It's my usual practice to give them allowances on a daily basis. This way, they’ll learn how to budget and spend within their means. I believe the earlier you start exposing your children to basic money management, the better they’ll be able to absorb the concepts and value of money as they grow older.
I've to admit that it’s not easy for me to teach my kids to save, as I am not a good role model in this regard, which is something that I'm not proud of. Ultimately, when I encouraged my kids to save, it gives me the motivation to save as well.