Should you pay your children to do chores?

There are a couple of schools of thought about paying kids to complete tasks. When I was a kid, we did chores and got paid for it. That’s how it went.

Today, many experts say that this is not the way to teach children about money. Instead, you must pay a weekly sum regardless of whether the tasks were completed or not.

I still think that the best way to manage money and tasks is to pay them only if they complete their tasks. I think this teaches them a few things.

First it teaches them how the world works. We work, we get paid. We don’t work, we don’t get paid. If children learn early that it takes hard work to earn a decent living, then this is a huge benefit.

In addition, being rewarding based on chores allows us to teach saving and giving. When I pay my kids, I “encourage” them to set aside 10% for donations and 10% for savings. I tell them that what is left over is theirs to spend or save for an expensive item.

I don’t criticize every task, but if they just don’t do their tasks in a week, they don’t get paid. As long as they’ve put in a good effort, they get paid.

I believe that rewarding children with money for doing chores is a good thing and teaches them valuable life lessons. This helps them transition to the real world when the time is right and holds them accountable. No more handing out free money here.