Value of [Earned Income] Money
Several years ago, my wife and I began discussing how the kids could earn their own money instead of simply giving them an allowance. It had become a habit of theirs to ask us to buy multiple items for them without understanding the cost.
They would say, “Just use your card.”
We decided earning money through doing chores was the way to go. Two lists of chores were made: one household chores, because you live here, and the other of additional chores to earn money (per chore completed).
The chores were age appropriate and have continued to expand as they are capable of doing more. The potential amount available to be earned each week was also increased over time.
An amazing thing happened (and continues to happen)! The kids began evaluating purchases to determine if the item was worth the asking price (value question) and whether they wanted to part with their hard earned money (desire question).
Sometimes the kids would ask us if we were paying for a particular item or they were. Other times they would pool their money together to buy a treat (or something else) that we didn’t plan to get that day.
They have also learned the discipline of saving their money for a desired purchase.
If you would like to know more about our story of learning the value of money or get a copy of our chore list, please contact us at 972-331-5670 or JJ@checkifinancial.com.