Available for free, these calculators help parents set appropriate allowances for kids of all ages based on the following factors: what parents themselves received for an allowance as children, needs- based expenses versus discretionary spending, and saving for a goal.

"Parents today struggle with the question of how much of an allowance they give their children. No one wants to be out of step with other families by either being stingy or spoiling their kids," said Jason Alderman, director of Visa USA's financial education programs. "Visa's new allowance calculators can help parents set an appropriate amount to give children at any age."

Allowances can also be an opportunity for parents to teach their children about responsible money management. A recent Visa survey of credit and debit cardholders found that less than 50 percent of respondents learned how to manage money from their parents and 41 percent of those surveyed said they learned the hard way or were self-taught.

Each allowance calculator gives parents solutions to varying allowance dilemmas. The Allowance Comparison Calculator evaluates the allowance parents themselves received as children in order to set a comparable amount today, factoring in inflation. The Wants vs. Needs Calculator aids parents trying to determine those items that are necessities (i.e. school lunches, clothes, transportation) and those items that are indulgences (i.e. toys, music, snacks). The Saving for a Goal Calculator helps children understand the power of earning interest in a savings account by showing how much needs to be saved to buy a particular item.

Accompanying each of these calculators are some helpful allowance tips for parents, including the following:

• Children can begin receiving allowances as soon as they can understand the value of money - as early as three-years old.
• Involve your children in budgeting for their own expenses at an early age.
• The goal of an allowance should be to educate kids about how to handle money wisely, not reinforce good behavior or tied to household chores.
• Use an allowance to teach important life lessons. Consider having them set aside 10% for charity.
• Work on setting a good example with your own spending behavior. Remember kids' financial habits, both good and bad, often start based on their observations within the home.

"When it comes to teaching children about important life lessons about money, an allowance is a great way to help them budget, save and invest in their future," added Alderman.

Practical Money Skills for Life is a free, award-winning, teacher-tested and teacher-approved financial education program that is available in English, Spanish and Chinese. The website is divided into three comprehensive sections, complete with money management resources and lesson plans tailored for use at home, in the classroom or at work. It also contains an array of tips to help prepare for life changing financial events, from planning a baby to saving for college and retirement, as well as a number of other budget calculators and interactive games. Visa also runs What's My Score, a leading higher education consumer awareness program. The website guides consumers through the ABC's of a FICO credit score, from factors that can lower a score to ways on improving it, at no charge.