Allowance
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It's a topic that is debated quite frequently around the mom and family blogosphere. Some people are in the camp that doing chores and household tasks is part of being in the family and therefore don't require compensation. Others believe school is a child's "job" and household chores count as extra work. Then there are beliefs all over in between with every type of combination you could imagine.

Krista Daulton saved to Clean it up!
Giving kids an allowance can teach them so much about how to manage money. But only if done correctly...avoid these nine mistakes to make sure your children learn proper money management with their allowance. #kidsallowance
A chore system that actually works! This free, printable chore chart and allowance system is simple and easy. A simple but effective chore chart that your kids will love and will save time. #chorechart #allowance #freeprintable
I was generally against the conccept of allowance. I wanted my kids to earn money rather than just have it be given to them. Here's why we decided to give our kids allowance that's not tied to chores. Complete with details on when and how much we pay them.

Kelly O'Hara saved to Random
Through an allowance, you can teach your child the value of a dollar and to be fiscally responsible. However, before beginning an allowance program, you may first want to determine which scenarios warrant a payment.

Megan Volk saved to Kids
Assigning chores for kids sets a great foundation towards adulthood. Here is the Chores for Kids List for kids of all ages and allowance amount suggestions.
Financial planners advise people to save for their retirement first and then their children's education second. I'm unconvinced due to my personal experience.

Retire by 40 saved to Best of Retire by 40