Many parents of children, preteens and teens have questions about allowances. "Do I give my child an allowance? How much should he or she get? What should he or she have to do to receive an allowance?" Parents will find a variety of opinions on the topic in the hundreds of books and resources available.

There is no one right answer -- parents need to make their own decision for their child. Below are just a few of the "do's" and "don'ts" some of the experts suggest you consider when deciding on an allowance for your child.

• Don't tie chores to a regular allowance (being part of the family means every member pitches in to help around the house).
  
• Do offer to pay a small fee for extra chores around the house, such as shoveling snow or washing the car.
  
  
• Don't use an allowance as a tool to punish bad behavior(or reward good behavior).
  
• Do use an allowance as a tool to teach money-managing skills.
  
  
• Don't over-manage their money.
  
• Do let them learn from their own mistakes (they may not buy the comic book next time, when they realize they would have rather saved their money to buy something they could enjoy longer).
  
  
• Don't make them put every penny into a savings account.
  
• Do ask them to put a small portion of each allowance into a savings account. As an incentive, offer to match what they have put in savings each month.
  
  
• Don't give them an allowance plus extra spending money.
  
• Do figure out how much you give them on the weekly or monthly basis (lunch at school, movies on Friday, candy at the supermarket) and have them manage their own money. They will be more likely to appreciate what they buy or save.
  
  
• Don't give them an allowance on their first birthday.
  
• Do give them an allowance when they express an interest and show an understanding of money.
  
  
• Don't try to keep up with your neighbors (every family is different).
  
• Do give an allowance that makes sense for your family's economic situation and budget.
  
  
• Don't be inconsistent or forget to pay the allowance.
  
• Do teach your child to follow your example (keep your word and pay on time).
  
  
• Don't question the purchases they make.
  
• Do ask them to keep track of where they are spending their money so that can see how quickly it can be spent or saved.
  
  
• Don't tell them what to buy.
  
• Do tell them what the money CAN be used for.
  
  
• Don't start off too big.
  
• Do increase the amount as they get older (teens have more expenses than younger children).
  
  
• Don't set rigid guidelines in the beginning.
  
• Do learn what works best for both you and your children (such as which payment schedule and/or amount).

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