The book should be ruled for accounts, and the name of each child should be entered at the head of the two pages appropriated to his account.
Then, from time to time, the amount of his allowance that has fallen due should be entered on the credit side, and any payment made to him on the other.
The plan of keeping an account in this way obviates the necessity of paying money at stated times, for the account will show at any time how much is due.
There are some advantages in each of these modes.

Much depends on the age of the children, and still more upon the facilities which the father or mother have at hand for making entries in writing.

To a man of business, accustomed to accounts, who could have a book made small enough to go into his wallet, or to a mother who is systematic in her habits, and has in her work-table or her secretary facilities for writing at any time, the plan of opening an account will be found much the best.

It will afford an opportunity of giving the children a great deal of useful knowledge in respect to account-keeping--or, rather, by habituating them from an early age to the management of their affairs in this systematic manner, will train them from the beginning to habits of system and exactness.

A very perceptible effect in this direction will be produced on the minds of children, even while they have not yet learned to read, and so can not understand at all the written record made of their pecuniary transactions.
They will, at any rate, understand that a written record is made; they will take a certain pride and pleasure in it, and impressions will be produced which may have an effect upon their habits of accuracy and system in their pecuniary transactions through all future life.
_Interest on Balances_.
One great advantage of the plan of having an account over that of paying cash at stated times is, that it affords an opportunity for the father or mother to allow interest for any balances left from time to time in their hands, so as to initiate the children into a knowledge of the nature and the advantages of productive investments, and familiarize them with the idea that money reserved has within it a principle of increase.