My wife and I discussed the issue of an allowance for our kids. I was of the opinion that an allowance didn't have to be tied to household chores. I felt comfortable giving each child 5 dollars a week and letting them go to the mall on Saturday to spend it. If they wanted something that cost 10 dollars, they would have to wait another week to buy it. If it was something important, however, I would pay the difference so they at least had what they really needed.
My wife really wanted to set up a list of chores and a list of prices. The harder chores would pay more money, and the kids would line up on Friday for their "paychecks". We compromised and decided that the kids would get a steady allowance from me until they were old enough to take on the harder chores. Once they were old enough to vacuum the carpets and wash dishes, then we would start my wife's chore chart idea.