Paying For Chores Teaches Valuable Financial Lessons

In this day and age, it seems our children are growing up without understanding and embracing the value of money. It’s no surprise, since many parents’ answer to “Mom, can I have $20 to go to the movies?” is “Here honey, go have fun.”

The problem with this approach is, whenever your children want to have something or do something that costs money, they grow to expect you’ll just give them the money.

In the old days, it was common for parents to give their children allowances, that they could spend or save at their discretion. But there was always a catch… the child had to perform some task around the house that needed to get done. We called them “chores.”

This way the parents cut their work around the house in half, as their children did their chores. While at the same time, the children learned the important lesson of the value of money. They learned how working for what you want is better than asking (or begging) for money all the time.

Whether you create chores for your children to do, or use another method of having them do something for financial compensation… every time they have to work for something they want… will teach them the value of money.

So why is this lesson so important? Many children grow up to be adults and parents, but they still do not understand the value of money. These people are the ones who run up tens of thousands in credit card bills without even thinking about it. Then when it comes to pay the bills, they are stuck.

You being tough with your children about money now, while it may seem unpleasant to you, is actually giving them the financial education they need to become prosperous adults who understand the value of money. These adults are far less likely to abuse money and credit. And are far less likely to experience family problems due to personal finances out of control.

Do you have a yard that needs to be mowed? How about the dirty car that needs to be washed? Pick a few things each month that you know needs to get done, and pay your children to do it. Before you know it, your children will be coming to you, not begging for money, but begging to cut the grass or wash the car!

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