When Kids Work Hard For The Money

Are your industrious littles earning spending dollars through allowance? If not, here’s an article on how to get started with allowance. Once they start earning, they quickly learn to spend. So how do we handle their more costly spending requests?  

Many young children inherently want to be helpful, and they gain confidence and competence by completing tasks around the house.  So why not double down on these benefits by compensating them accordingly? We promise a little bit of money will go a long way in their financial fitness.  

Reminder: Keep it all in perspective

Let’s be clear.  Our kids aren’t earning the big bucks by doing what’s already expected of them (i.e. taking out the trash!).  Instead, they are compensated when they tackle those extra-special, above-and-beyond jobs. 

If there is a task we might otherwise pay someone to do, it can offer a good opportunity for our kiddos to rise above their allowance pay grade.  Admittedly, the quality of the workmanship may be a bit subpar, but their pride in a job (sorta) well done will undoubtedly pay dividends. 

How to Compensate Your Child

Obviously, we don’t pay our minis at market rate.  But, some agreed upon compensation is only fair for their household contributions.

Real life examples:

Here’s what the BT dozen have done lately to earn some extra dough:  

• Tidy Up

  Teddy (age 7) earned five dollars for tidying the tornado of toys in his basement...TBH we desperately wanted The Home Edit, but his rate was much more competitive. 😉
  

• “Babysit”

  Eleanor (age 6) earned 50 cents to “babysit” her 18-month-old brother in his crib while Mom finished up a last-minute conference call.
  

• Shovel Snow

  George (age 5) helped his Dad shovel the front walkway after yet another recent snowstorm (spring, are you there yet?!) for a cool three bucks.

During warmer seasons, ambitious kids can earn the “big bucks” by helping weed a garden, collecting sticks in the yard, cleaning out the garage or assisting with spring cleaning projects.

Reflect on the Process

An important topic of conversation following a completed task? Decide with your child how she might allot her earnings.  Does it all follow her usual spend/save/give allocation, or do these extra dollars go directly towards the light-up scooter she’s pining after? That’s up to you and your child to decide together.