Teaching Kids about Earning & Managing Money through Chores
If you want to teach your kids about managing money, simply giving them money as a reward for chores or grades may not be the way to go. It leaves out so many important pieces, like saving, investing and what you need to do without pay simply because you’re a member of a household. Moneyprodigy.com offers some good advice about what to consider in their article, "Should Kids Get Paid to do Chores".
Plus, every parent knows the aggravation caused by keeping up with “Will you buy me that? I’ll pay you back from my allowance!” (which I hear from my 13 year old weekly!) Luckily, there are apps for that. Many of them let you input chores for pay and goals for savings. Some, such as BusyKid.com even let kids begin investing their money in the stock market so they can learn about those risks and rewards. OhioHealth.com offers the article "6 Top Rated Chore Apps for Families" to help people decide which app might work for their family.
If you’d like to talk about getting your financial chores done, give us a call and let us help!
- by Lisa S Duncan, CSM, Administrative Assistant