Giving children an allowance is more of a beginning step in educating them about fiscal responsibility. Give them money following the domestic chores they complete; for instance, if they clean the house, give them $1; likewise, if they fold laundry, etc., give them $1. Encourage kids to perform tasks in exchange for an allowance of money. Their skills will be developed in this way. If they are younger, ask them to assist with simple chores; if they are in their early teens, ask them to perform yardwork, wash dishes, etc. You can give them tasks based on their age.