Everybody agrees children and teens should learn about money early and often — not just in theory, but with coins and bills of their very own.

"It's important to learn things take money," says Sandi Davis, a licensed counselor and marriage and family therapist in Shreveport, La. "I think a reasonable allowance is appropriate, as long as you establish a boundary."

If your child wants a candy bar, comic book or a ride on a mechanical pony at the grocery store, simply state, "Use your allowance money, honey." If the piggy bank is empty, the discussion is over.

Some parents choose to reward good grades or pay extra for big tasks, and that's fine, she says. But don't go overboard.

"It all depends on how a child values a dollar, and that's an individual thing for each family," Davis says.

Used thoughtfully and intentionally, a weekly allowance, even a small amount given without any strings attached, can help teach children about saving and spending, says Laurie Knowles, education director at Consumer Credit Counseling Service of Western North Carolina.

"If you're giving money for a child because they are part of the family and one of their tasks as a part of the family is to manage their money, then you can set the ground rules," she says.

One of the best ground rules also can be a lesson in budgeting: Don't let your child spend all the money immediately.

Sarah Miller of Battle Creek, Mich., started getting $3 weekly at age 5. The crisp bills each went into one of three envelopes marked for saving, spending and sharing. Since the family started this plan, Sarah made a deposit to a credit union savings account, purchased a bag of food for a local food pantry and bought a Barbie doll with her own money, says her mom, Joan Miller.

Further refine the system by divvying the money into four parts: spending, charity, saving for mid-range desires like video games, and investing for long-term goals like college. Clear jars rather than opaque piggy banks — recycled peanut butter jars or something you buy — let kids see their money grow.

But don't forget to stash long-term cash in a savings account. Some banks and credit unions have kids' accounts that parents can help open with as little as a dollar to start.