Teaching Children How To Earn Money:

Allowances, Chores and Other Services

Teaching children from a young age about having to work to earn money is a great way of instilling a number of valuable lessons that would otherwise go unnoticed in kids who simply receive a set allowance each week. By making youngsters work for their money, they learn about how much they have to work or save up to buy something they really want. This is a vast improvement compared to children who simply throw a tantrum or demand that their parents buy things for them. As the kids grow up and enter their teens and early adulthood, these lessons will certainly serve them well in helping them to continue practicing responsible financial habits.

Parents can start by creating a family program of chores with clearly marked dollar values of each chore. Choose age-appropriate chores so that each child does contribute to the household work safely. It certainly helps to talk to the children and discuss ways of saving or earning more money. Of course, if they consistently do a good job, they can be rewarded in some way, perhaps in terms of a monetary bonus or a special trip or treat. The following sections outline plenty of tips on setting chores and allowances with additional information on how to help kids earn more money.

Chores

Kids should understand that doing chores isn’t simply about earning money. As members of the family, they have a duty to pitch in and share the workload along with everybody else. For example, younger children can clean their rooms, fold laundry, make their beds or feed pets. Older kids can be introduced to more advanced chores, such as cleaning the bathroom, clearing snow or leaves outside, emptying the dishwasher or taking out the trash. In the resources listed below, you can find a number of different systems of chore charts to help keep everyone’s household responsibilities well organized and easy to understand. Children also gain a sense of achievement from seeing their chores checked off on a public list and earning money from their efforts.

Continue Reading – Children and Money, Part 2