Teaching your kids to be responsible with money is the best way to start them on a path toward lifelong financial stability. That’s why chores around the house can be more than just an easy way of sharing the workload.
It’s important to teach kids that working hard and being diligent about saving money will help them get the things they want and need.
Chores for kids to earn money should be age-appropriate, introduced gradually, and suitably rewarded. That said, knowing what to ask of a child is a personal decision and will vary based on the family.
Chores vs. Allowance for Kids
It’s open to debate whether or not having an allowance is better than chores to do around the house to earn money. On the one hand, a set allowance teaches kids to budget their money and live within a fixed “income.” On the other hand, if you reward chores individually, your children may be more motivated to work to earn money around the house. Ultimately, it’s up to you to decide which system you’re more comfortable with and which option your child responds the best to.
Chores for Kids Ages 2-5
Most parenting experts agree that kids can start doing basic chores around the house when they’re as young as two years old. At this point, your child will start with little to no concept of money, but doing chores can help them learn about helping take care of your home.
Some easy chores young children can do include:
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Picking up and putting away their toys and books
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Picking up and throwing away trash
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Folding washcloths and other small linens
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Helping set the table or clear it after eating
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Feeding pets and watering houseplants
At a young age, of course, your kids will require supervision while doing their chores. The goal at this point is less to insist on perfection and more to simply get them into the habit of helping around the house. Be patient and encouraging, but show them the right way to do things when they make a mistake.
Chores for Kids Ages 5-10
Starting kindergarten will expose your kids to new people and ideas, and it may increase their exposure to social pressure around having the latest toys or gadgets.
By this point, your kids should also have some idea of how money works. You can use this to your advantage and give them an allowance or small monetary rewards when extra chores are completed. This will teach them the importance of working hard and saving up for the things they want.
Children grow a lot between the ages of five and ten, so use your judgment about which chores they can handle. Some common, everyday tasks parents will have their kids doing at this point include:
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Sorting and folding laundry
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Cleaning their room
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Sweeping and mopping the floors
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Dusting the furniture
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Helping with the cooking and dinner preparation (washing vegetables, etc.)
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Setting and clearing the dinner table
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Loading and unloading the dishwasher
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Preparing their own snacks and packing their lunch
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Raking leaves and doing other light yard work
As far as how much to pay your kids for these chores, you’re at liberty to determine what each job is worth. The most important thing is to be consistent.
Chores for Kids Ages 10 and Up
By age 10, your kids will be capable of taking on more responsibility around the house. If you’re ready to start giving them extra chores, make sure they’re rewarded accordingly. Older kids should be able to:
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Mow the lawn
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Do their own laundry
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Clean the kitchen and bathroom
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Wash and clean the car
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Cook a simple meal on their own
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Babysit their younger siblings
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Shovel snow or rake leaves
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Walk the dog
Bigger jobs should come with more considerable compensation, depending on how long they take.
Chore Charts to Incentivize Kids to Do Chores
Chore charts help you keep track of what chores need to be done and who has done them, and give kids a physical reminder and a sense of achievement. There are lots of ways to create a chore chart, but here are the important parts to include:
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What the task entails
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How long it takes or how much money they will get paid for doing it
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Who is assigned the task
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When the task needs to be done
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How to know if it’s completed
When your kids start doing chores around the house for money, they can learn valuable lessons about why saving is so important. To begin saving, the next logical step is for them to open an account of their own. At PSECU, kids as young as 13 years old can open a checking or savings account in their own name. And if your child is under 13, you can open a youth savings account in their name. Plus, to help kids get their savings going, children under age 18 qualify for a 4.00%* Annual Percentage Yield on youth savings account balances of up to $500.
Find more money management tips and resources on our Resource Center page.
*APY denotes Annual Percentage Yield. To be eligible for the Youth Savings rate, the primary account owner must be under the age of 18. All eligible Youth Savings Share accounts earn 4.00% APY for balances of $.01 to $500.00. For balances of $500.01 and over, the Regular Savings Share APY will apply. Rates and information are subject to change at any time. Fees could reduce earnings on the account(s). The disclosed dividend rates are variable and may change after the member opens the account(s). Find our current dividend rates at psecu.com/rates. PSECU requires a $5 minimum balance to open and maintain a Regular share account. This $5 share account deposit is also required to be eligible to receive the Youth Savings rate, and the member must be in good standing as defined by PSECU's Bylaws, Article II, Section I. PSECU will make a $5 minimum share purchase on behalf of the member.