When you pay your child $5 to clean the garage or $6 to mow the lawn, you’re accomplishing far more than just getting the tasks done. A new study reveals a majority of parents use chores to teach their kids money should be earned. When a panel of family bloggers was asked how they use chores to help teach financial lessons to their children, this is what they
shared.
Turn “no” into a teachable moment. “When a child asks for something in a store, instead of just saying no, take the opportunity to teach a financial lesson,” suggests Paula Rollo. “Show your child something you want in the store, and explain why that item, along with the toy he or she wants, is staying at the store. This helps children understand budgeting and smart
spending.”
Establish a time for chores. Just as you have set hours for work, set kids up with a time of day for doing chores. “This will teach them how to plan ahead to get their responsibilities done,” Rollo says. “It will help them start creating their own daily schedules so they have time to do everything they want to get done each day.”
Introduce spending, saving and giving concepts. “Giving teaches them to be generous first,” says Kristen Chidsey. “And saving teaches money management. If children can master these lifelong skills, they will have a better chance of being financially responsible adults.”
Tap technology to communicate lessons. There are many chore apps available. Parents and children can discuss household chores, schedule them, and agree on rewards. Chores are a powerful way to help children learn money management skills that will be valuable throughout their lives.
