Hi everyone, I just wanted to share this with you.
Here is an article I just posted on my Allowance Secrets Blog.
Enjoy!
Will chores for kids help or hinder financial growth? You may be asking yourself why giving or not giving your kids chores could have anything to do with finances. A lot of parents combine chores for kids with an allowance for kids. I don’t believe in that.
Seriously, I don’t. ;o) Combining chores for kids with receiving payment can be a no-win scenario. Why? Kids of all ages should do chores around the house (or apartment or wherever you live) as part of their contributions to the family unit.
As parents, we do many chores without getting paid for them. Think cooking all those meals (breakfasts, lunches and dinners), taking our kids to sporting activities (games as well as practices), or all those play dates. The list of things we do for our children for FREE is endless. ;o)
Our financial values should put our kids on a path for financial success. We all want our children to grow up secure with their money. It’s important to teach our kids to have a good handle on how to create income, manage it, invest it, give some away, and how to make money work for them.
Now I ask you. How can children learn the value of money if you combine money with chores for kids? Your kids will grow up believing they will get paid for anything they do.
The respect, responsibility and appreciation of money will be lost. Children of almost any age understand the difference between money earned and money given. The effect of earning money is a powerful one.
When kids work hard for their own earnings and purchase items with that money, they feel empowered. Their worth and self-esteem grow stronger. They know that no matter what may happen, they are capable of taking care of themselves.
So don’t combine money with chores for kids unless the chores are over and above their usual chores as a member of the family. Kids can contribute to the running of a family household without receiving payment.
Chores such as keeping your room clean and tidy, making your bed, throwing your dirty clothes in the hamper (not on the floor!), taking out the garbage and setting a table for a family meal are some examples of typical family chores deserving no payment.
Chores for kids with payment is so much better when those chores are special or unusual ones. Think cleaning out the garage, washing the car, painting a fence, serving refreshments to your invited guests and tutoring a younger sibling.
This list can be just as endless! ;o)
Are chores for kids helping or hindering financial growth when there is payment involved? This topic is a hotly debated one with parents. I’ve thought about this question a lot and have spoken to many experts.
Here’s my ebook “Allowance Secrets: To Give or Not To Give” where the top 25 “kids and money” experts, family coaches, and highly successful entrepreneurs share their personal opinions and tips on combining chores for kids with an allowance for kids.
Another resource on how kids can earn their own money is this cool ebook I created: “50 Money Making Ideas for Kids and Teens”.
Being good about money requires letting your child see you handling different financial aspects of life. Teach your child to equate chores for kids with earning money for kids. You
won’t be disappointed with your kids financial growth. ;o)
Cheers … Amanda van der Gulik … Excited Life Enthusiast! ;o)
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