A few months ago a reader asked the following question on Facebook: “Any tips on the best ways to get started teaching children to handle money well? I’d rather not pay them for chores but how else would they earn money?” Not surprisingly, there were lots of great responses!

Our readers have many different perspectives on how best to do this, but it’s obvious that many of you have thought a lot about how to teach kids about money. I’m eager to share their advice with you and to hear your own thoughts in the comments on this post!

Reader Question: How to Teach Kids About Money

One perspective that came up in the comments was the idea of giving your child a set amount of money each month but not to tie it to anything (like chores). The idea of this is to just give kids the opportunity to learn how to manage money. Here are some readers’ thoughts:

Brooke G.: “When I was a kid, we got $10 twice a month when Dad got paid. No chores required; it was just for the purpose of learning about money. We were required to tithe $1 and to put $4 in the bank, and if we put the remaining $5 in the bank Dad would match it. We were allowed to pull money out of the bank for something big with Dad’s permission.”

Melissa S.: “My kids started getting an allowance at 5, but I’m mean & won’t buy them toys or junky stuff. They started learning to manage their money quickly! They do chores because they’re a contributing member of our household. They get their allowance for the same reason. Allowance has increased incrementally with age.”

Andrea C.: “From age 8-16 we give an allowance (very modest) but enough for them to have money to practice managing. Not enough to meet all of their wants, so there’s motivation to work for more. It is tied to chores or grades in NO way at all. You do those things because you’re supposed to (my kids do a lot of chores b/c they live here and keep privileges for good grades). No one is ever going to pay you to do those things in life.”

Heidi I.: “I give my kids a certain amount of money weekly. They are responsible to buy their “wants.” Of course, we buy them gifts and small things here and there. But majorly, they buy things: an Icee, that toy they really want, etc. At first, my oldest kept running out of money… asking for a loan and not managing it well. Now, he’s had $60 since June and is spending very responsibly. My middle is very tight and doesn’t spend often. Sweetly though, she spends on others. I don’t tie money to chores. I feel like the money is teaching them to make choices. Sometimes, bad choices take a long time to recover from. Chores are their contribution to the family and to help mom.”

Other parents don’t tie money to basic chores that are expected as being part of the household, but do pay for chores done that are above and beyond normal chores.

Michelle M.: “I would only pay for extra work since the regular chores are a part of living in a family. I’d write any extra jobs I wanted done (cleaning out the silverware drawer, washing the dog, organizing cabinets, etc.) on a notecard and post it on the fridge. It would list the job, the pay, and when it ‘expired.'”

Pamela E.: “We pay for extra things. There are chores she is required to do. There is a list of chores she can do for extra: help rake leaves, wash the car, tidy the garage, clean out a closet. She was able to buy a few items for Christmas for some close friends.”

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