There are as many ideas about kids and money as there are parents, I think. The biggest way to teach your kids about money is to handle it well yourselves, and to talk about it at the table, so they HEAR what you do. If you make a habit of giving to charity, and they KNOW about it, they will learn to do the same. If you give your child money for church offerings, they will learn to put money in the plate. Or if you give to the Salvation Army, or the city Mission, or goodwill, then have the kids help you collect or deliver the stuff. They'll figure it out.
Another idea is to collect soda cans, sell them for the metal and give away the proceeds. It's a way they can help people, and they can help choose the charity.
When we did allowances (which didn't work well for us, because i never had one as a kid), we required a certain amount of work -- like the bed made every day, and something else .. . we gave 5.00, telling the kids that 1.00 had to go into the bank, and 50 cents had to go into the church offering. We were teaching them to save money and to put 10% in the offering plate, because giving a healthy portion to God is important to us.
One kid got it, and the other? Well, I just don't know. The thing is that when you give a kid money, and it is THEIRS, it is THEIRS to spend. You can talk about how to spend money, and what toys last and what toys don't, but it is THEIR money and they get to make the choices. Obviously not an X rated PS2 game or anything, but it IS his money.
Some people require chores to earn money, and the kids have to buy their own clothes with their allowance money. It DOES help them learn to bargain shop, and it actually costs mom and dad less money, than having the kids ask mom and dad for huge expensive wardrobes and stuff. and if they can't deficit spend by getting loans from Mom and Dad, then they learn they have to save to buy stuff -- which is a much better plan than using credit cards to their demise later in life.
But whatever you do, you have to do what is best for you. You will get tons of ideas today, and you will have to sort through them and see what you think will work and what won't, in your family. when you try something, remember you are trying it. Give it a fair shake, but don't be so committed to the idea that you hang onto it when it clearly doesn't work for your family.
If you give an allowance, you have to plan ahead and decide and communicate what you expect your child to use his money for. Does he buy his own school backpack (which will require thinking ahead), his own clothing at a certain time, etc.? I have a friend who agrees to buy 1 school lunch a week, and she funds it in september. The kids pack their own lunches, and if they want to buy 2 lunches a week, they have to earn the extra money, or realize that they will be packing lunches Every day some other week.
In the end, you tailor it to your family, to what you are good at doing, and what seems to work for your kids. Good luck ! The money decisions are always challenging ones.