Appropriate age group(s):
K-5 on up.

Description of technique for teaching kids the value of money:
If you're not fond of allowances or want to increase the amount of money your child can earn at home, why not "pay them by the chore!"

Make a list of all the chores that need to get done around the house. For example, weeding the garden, washing the car, sweeping the garage, dusting the living room. (I personally feel that making your bed and doing the dishes are non-paying, everyone must do on a daily basis type chores.) Put a dollar amount next to each chore.

Your children can then pick and choose which chores (based on how much money they need this week or month) they want to do. Chores must pass inspection before payment.

This gives your children the freedom to choose their extra-credit chores, the freedom to make some extra cash when needed and encourages them to take pride in their work.