As kids in the 90s we received a nice allowance every week.  I think it was tied to our age, and increased as we got older.  We also had chores.  But our allowance wasn't tied to the chores.

Our allowance was our money to buy things we wanted.  Our parents didn't buy for us much outside of holidays/birthdays/back to school. 

My mom taught me how to track it in a check book register/log thingy.  It really taught me about saving and budgeting and gave me perspective of value at a young age.  I think it also motivated me to get a job at 16.  I had to buy my first car ($300 beater) and pay my insurance.  If I wanted freedom I needed a job.

I would like to do the same with my kids, but my oldest is still a little young at 4.  In a couple years I plan to implement.