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Set an Allowance
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Step 2:
Pick your payday
Since an allowance is meant to help your child deal with a regular income, it's important to keep that income consistent. Talk with your child to develop a schedule that works for everyone. Make it clear that once the money is spent, the bank is closed until your child's next "pay day," especially if advances or extra earning potential are out of the question.
Consider marking pay days on your family calendar, and then crossing them off once the money changes hands. The important thing is to have the allowance ready on the expected day, just like your own paycheck.
You might consider monitoring your child's spending habits at first to make sure a Friday pay day doesn't mean empty pockets by Monday, or a Monday pay day doesn't mean the same when the weekend finally rolls around. Provide input on how your child can make money last, but remember splurging and making bad purchases can be a positive learning experience in the long run.
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