This was 30 years ago:
When our kids were 3, they got some money each Saturday. We told them Daddy goes to work and what he earns he shares with his family. They got $1 for each year of age, so a 3 yr old would get $3.
Automatically, half goes into their college fund, kept at the bank. I remember Saturdays we'd load them all up and go to the bank so they could deposit it in their savings accounts. Half of what was left went into an envelope marked 'Short term savings.' We told them this was money they had to talk to Mommy or Daddy about what they wanted to spend it on, and after we talked about it, they could make the ultimate decision of buying that particular thing , or not.
The rest was theirs and they could spend it on whatever they wanted, no discussion needed.
We did not pay for chores. They had things that were their responsibility, as part of the family, and whenever Mom or Dad had to do that chore, they owed us money, taken out of their short term savings, or future allowances. Taking it out of short term savings seemed to be more effective.
I do remember telling them all that all clothing must be off the floor of their bedrooms, or their bedroom doors had to be closed. I just didn't want to see it. The boys did this religiously, but our daughter decided keeping her door closed was better than picking up her clothes every morning, and putting it away. (They had all learned, from an early age, that Daddy put his dirty clothes and towel in the appropriate laundry basket in the laundry room, so they did too.) So, none of our daughter's clothes were dirty.
They owed me 25 cents for every clothing item I had to pick up.
Same with the family room when it had to be cleaned. They got 1 hour after I told them they had to pick up their stuff in the family room, before I would come in and pick it up myself, for 25 cents each.
When TheHusbandHalf was out of work, and working temp jobs for 3 months, they did not get money, because he didn't have enough to share.
The kids were allowed 3 school activities that M & D would pay for (scouts, t ball, zoo classes, art classes, LEJGA, etc) that we would pay for. I can't remember any time that there were more than 3 each kid.
The main reason we gave the kids money is because we thought that was the way they would learn how to use it. Our daughter went through a bit of learning while she was in high school, and still seems to overspend in our opinion, but maybe not. Unless she brings it up, we don't mention it.
The boys seem to handle $ well
All 3 bought houses before they were 29. I guess one thing they learned from mom and dad- don't buy a house that has to be fixed up!
The bank we used opened when I was a kid about 2 miles from here. it had a main branch in a town about 15 miles from here, so it was a really small town bank. They seem to be expanding now, and got bought by another, so the name has changed. A lot of the same people though.
I remember when our oldest bought his house he wen to the main bank. He came home and said the gal he talked to said he should thanks us, so he was.
I think the house was 165,000, and he was going to put down $65,000. The gal told him if he put down enough so the loan was under 100,000 he'd get a better mortgage rate, so he did. He was 29, but like all my kids, looks younger, and he said she commended him on being able to save, and commended him on his whole demeanor.
That was all on him though, we think he was born a little adult!