An allowance in itself is the most important tool you can use to teach your kids how to be smart with their money. The big question is how much allowance to dole out while teaching this important lesson.

As I said before, many parents start with $1 a week in kindergarten and go up by $1 a year through elementary school.

However, things get more complicated as your child gets older and wants more. Now is a great time to teach them a lesson in money management! Sit down with your child and fill out this allowance worksheet to come up with an amount that suits you both.

Download Jean's Allowance Worksheet.