Gallo's website, fiparent.com, has a free allowance tracker and an interactive tool for parents to decide which expenses they want to shift to children.

If a child gets a job, the allowance should continue because the youngster can still share in the family's resources, Gallo said.

"Why punish the child for getting a job?" Gallo said.

Pearl agreed, saying stopping an allowance may be a disincentive to work.

"But you can suggest that now that they are working, that they earmark more of their total earnings for saving and charitable giving. You can help them set goals that are loftier and very meaningful to them," Pearl said.

Parents can offer guidelines for how allowances should be managed and spent, but children must learn to make their own choices, Harris said.

Pearl suggested that parents choose a modest expense connected to the child's hobbies, such as guitar strings, and explain that the child will now pay for that item.

The child has to make the money last until the next allowance, and if he or she runs short, the parent should not bail the youngster out, Pearl said.

"They need to make mistakes while the stakes are pretty low so they can learn from them," Pearl said.