Tuesday, October 16, 2012

Show me the money!

Gathering opinions...At what age would you all suggest starting specific chores for money for a kid?

The Wee One is starting to get the idea that you have to pay for things but still totally unaware that you have to work for your money. I believe there are some things a kid should just do to be part of the family and personal responsibility, but I think there are some things that are appropriate to be used as opportunities to learn about work and "salaries."

I think it is important for kids to learn that you have to earn money in this life and then learn to be responsible with that money.  My debate is at what age do you start these concepts?  Particularly actually paying your kid for doing specific chores?  A friend calls these "earnings" rather than an allowance and I love that concept!

Thoughts fully appreciated on the following topics:
*age to start paid-for chores
*types of chores
*teaching responsibility with earned money
*amounts paid

Thanks!

1 comment:

Proverbs 31 Wannabe said...

We started with our children at about 4 years old. We made them each a "Commission Chart" and hung it on the fridge. This was taken from Dave Ramsey and was a conscious decision not to call it allowance. I made the charts on my computer and put cute clip art pictures on them based on their current interests. The chores could change from week to week, depending on what I felt I wanted them to do. Some of the things on there include: Unloading the dishwasher (sorting silverware, etc.), taking recyclables out to the bin, setting the table, dusting, brushing teeth without being asked. Hubby and I sat down and talked about how much money per week we were willing to give them and then made sure to have opportunity for them to earn that amount each week. Depending on the number of chores it could be a dime or a quarter per chore per day. They have the opportunity to earn one dollar per day, for a total of $7 per week. Payday is Saturday and they get paid based on the number of stickers on their chart. There are times they don't earn all of their money because they don't get stickers if they don't do the job. There have also been times that I have made deductions for attitude and behavior but there is always a warning given and they know that this could happen. It has worked well for us. Along with this, our kids have 3 jars to put their money in: spend, save, and give. We are trying to teach them the importance of having money in all 3 of them and they can choose how they use their money in the give jars to benefit others.