Allowance and kids

After talking to a friend of mine who has a little kid about whether they should be given an allowance or not, I really got thinking about it. I think what we should do is assign them chores to do and at the end of the week they would be paid they have earned. Bad behaviour though would earn negative marking meaning that they would have to do some extra chore. Giving them an allowance when they are young for some work done properly will teach them a lot about such as responsibility. But on the same note, we must teach them how to spend the money earned so that they can save it to buy something useful.I think this is a great concept if used properly and wisely. The kid should understand the significance of all this.