I have been trying to save money regularly for my kid's savings accounts I had opened last year. It has been difficult the past few months since my husband lost his job, but I am getting back at it now.
I have heard that kid's allowances should be $1 per age per week. For example, my daughter 'A' is 8, so she gets $8 per week, and so on. I think this works good. This is seperate from chore money. My 2 daughters have 4 daily chores they are in charge of getting done. If they do anything more than those chores, then they earn 1 chore dollar per chore which equals .50 each.
So the chart below is for their savings accounts. It totals at the end. I have done 21 years of contributions but you can stop at any age.
This is a good amount of money for someone just starting out to have. I want to be able to send my kids out into the world with a safety net and support system. I didn't have any money when I moved out at 17, I had to eat alot of ramen (2 months straight, 3 meals a day!). Even after working for 6 months I had nothing to show for it. I want to teach my kids more about money than I ever knew as a kid. I am still learning from my money mistakes and I don't want my kids to follow in my path.
Hopefully this, and some more education on money, will show my kids how to keep money set aside for the future.