A note from Mr. Wallowitz:

A couple years ago, our three children held a secret meeting and approached us with the proposal of getting an allowance.  My wife and I were impressed with their collaboration but told them we needed to hold our own secret meeting to discuss their proposal.  We decided that an allowance was acceptable but certain household responsibilities (chores) would be expected of them.  Over the years, we’ve noticed that our children have felt good about helping, being responsible and for earning the allowance they’ve received.  It has also taught them how to save for an expensive item and the decision making that goes along with how and when to spend money.