Q: Is it a good idea to pay my kids to help at home so they learn the value of money?
Submitted by Oliver on Sun, 08/14/2016 - 07:13, updated on Mon, 05/30/2022 - 16:31
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Submitted by JR on Wed, 05/17/2017 - 10:23, updated on Thu, 07/20/2017 - 06:43
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Absolutely! Monetary rewards provide more than just money in the bank. If you pay your kids to help out ata home, you will enjoy many benefits
They’ll be more motivated to help out
That’s the obvious reason. Who doesn’t want a little something for their efforts? Besides, it primes them for having a job when they are older.
They’ll learn how to save
By paying your kids to help out at home when they’re too young to go get a job in the real world, you’ll teach them how to save up their own money for things they want. Don’t want to buy them yet another video game? That’s fine. Let them earn the money for that game to see how hard work pays off.
They’ll learn how to be better spenders
Saving money is good but knowing how to spend it responsibly is also important. By earning money, your child will soon see what it takes to be good at spending without frittering away their savings.
You can also help them by exhibiting good habits with money in front of your children. Do you go to the supermarket with a budget and a list? Or do you roam aimlessly down the aisles throwing whatever looks good in the cart? Set a good example too and your children will learn how to be smart with money. |
