Moy,
As you can see you'll get a lot of different answers on this topic.
Sort of depends on the load of each tank, number of fish & corals, type of filtration, live rock, sand, and most important - your water test results
Some folks follow a pretty strict water changing routine, where as others may not.
I've read where some hobbyists do a 1% daily water change, and others do a 30% monthly.
I don't think there is a "right" way to do it, although I do favor more frequent with less volume water changes.
Personally I change at least 10-15% every 3-4 weeks on my tanks - and my water tests are almost always within acceptable range.
Large tanks - few fish - less changes required.
Smaller tanks - more fish - more changes may be necessary.
Brian