Ever feel like chores are the ultimate snooze-fest? From folding laundry to washing dishes, they’re the tasks we love to hate. But hold onto your brooms because here’s a secret: These mundane responsibilities might end up being the key that can help unlock your child’s understanding of economics and personal finance. Getting kids involved in chores early doesn’t just lead to tidy rooms – it could set them up for a lifetime of financial success.
In addition to building essential life skills, when chores and allowance are connected, there’s a practical opportunity to introduce your child to financial concepts such as earning, saving, and budgeting. More importantly, it will give them the opportunity to handle, identify, and count coins and bills – a basic skill that is disappearing among some students due to the rise of digital payments in our economic landscape. In my travels as a financial educator, I have witnessed this trend firsthand from kindergarten all the way through high school.
When transactions occur digitally, there’s no need to calculate change or understand the concept of currency. As a result, some kids are struggling with basic – but essential – financial literacy skills. While it’s convenient and efficient to pay for things electronically, understanding the value of physical money remains an invaluable skill that should not be overlooked.
The good news is we can help kids develop their critical thinking, problem-solving, and reasoning skills at home. Counting currency builds on mathematical concepts such as number sense, addition, subtraction, multiplication, division, and working with decimals. It improves kids’ understanding of monetary value, while instilling a sense of responsibility and independence when handling money. These skills are especially useful in everyday situations, such as shopping, budgeting, or working a part-time job as a teen.
How and When to Try This at Home
When kids receive allowance in exchange for completing chores, they start to understand the concepts of working to earn money and the experience of delayed gratification. When my sons turned sixteen, they wanted their own cars. Luckily, due to their diligence and commitment to their savings goals, they were able drive themselves to school in their hard-earned rides.
Starting early is key when introducing chores to your child. Here are some tips to get your chore routine started:
- Set clear expectations: Clearly communicate what needs to be done, making tasks manageable and age-appropriate.
- Establish routines: Set regular schedules for chores (maybe on Saturday mornings or right after school). Incorporate them into daily or weekly routines.
- Be consistent: Avoid changing rules frequently to prevent frustration or confusion.
- Focus on small tasks: For younger children, start with small tasks and make them fun and collaborative.
- Use positive reinforcement: Offer praise, rewards, and/or payment to encourage good behavior and completion of chores.
Assigning tasks according to your child’s age and capabilities is essential for success. Here is a breakdown of suggested chores by age:
- Two- to three-year-olds can put away toys and some groceries.
- Four- to five-year-olds can feed pets, make beds, and help with simple clean-up tasks.
- Six- to seven-year-olds might wipe surfaces, put away laundry, and sweep.
- Seven- to nine-year-olds can help prepare meals, load and unload the dishwasher, and walk the dog.
- Ten- to eleven-year-olds can change sheets, clean bathrooms, and work on more advanced kitchen tasks.
- Twelve and older can wash cars, assist with younger siblings, and mow the lawn.
By developing a system for chores and allowance at home with your kids, you can nurture their financial independence and decision-making skills. This collaborative approach to money management fosters open communication and empowers young people to make smart financial choices with the money they have worked hard to earn.
The next time you find yourself knee-deep in household chores, remember the hidden potential they hold. Embrace chores not just as a means to an end, but as a valuable teaching tool that can empower your children to become savvy money managers. After all, a little bit of tidying up today could pave the way for a financially healthy tomorrow.
