Can you remember how you felt the first time you had your own money to spend? I recall feeling pretty proud and quite independent. As a mother, that's the way I want my own children to feel. My husband and I have made a point of giving our kids opportunities to learn to handle their own money from an early age.

To me, one of the most effective ways is to start an allowance. With a regular allowance, kids have cash of their own to touch, experience and learn to value. And they begin to feel a little bit in control of their lives when they can make some of their own buying decisions.

But it's not as easy as just handing over a few dollars. There are a number of things to think about to make sure you're not just giving kids the ability to buy what they want, but also teaching them how to manage their money wisely.

WHEN TO START - WHAT TO GIVE

As soon as a child is old enough to say, "Mommy, I want that toy," you can introduce the idea of an allowance. You might be surprised at what a difference it makes when a child has to dig into his or her own pocket to buy something. All of a sudden, money has real value.

Some parents start an allowance as early as age 4; others wait until their kids are in elementary school. There are no hard and fast rules - a lot depends on your own child. The important element is to make the amount and the intervals that you give it appropriate to the age and developmental stage of your child.

Here are some things to consider before you set an amount:

- What will your kids need to buy with their allowances?

- Do you want them to earn their allowances by doing chores?

- What's the going rate where you live for kids of the same age?

The more you expect your kids to rely on their own money, the more they'll need. But as a general guideline you might give 6-to-8 year olds $2 to $3 a week, 9-to-11 year olds $5 to $7, and 12-to-14 year olds $7 to $15. Of course, these amounts depend on where you live and your own financial situation. They may seem high for some and low for others.

Your best bet might be talking to the parents of your kids' friends and schoolmates to find out what they give and expect in return. This may help you avoid complaints about friends receiving more or being responsible for less.

LETTING THEM FLY Continued...