Around my early twenties I heard on a talk show that the best way to teach your kids about money and chores was to pay them half their age each week for chores. I always remembered that and thought about instilling this when I had kids. Fast forward to years later when we had AJ and I thought it would be better to make him do chores because he lives here and it’s what he has to do. We all need to have a hand in keeping up our home and he never needs for anything.
Now, AJ’s starting to ask for more toys, videos, games, and other things he sees. He’s not spoiled, but has no concept of the value of money and what it means to work for it. So I decided to go back to my original plan.
AJ is now getting paid $3.00 every Friday for basic and expected chores around the house. He must set the table, clean the table after he eats, put away his toys, put pillows back on the couch, fold towels and put them away, and vacuum (use the carpet sweeper) his room.
For extra money (25 to 50 cents), he can do other chores….such as washing dishes, replacing toilet paper, cleaning the bathroom sink, sweeping the porch, clean the dining room chairs, and clean the kitchen floor.
As he gets older not only will the difficulty of the chores, but the amount of money will increase as well. When he’s 7 he’ll get paid $3.50, when he’s 8 he’ll get $.4.00, 9 years will get him $4.50…and so forth.
What about when he’s in his teens? That’s almost no money per week. What if he takes on more responsibility? Can he get more per week?
I hope that by the time he’s ready for working papers he will get an after school job and working hard to earn money will be a no-brainer for him. Though helping around the house will still be expected. As for increasing his amount per week, I think that is open to discussion. Right now the small amounts are good enough. If he wants to earn more per week, then he will be expected to do more.
Hubby and I had a discussion about when AJ’s older, he can rake leaves, shovel snow, wash cars, take out the garbage, and even do his own laundry.
How does earning money help him understand how to save?
We are keeping a record of what he has in his wallet and bank at home. Money in his wallet is for spending. He keeps asking to spend it, but I keep reminding him he may want to spend it on our upcoming vacation. This will prepare him for keeping a well detailed check register, understand what it means to save and spend money, and how to save for something big.
If he saves up $20.00 and puts it in the big bank, then I will add another $20.00. I think an incentive to save is not only great for him, but will increase the amount we have saved for his college fund.
What about giving to charity and helping others?
Yes I encourage helping and giving to others. AJ likes give at church and for other donations. He already donates clothes and toys and giving money to help charities is important. For Christmas time AJ will spend some of his money to help out kids in need. Though getting him involved in a specific charity or cause might be beneficial as well.
Do you pay your kids for chores? Teach them how to save?
How to help with charities?