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January 29, 2018  By Brandy Ellen

Teaches Money Management
Giving kids a set price for each chore completed helps them to manage money. Kids as young as age three can start to learn how to manage money by earning small amounts for completed chores. This system of chore commissions is also recommended by the finance guru Dave Ramsey  – his system of good financial habits changed lives of hundreds of thousands of people across the US, so he definitely knows his way around teaching financial responsibility!

Teaches Work Ethics
As your kids grow and their price for chores increases with their ability to complete more tedious tasks around the home, they should earn more. During the teen years when your kids aren’t quite able to get hired onto a real job yet but want to work to earn money, paying your kids for chores will help inspire them to work hard to earn more and in turn teach great working ethics. Once they’re old enough, they can start with summer jobs.

Encourages Independence
One job as a parent is to work towards creating a way for your kids to start to be independent. During the teenage years your kids may desire higher priced items when they can work to do chores around the home and earn more cash, they are better able to have independence with cash spending and having which teaches them to not take money for granted.

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