If you're like many parents, you try to teach your kids important lessons such as etiquette, manners and a good education to prepare them for their adult lives. This may be one of the most important lessons for kids to learn, as they prepare for life on their own.
Many parents develop a chart with different chores around the house.
For every chore done, the child gets a checkmark on the chart and would get a certain amount of money reflecting the number of checkmarks. Encourage children at this age to save their allowance in a piggy bank. This may be a good lesson in the power of saving and accumulating. 11 to 15 years old - Your child's allowance will most likely be much bigger at this age so this would be a good time to open a savings account. Explain to your child the basics of saving and why they are opening an account.