Thinking of giving your young child an allowance? Experts say ages 5-8 are considered a good time for starting allowances. One rule of thumb suggests 50 cents for every year of age. A 6-year-old would get $3 each week or month, depending on your budget. Hand over the allowance the same time each week. To keep track through the year, give your child 52 homemade IOUs to exchange for the weekly allowance. Experts are divided over whether to tie allowances to household chores.