Chore Charts and $$ for Kids

As a mom, one of my goals is to instill a good work ethic in my kiddos. I also want them to appreciate and be able to manage money in a smart way. Matt & I learned a lot through Dave Ramsey’s Financial Peace University about eight years ago ( Now, I am passionate about teaching my young children the value of saving and giving.

When Ella was 5, we implemented a Responsibility Chart. You can buy these almost anywhere … we got ours at Target for about $15. If she completes the task at least five times during the week, she gets the reward magnet. If she gets four or more reward magnets, she gets four quarters. Then, she puts one quarter in savings (in her piggy bank for when we go back to Disney World … last time she had over $70), she takes one to church and she gets to spend the remaining $0.50. She loves it! Sometimes she spends the money on candy, and other times she will save for something (like a stuffed animal or small toy). It’s rewarding to see her make small financial decisions on how to manage her allowance.

Since Carter is only 3, can’t yet read and doesn’t understand the concept of $$, I’ve been struggling with how to implement a chore chart. We desperately need one because he does not like to sleep in his bed. So, I started asking my friends what they use for their younger ones. My good friend and neighbor, Whitney, uses marbles. They do a chore, they get marbles and when they collect a certain amount, they get a prize … like Chuck-E-Cheese. I absolutely loved that idea!

Since Carter loves to collect rocks, we decided to put them in a dump truck (one that he does not play with) for each chore he completes. I took pictures of the chores and put them on poster board with the number of rocks he will earn for each item. I keep the rocks at my desk in a cabinet (so they do not become toys) and when he accomplishes his task, I give him the rock for the dump truck. When my rocks are gone and his dump truck is full, he will get something special. Right now, he says he’s working for Chuck-E-Cheese too!

What do you do to implement chores and allowances with your kiddos? I would love for you to share your helpful tips.