Paying Your Kids for Chores

Okay, in the previous post we discussed chores your children do get paid for and chores they don't...now how do you pay them and help them manage their money?

Make sure the amount you pay is reasonable for the job done. Just because lil' David NEEDS $50 for a video game he wants doesn't mean you give him $50 for just sweeping out the garage.

1. Assign a value for each task
2. Have a specific pay day, pay on time, pay with cash
3. Take money away for a job not well done, misbehavior at home or at school, but be fair

The Evelope System - an ancient chinese secret....

Paying with cash let's them 'see' their profit and is a great motivator. Teach them to have an envelope system:

Saving:
Teach them to always save something - 20%; at minimum 10% - not saving is NEVER an option

Also, have bank accounts for them so this money can be deposited and they can learn how to handle bank transactions.

Spending:
It's okay for them to spend, it may be tempting not to, but let them buy whatever they want - offer some guidance and common sense help, but they did work for this money.

Giving:
Teach your kids the importance of tithing and helping others who are less fortunate.