We have four children who we are very keen to teach them how to save their money and use it wisely. Our allowance strategy is to give them a dollar for every school year (i.e. If they're in Grade 5 they will get $5 a week.) This doesn't just get given to them as a handout but they have jobs that accompany this payscale.

For example, our eldest boy is in Grade 5 and his job is to sweep the patio and barbecue area while our eldest daughter (Grade 3) has to sweep the front porch. Each year their amount increases as does their job responsiblities. It teaches them the value of money and that it comes at a price.

I stumbled across this article which had some great tips for parents - How to Teach Kids to Save Money – 15 Easy Strategies. It has some great ideas to teach children but I still think that we also need to show our kids that money is only a means to an end - not an end in itself.