids one dollar for each year of age. However, they are expected to save at least half of that money. We also encourage them to give to charity two to three times a year." --Amy E.
• "Yes, and with that they have to pay for their cellphones monthly. Anything they have left then it is theirs." --Gloribell T.

Working for a Living
While some may argue that chores and allowance should stay separate, there may be no better incentive for keeping the room clean than some cold, hard cash.

• "My children get an allowance based on the chores the do each week, if they do not finish them the amount is reduced. I allow them to use it on whatever they want and they manage to do well with it. They know how to save it for something larger they want and usually end up buying something that all of them can use together." --Ruth W. J.
• "Yes. My four year old gets five cents per chore. Each week we divide it equally into 3 jars-spending, saving, and charity. She can spend the spending money on anything she wants (within reason), saving money goes into her bank account, and charity goes to the agency of her choice." --Barrett G. H.

Free Money
The more independent teenager, who does not yet have a paying job, may have a more open-ended arrangement where chores and school are expected, but not formally tied to the allowance.

• "My teenager gets 10 dollars a week to spend as he sees fit if he does his school and chores. He can save it for a large item if he chooses or what ever." --Chrysta H.

Share your own approach to allowances at home. How has an allowance helped your kids learn about money?

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