Allowance

Julia has always been quite helpful around the house and she's always had chores such as picking up her toys and making her bed.  She has even helped out with laundry, cleaning, setting the table and clearing the table and things like that.  We've heard and read at the age of 5 or 6 is a good time to start giving your kids allowance.  We decided to give her $1 for every year old she is hence she is 5 years old so she gets $5 a week.  It sounds like a lot but she's going to be responsible for paying for more of the stuff she wants as compared to us paying for it.  We're hoping to teach her the value of money and how to save and spend it wisely because you only get a certain amount.  Thus far she has saved all of it and put it in her piggy bank.  I need to get to the bank and open up a local account for her so she has easy access to her money and start teaching her about interest.