What is Allowance?
Allowance is money you get on a regular schedule. Strictly, speaking allowance means money you just get. It's different from money that you earn by working. That money is called wages. But many parents tie allowance to a little bit of work, like light chores such as making your bed, walking your pet, washing dishes, doing your laundry, and so on. Parents who use this system, want their children to feel what it's like to earn their money before the children are old enough to have a real job.
Often the amount of your allowance is tied to your age. As you get older, your allowance tends to go up. Of course you can always ask for more allowance, but there are no guarantees of good results.
Whether you are given allowance or have to earn it, once you have it, you now get to decide what to do with it. Some kids get to decide all by themselves. Other kids have some choices but they need their parents approval.