I like to think of an allowance a s a tiny piece of the family budget that you’re turning over to your kid to manage. As your child matures, expand the budget to include more needs (like clothing) and fewer wants. Appreciating experiences, learning to give, and setting goals are definitely key as you say. Here are 9 more good money habits to consider teaching your kids in 2014: http://blog.famzoo.com/2013/12/10-good-money-habits-to-teach-your-kids.html