Adding money into any relationship is tricky. That’s why you need to start with a money philosophy. We’ve had a look at the research, and what seems to be the best way forward, and it looks like we have to be pretty careful when introducing money into your home life. First let's clear two things up. We should NOT be teaching our kids to only do things for money, but, we should NOT be leaving the money education to chance. So…what do we do?
What we know
Giving a kid money to do a job makes them less motivated to do that job again if you remove the payment
Here’s some great suggestions from SquareOne customers around NZ. If you do something else, let us know - we’d love to hear from you about what’s working in your house.
Unpaid tasks + pocket money (successful completion and positive attitude and responsibility). Using the SquareOne app, you can assign ‘free’ tasks to complete, and set automatic pocket money every week. Easy days.
Free jobs, worst jobs, mandatory jobs, fun jobs - get them up so your kids can pick and choose from a range of jobs from different categories - maybe they choose one from each, or have a roster.
No paid jobs + monthly budget - good for older teens who need money skills. They can get a
House jobs free - neighbours/relatives worth $$. Need to get some people on board to help out, but hey…it takes a village, right?
Make it rain day
One day of the week - all jobs are worth money.
Kids love a challenge - make the job into a goal oriented task. Make it fun, challenging, silly, whatever.
Responsibility for jobs that allow them to get better over time - complex tasks that have a degree of mastery. Those kids sure know how to wash a car well now.
Reason is the Season
Context matters - bringing the kids into the effective running of the household can really provide the purpose behind smashing out those chores. Show them the bills and the list of things that have to be done. Chip in, mate.
Get the kids to think of, and complete, jobs that aren’t done by anyone! How could they make this place better to live in, without you telling them what to do?