Question: My husband and I set the allowance for our eldest child, now in 2nd year high school. We wanted her to have enough money so she won't go hungry during the day, but not too much that she can buy anything on sight. Just one month after school started, our daughter is complaining that her allowance is ""too small"". Now, we're thinking maybe she should just bring something and we'll cut her allowance. What do you suggest?

Answer: You are not alone in this dilemma. For some reason, there is always another child in class who has a bigger allowance. Kids who don’t get any cash allowance want one to be on equal terms with their classmates.
First things first: Should you even give an allowance? If you provide your kids food for recess and lunch in school, are you still obligated to give them an allowance?
The answer is yes, you should give children an allowance. Money management is conspicuously absent from most school curriculums, which means your child’s financial education begins and ends at home. And one of the best tools for teaching your kids about managing their money is an allowance.
----Allowance lessons -----
Having their own allowance will help children learn the value of money. They will know why saving is important, and why overspending on things they don’t really need can spell disaster on their funds. As they are empowered to make purchases on their own, they will learn how to distinguish needs from wants. For instance, young children will know they will not have enough money to buy a slice of pizza tomorrow if they buy those cute stickers now. So which will it be: stickers or pizza? They will know the right answer on their own.
----When to start ----
Start early. Don’t wait until your child is in his preteen or teen years. These days, preschoolers in kindergarten and prep levels are already taught money basics, such as the various bills and coins in circulation. Through pretend play, they are also taught in class how to buy with play money and how to count change. Some schools even encourage parents to give their preschoolers a little money so they can practice what they learned in class by buying at the school canteen. This is a good idea.
-----How much to give --------
Determine an appropriate amount by deciding if you will provide your child food for recess and lunch. If you will provide food from home, then give your child enough money for him to buy a drink or a little treat, with a little extra he can tuck away as savings.
If you won’t supply food for recess and lunch, find out how much the school canteen charges for a typical recess and lunch meals. Then add some extra money so your child will have some room to figure out how much to save. It might be a good idea to go to your child’s school yourself and check out the cafeteria together.
---- Daily or weekly? -----
Young children can be given a daily allowance. Keep in mind that it is at this age when they still lose things.
When the child is in the upper grades in grade school, or in high school such as your daughter, start giving a weekly allowance. This will give your child more room to budget and spend as he deems necessary.
But before forking that first allowance, sit down with your child and discuss what the allowance is for. Go over the items he can buy with the allowance (e.g., juice, food, toy, etc.). Lay down the ground rules: not everything should be spent, but at least ten percent should be saved. You can also require another ten percent to be given to charity. Rules such as these will guide your child to be financially disciplined.
----- Tracking expenses -------
A key factor in money management is monitoring one’s expenses. This should be taught to the child early on.
Give your child a little notebook where he can jot down his expenses for the day. When he sees it all in writing, he will be more careful about spending his money.
To encourage savings, provide a little piggy bank where your child can deposit his savings for the day. When it is full, you can both go to the bank to deposit the money in his savings account. As his money grows, your child will be encouraged to save regularly for the future, a habit that will serve him well in his adult years.
(Source.inquirer.com