Teaching Your Kids Early About Chores and Making Money: A Parent's Guide to Raising Financially Smart Kids
- Manny A
- Jul 16
- 4 min read
Updated: Jul 21
✨ Why Start Early?
Every parent wants to raise responsible, hard-working kids. But teaching your child how to handle money doesn’t start with a piggy bank — it starts with a chore chart and a conversation.
When you show your child that effort = reward, you're laying the foundation for financial literacy, independence, and work ethic. Teaching Your Kids Early About Chores helps them discover the importance of saving.
“We started giving our 6-year-old $1 for every two chores. At first, she just wanted candy — now she’s saving for a scooter.”
🧠 What Kids Learn from Chores
Doing age-appropriate chores teaches kids more than just cleaning up. It helps them develop:
Responsibility
Consistency
Teamwork
Delayed gratification
Cause and effect
When you connect chores with earning money — even just a little — they start to see money as something earned, not handed out.
🪜 Step-by-Step: How to Introduce Chores and Earning
1. Start With a Family Talk
Sit down and explain why chores matter. Keep it short and fun:
“We all live here, so we all help keep things nice. And guess what? You can earn a little money while you're at it.”
2. Create a Simple Chore Chart
List 5–7 age-appropriate chores. Examples:
Age 5–7 | Age 8–10 | Age 11–13 |
Pick up toys | Take out trash | Fold laundry |
Feed the dog | Load dishwasher | Clean bathroom sink |
Dust furniture | Water plants | Mop kitchen floor |
🎯 Tip: Keep visuals fun — use stickers, magnets, or a printable chart from Canva.
3. Assign Dollar Value (or Points)
Make it clear that certain chores = small rewards.
Example:
✅ Take out trash = $0.50
✅ Sweep the floor = $1.00
✅ Bonus: Clean without being asked = $2.00
🪙 For younger kids, you can use fake money or tokens and exchange them later for a prize or treat.
🧠 Teaching Your Kids Early About Chores (Teaching Lessons Along the Way)
Every chore and reward is a chance to teach:
🟢 1. Saving vs. Spending
Set up three jars:
💵 Spend
🏦 Save
💖 Give
“When our son saved $20 and chose to buy a toy instead of candy every week, it clicked — money adds up.”
🟢 2. Work Comes Before Fun
Avoid paying for chores like brushing teeth or making the bed — these are expected. Reserve rewards for above-and-beyond tasks that teach effort = reward.
🟢 3. Talk About Real Costs
Take your child shopping and say:
“You earned $5 — that can buy one LEGO pack or two small snacks. What would you choose?”
These moments help build financial awareness early on.
🧰 Tools That Help
Here are some easy tools and apps to make it fun:
Greenlight App – Kid-friendly debit card with chore tracking
BusyKid – Kids earn, save, donate, and invest
Printable Chore Charts – Create colorful trackers on Canva
📌 Or use a whiteboard + jars with real coins for a low-tech approach that still works great.
🤝 Connect It to Real-Life Money Habits
As your child grows, talk about bigger money ideas like:
Earning money from yard work or lemonade stands
Saving for something big (e.g., a bike)
Helping pay for part of a toy they want
Starting a small craft or digital hustle as a teen
💬 Example:
“When my 12-year-old saved $40 doing chores and offered to pay part of the cost for a gaming mouse, we knew we were getting through.”
📖 What NOT to Do
❌ Don’t pay for everything — they won’t learn value
❌ Don’t give in if chores are incomplete
❌ Don’t skip the conversations — earning money without why doesn’t teach anything
📝 Mini FAQ: Parents Ask...
Q: What if my kid doesn’t care about money?A: Make the rewards more tangible (stickers, treats, privileges). It doesn’t have to be cash — it just has to feel like they “earned” it.
Q: Should I take money away for bad behavior?A: Avoid linking discipline to earnings. Instead, pause privileges (like screen time) and keep money lessons separate.
Q: What’s a good age to start?A: As early as age 4–5! Start simple — it’s more about habits than dollar amounts.
🧠 Final Thoughts: You’re Raising Future Adults
Teaching your child about chores and money isn’t about being strict — it’s about being intentional. You’re helping them:
Understand how the real world works
Build discipline and patience
Develop a healthy relationship with money
These are lessons they won’t learn in school — but they’ll remember them for life.
📎 Related Articles You Might Like:
A deep dive into chore-based allowances, helping you expand on this concept.
Shows how families can gamify saving money together—great for encouraging team effort.
Offers modern budgeting tools and strategies that can be applied when kids start earning.
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