Giving your kids allowance is a great way to teach them about financial responsibility, but it doesn’t necessarily instil the concept of trading work for money. A simple job board can teach them some valuable lessons and also get some chores done around the house.
Photo by Pixel Memoirs (Shutterstock).
Trent at the Simple Dollar already had a great concept for giving out allowances. His kids were required to split up the money into investments, donations and long term goals. But to teach them about earning money by working, he set up a a job board with some small extra chores that they normally wouldn’t be responsible for. Whenever they completed a chore, they earned an extra quarter in their allowance. For extra motivation (and realism), he also required them to invest and donate more of their base allowance, leaving less behind for their own purchases.
A lot of parents tie allowances to expected chores, but by offering up extra money for extra work, Trent’s system draws the connection between work and wealth a little more tangibly. For more details on his job board, check out the source link.
Teaching the Idea of Trading Effort for Money [The Simple Dollar]