Should You Be Paying Your Kids for Doing Their Chores?

Financial literacy is a life skill that everyone should master to experience fewer monetary problems in the future. Whether you were brought up financially literate or had to teach yourself to budget at the age of 25, it’s a good idea to raise your children to develop smart money management skills. As people say, start them young—because doing so is undoubtedly a worthwhile investment.

When teaching kids about the value of money and the importance of saving, a creative approach is necessary. Little ones need to understand these vague concepts in a more concrete way. One leading suggestion is paying money to your children for a chore they finish. With all the discord in parenting groups regarding whether chores should be rewarded or considered a responsibility, though, should you be paying your kids for their duties? We’ll be discussing just that today.

Paying Kids for Chores: Is it a Good Idea?

Every concept has its pros and cons, and the same goes for paying your children for doing a chore in your household. These are some things to think about before deciding what you must do. 

The Disadvantages

• When kids are paid to do chores, they may begin to think that everything that they do should come with a reward. The best workaround on this is to set up which tasks deserve pay and which responsibilities they should take care of without expecting anything in return. Teach your littles the value of doing voluntary work or helping others without expecting return by donating some of their used toys and books. 
• Giving your children money for their chores might cause them to see that chores are synonymous with jobs. While chores are indeed jobs, parents need to let their children see that everyone in the household is also doing their fair share of the duties without getting paid. Choosing which extra household chores they get incentives from would also help manage this thought process. 

The Advantages

• Earning some pocket money in exchange for work can teach children that money does not simply grow from trees. Through the concept of paying your children when doing chores, they realize that they need to work hard before they receive their money.
• Compensation is the easiest way to motivate kids to get their chores done. They know that accomplishing their tasks for the day is the key to receiving their long-awaited allowance. 
• Receiving incentives help your kids develop a sense of accomplishment for every hard work they put out to the world. Knowing that they have money to enjoy or save later could help them work harder and guarantee that they finish their tasks. 
• Being able to earn and watch their piggy bank get heavier can help teach your kids how to save up for the things they have been eyeing for so long. Since they earn money with their own sweat, they gain a better sense of responsibility and carefully consider where they want that money to go.

Conclusion

The decision of whether or not to pay your kids for doing chores around the house depends on your parenting style and technique as well as the personality of your child. The most important thing is knowing your end goal and ensuring you achieve it in your chosen process. Paying your kids for their chores can be beneficial to them in the future, but make sure that they understand what they are doing and learn the crucial lessons they should about financial responsibility.

If you need a fun and easy way to educate your kids about the importance of money management, try Kiddie Kredit. It is the best chore app you can find online that will build credit for your child as they do chores around the house. Download one now to learn more about it.