As kids head back to school, many parents have questions about teaching their children about being smart with money.

Jennifer Lane, a certified financial planner with Compass Planning, has some answers.

Lynn in Gloucester, Massachusetts, asks: "My mom started my allowance when I was 9 and it taught me a lot about money. She gave us four quarters each week. Is that still a good way to go, or are their more modern ways to pay kids allowance?"

Juniper in Boston writes: "My teen does not understand the value of saving her money. We've tried paying an allowance but the money burns a hole in her pocket and is gone almost as quickly as she gets it. Any hints for teaching her better savings habits?"

Anne Marie in Hudson asks: "Should allowances be tied to chores? My twins have completely different money habits. One spends his allowance quickly and my saver has started loaning his brother money at interest! Could extra chores be a way for my spender to boost his income?"