A big debate in the world of family finance is the age-old question of whether or not it’s a good idea to pay our kids for completing chores around the house.
On one hand, you’ve got an effective way to teach your kids the value of money and how to manage it. On the other, they’re not going to get paid for doing chores as an adult, and many parents feel it’s important to teach kids to care for the family home without a “bribe.”
Some have explained that, when paid for chores, their kids demand money every time they’re asked to complete menial household tasks.
If we pay our kids for every chore under the sun, they could start expecting payment for everything. On the flip side, giving them an allowance that’s not contingent on work teaches budgeting but fails to show them that money is the result of effort. Without that crucial ingredient, kids are prone to think money just flows from the ATM, your wallet, or Apple Pay– as if by magic.
We’ve got a dilemma on our hands— Is there a middle ground here where we can teach kids the connection between money and hard work, and impart good saving habits while we’re at it?
The answer is YES, absolutely!
A good solution lies smack dab in the middle: create a system where you pay your kids for some chores, but not others.
Make a baseline, “just-because” level of chores that your child completes as their contribution to the home. In turn, you can give monetary rewards for going “above and beyond.” This motivates your kids to go the extra mile to earn money towards the video game or new bike they’re working towards— and your house will be a little bit cleaner at the end of the day, too!
Whatever your chore philosophy, Jassby makes it easy to reward your child for completing tasks around the house! With our iOS and web app, parents can safely give their teens money for rewards, accomplishments, gifts and more; teens can learn money management by saving or shopping from an parent-approved list of online vendors. When it comes to money matters, Jassby is part of the family!