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Q&A: Money and Kids {S4E2}
It’s our first ever mini episode! Wahoo! Join Cait and Kara as they discuss kids, allowance, chores and jobs!
LISTEN TO THE episode here:
Click on the above image to listen to the episode!
LINKS FROM THE EPISODE
- Kids and chores: five tips for painless participation | Clean, Rachel Wolf
- Mondays are for cleaning | Kara S. Anderson
- The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money
by Ron Lieber
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My husband and I pay our children allowance based on certain chores they help with. Our children are 5 and 8. There are certain chores that are considered mandatory that they do not get paid for. Cleaning their room, picking up after themselves in the rest of the house, helping us go through the house and get trash out the night before trash day, and our 8 year old has began helping with dishes. Other chores like vacuuming, helping clean the bathroom, etc. that they choose to help us with is what they get paid for. We leave it up to them whether they help with those extra chores. If they want to get paid, they help us out. There have been times when they don’t help with any extra chores for a while, but the next time they want something trivial that we say they need to pay for themselves, they jump at the chance to earn some money. We pay them after each chore with play money. They can choose when they want to cash out for real money. My 5 year old is surprisingly good at saving up his money for something he wants. He is currently saving up to buy a new lego set. My 8 year old opened her own savings account last year. Whenever she wants to cash out, she usually has us put 50-75% of her earnings into her savings account and then keeps the rest as spending money, which is usually gone within a few days. As they get older we will change what chores become mandatory and what chores are paid as well as they amount they are paid for each of those chores.