There is a great debate about whether or not you should pay your kids for chores. On one hand, they do live there and have a responsibility to contribute, but on the other hand, it allows them to earn some money for themselves. It could teach a valuable lesson about working for money, but maybe it could backfire. Who knows? It just depends on how you teach personal finance along the way.
My wife and I are firm believers, and we do not mind paying our children to complete chores in our home. While some may not agree with this decision, it is what works for us and what we will continue to do in our home. Below, I will go over some reasons why I do NOT mind paying our children to complete their chores around the house.
They Learn Responsibility
One of the reasons I do not mind paying our children to do chores is because they learn responsibility, and they tend to take care of their things better later on. For example, if my children go outside and play in the mud and I clean off their shoes, they learn nothing. However, if they have to stand there and scrub their shoes until they are clean, they will be less likely to repeat the same behavior again.
They Pay for Their Own Items
I pay our children to do chores, yes, but now that they earn their own money, they can pay for their own stuff. I have made sure they understand that they are responsible for purchasing their own items such as that expensive shirt they just can’t live without. While I do still buy them the basics and necessities, I do not purchase items above and beyond what they need. If they want something, they pay for it.
Teaches Them Frugality
I have noticed that paying my children to do chores has taught them frugality. My youngest one saves up all of her money, and my oldest tends to save about half. I am proud to say that they better understand the value of a dollar.
When we go out to a store and they see something they want, they often ponder it for a bit, but they usually decide against it. They remember how hard they had to work for that $25, and they know how quickly it will be gone.
I do not see the harm in paying our children to do chores. In fact, it has actually taught them how to budget and how to spend their money wisely. I do not go overboard and spoil them with showers of money for things they are supposed to do, but I do reward them when they go above and beyond. My wife and I have a system that works, and it allows our children to learn a bit about personal finance as they push forward with life.