Why You Should Pay Your Kids to Perform Household Tasks
When my younger brother and I were kids, we were expected to help out around the house.
Both of our parents worked, so we had to do a few chores each week in order to keep the household running smoothly. Part of the time we got paid for what we did and part of the time we didn’t. It just depended on what we did and if it was expected or “above and beyond”.
Reflecting back on those times I think our parents paid us when they could afford to. However, when money was tight for them it didn’t always happen. Now that I am an adult I feel like there are a lot of good reasons why you should pay your kids to perform household tasks.
1. They Learn the Value of Money
Pay your children for part of the work they do instead of all of it. Taking this type of approach prevents them from thinking they should get paid for every little thing. At the same time, if you allow them some discretion in their spending, you help them learn the value of money.
2. It Builds Self-esteem
Your kids are not your slaves and should not be treated as if they are. While it’s perfectly fine to have them do some of the work around the house you need to set an example and do some of the work as well.
That being said, perhaps you could make a chart, list, or chore jar with each task written down and the amount it represents. In addition, add some chores that are expected to be done without pay. For us, this were things such as loading and unloading the dishwasher or setting the table each night for supper.
When your kids do a good job, whether the job was a paid one or not, praise them for a job well done. Helping the family unit by being assigned some age-appropriate responsibilities can help them feel like an important member of the family.
3. Keeps Money in the Family
This reason for paying your children to do chores may seem selfish on the surface. But looking deeper, it makes sense.
When you pay your kids to do chores you may not have to hire outside help, such as a housekeeper. Instead of paying money to someone else, pay your children a reasonable wage. Allow them to spend a portion, give a portion to charity or the church, and save a portion. Once their savings has grown, open an interest bearing savings account in their name.
4. They Can Begin Managing Money
As your children learn the value of money they can also eventually learn to be good money managers. Teach them to keep track of their chore money at home in an envelope or jar in a safe place. Or, start a savings account right away and teach them to balance it regularly.
5. It Allows Them to Make Money Mistakes
When you let your kids spend a portion of the money they earn, you are allowing them to make money mistakes while they are young. The advantage of this is that the mistakes they are making are only being done with a few dollars. This may save them from wasting hundreds or thousands they could be spending foolishly as adults.
Once your kids reach adulthood they should already have a good idea of how to handle money from the years of practice and experience they have already had.
Teaching your children about money while they are young is crucial if you want them to succeed later in their lives. Paying your kids to perform household tasks can help them get there.
How do you feel about paying your kids to perform household tasks?
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Like Mrs Picky Pincher, we’re planning to pay for extra tasks (e.g. big chores that we really don’t want to tackle) but for the usual chores we expect our future child (any day now hopefully!) to help out around the house as part of regular family duties.
I think that’s a good way to find some balance between expecting them to help and teaching them about earning money. 🙂
Oooh, this is a toughie. I do think it’s important to show kids that they’re expected to help with the household without expecting something in return. My vote would be for kids to have standard chores, and if they want to earn extra money, they can take on extra tasks. So maybe their chore is to sweep, and if they want to earn money, they can unload the dishwasher.
Yes, that’s a great way to go about it. (In my opinion!)
Our son is only 2 but I really like the idea of paying him in some way to teach him about money management and the value of money. I remember when I first had money and needed to choose between two things I wanted… it was a surprise but I quickly learned to save and prioritize!
I’m not sure how much he’ll “get it” at 2, but he probably will soon enough. I’m sure you’re teaching him good money lessons regardless.