When our daughter was about to turn four, she begin to notice you could buy things if you had money. We decided having an allowance was a great way to teach lessons on stewardship and giving. (There are a lot of different theories on allowances. Our personal take was that since we are a single income household, everyone shares the money “daddy” brings home.)
At the time banks were not popular, so I had to search high and low for three banks and a “church coin purse” that looked very different. On her birthday, we explained that since she was now a big girl she would begin receiving a weekly allowance. To make the math easier on everyone, we gave her four dimes a week. Each of the banks was labeled with how the money in that bank could be spent. She had one for church, one to buy presents for family, one to save for college and one she could spend as she pleased. One dime each week was to go in to each bank.