Chore Charts and Reward System Teaches Young Children Basic Money Concepts

Our children have a lot of toys...probably more than they need. However, they definitely do not have every single new toy that hits the market. We decided early on that if we run out and buy the latest superhero or electronic toy every time one hits the market, it will not only be bad for our checkbook, but bad for our children as well.

If a child gets everything he or she wants without any effort, what is this teaching them? Are they learning responsibility? Will the toy soon be tossed to the side with all of the other toys?

Our children appreciate getting gifts and receiving new toys because we are teaching them that it is a privilege and not a right; not something to be expected. Life is not going to hand them everything they want on a silver platter.

We teach them that it takes money to buy a toy and Mommy or Daddy has to work to earn the money to buy a toy. They learn that we also have to have money to eat, to pay for our house, to buy gas so that we can go places. They do not need to know exactly how much everything costs to understand the concept that it takes money to buy the things we need in our family. In addition to teaching these basic principals to our children as early as age three, we created a chore chart system that rewards the children and gives them an opportunity to earn money. This "reward system" is really paying off at our house.

When we made the decision to implement the chore chart and reward system, we also considered offering an allowance as well. We decided that we did not like the concept of just handing our children money regularly, no strings attached. Our children are young and they got really excited about the concept of doing extra chores to earn money so we did not want to "spoil a good thing." This way, we have a methodical way of giving them money or buying them toys and the chore chart and award system is actually making our children get excited about doing chores around the house.

First, we made sure to explain the chore chart and reward system thoroughly to the children. The chart is on the bulletin board in the family room and is usually the first thing we look at in the morning.