In our home, our three children do not get an allowance. An allowance is too similar to conditioning my kids to get free money – for doing nothing. I want my kids to understand that money is directly tied to work, and we do this by paying them for completed chores.
I like to refer to it as commission. My kids get a commission for completing certain tasks. By focusing on teaching my children money management skills at a young age, they will be much more prepared to be financially stable when they are adults.
Chore charts work for us
My wife recently picked out a magnetic chore chart that we use every week. Each kid gets a list of chores that they can complete to be paid at the end of the week. Because I have three kids, and I don’t want to go broke, we offer $1 per completed chore. They each get five chores they can complete every week.
We found chore charts give a clear picture to my children about what is expected of them and their progress. Because kids are visual, this has been a great motivator for them.
By doing this, in a worst-case scenario, I could be out $60 a month if all my kids did all their paid chores. It’s a small price to pay to teach them about responsibility and good work habits.
If you’re interested in which chore chart we use, you can find it on Amazon.com through this link here.
If you’re a kid reading this, this may be a great way to make some extra money. Just tell your parents how much more responsible you will be if you learn the value of doing chores for money!
**On a side note, my kids also have “regular” chores they are required to do that they are not compensated for.
Make money fast as a kid – at any age
Here, I will give you a list and explanation of some of the best ideas for children to make money. It involves a little work, but you will make more money by doing some of these chores instead of online surveys.