Tuesday Turnaround: Chores for Kids/Teaching About Money

Tuesday Turnaround: From turning something old into something "new" to turning your thinking around, you can save yourself some $money$ either way.

Are you the type of parent who dreads going to the store with your kids because they always ask for a toy? Do you cave when they beg for you to buy snacks that are not on your grocery list? Do you spend money you wish you hadn't because your kids are with you (and now it's summer and they will be with you MORE)?

If you answered YES to any of these questions:

1. You are not alone. And
2. It may be time to teach your kids about money.

Kids will generally spend less if they are spending their own money and even LESS if they had to earn that money.





I use a "commission-based" payment method at our house for chores. My kids do not get paid unless they do the work. Therefore, not only are they getting a lesson in money, but they are also learning good work ethics.

I have 2 sons who have very different charts for keeping track of their efforts:

1. One son marks a chart for the chores he completes and then gets paid at the end of each week.
2. The other son (younger) fills a chart with stickers for a set amount of money. (Every 20 stickers is rewarded.)

This is what works for us, but every child learns differently, so be creative.

Simply explain to the children that you will no longer be buying toys (candy, gum, etc.) unless it is a special occassion (birthday or Christmas). Then, explain the chore/commission concept. If they ask for something at the store, all you have to do is ask if they brought their money. It may take a few trips to the store for the child to get the idea (it takes about a month to learn/unlearn a habit), but think of all the money you will save in the long run.

I was at the store with my son just yesterday and he asked for a toy. Well, I was NOT going to buy it for him (it was not his birthday or Christmas), so i simply told him that we would check the price and see if he had enough money at home. Then we would plan to bring his money on the next trip to the store (I don't make special trips for toys and I do not loan my child money either because it adds up and that would defeat the whole purpose). He did not have enough money, but it was an incentive for him to do his chores to earn more money (Yay! I got him to do a few things when we got home.).

Here are a few chores that are simple for your child yet will save you time with the housework:

• Unload the dishwasher (younger child: silverware)
• Vacuum a room
• Dust sections of the house
• Fold and/or sort laundry (younger child: washcloths, socks, and undies)
• Take out trash (don't forget the new bag)
• Etc.

Start small when they are still learning to do things, but be sure to expand with their abilities.