Money Matters for Children – Allowance and Chores

October 29th, 2007

“Mommy, I did a lot of chores today and I earned my money.”  I beamed at my 9-year-old son and looked at my sparkling clean kitchen.  He had worked hard, doing the dishes and wiping off the sticky stuff on the counters.  But even more gratifying than the clean kitchen was the fact that he had recognized and associated his hard work with the money I was about to deposit in his bank account.  It was one of those parental moments where my feet did a little skip and I was shouting “all right” behind a big full faced smile.  It also gave me an insight that I was taking steps in the right direction, helping my child understand that payment for services rendered is a simple fact of money matters.

Your Child’s Chores and Payment: How Much?

This issue seems to be of much concern to parents as no one wants to over spoil a child.  Demanding, expectant children who are used to “having it all” will grow up with unrealistic attitudes.  A reasonable payment that fits the family budget and lets your child practice making a personal budget is essential to family unity.  Small children do not need a lot of money and are better off starting small with dollars and cents.   Remember, it is not critical to pay your child a lot of money, it’s just critical that they learn how to earn and manage the money. As a child grows, payment is increased to fit the amount and difficulty of chores they are able to perform.

Throwing out the word allowance and teaching your child to associate good work with positive results, including money, can help them develop a positive work ethic.  As a child grows older and develops skills learned from working in the home, they will be more comfortable with money and be able to tackle the real world on their own.

Read this helpful full article at Childn’Parent

By:  Debby Hoffer

Entry Filed under: Parenting Tips

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