When should my child start receiving an allowance?

When should a child start receiving an allowance?

Q:I want to reward my 7-year-old daughter for cleaning her room and putting her toys away at night. Is it too early to start giving her an allowance?
James

A: When you start giving your child an allowance is a personal decision. Kids as young as 6 can be given an allowance to foster responsibility, independence, and money management skills. Try giving your child a small amount each week. If it works out, you can increase the value as she gets older and starts taking on more responsibility.

It might also help to write up a "contract" with your daughter, in which you both agree to the terms of the allowance: like what chores or duties are entailed, or if some of the money must be put aside for charity or savings.