Allowances and Chores

Allowances and Chores  Learn the best way to set your child's allowance — and whether you should reward your child for helping out with household chores.

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Appropriate age group(s):

Description of technique for teaching kids the value of money:
Next time your child asks for money to buy something, give the money as a 'loan'. Then set up terms on how the money will be paid back (Ex: 2 dollars a month for 10 months). Set a specific day of the month and set up a "penalty" (Ex: 1 cent interest) if the payment is late. You child can pay you back from his/her allowance and learn the value of paying on time at the same time!


Give bad terms like a credit card would

example they borrow $10.00 charge them $2.00 interest a month until they pay it back.  Teach them how much money they lost due to the have now pay later bug.  Saving is the key to our children's future.


Related Links
Kids and Money
Chores and Children
Put Away the Silverware
Allowance Tips: Good Money Management Begins with an Allowance
More Than a Chore: Getting Things Done the Right Way