How to Teach Kids the Value of Money by Using a Chore Schedule

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Things You’ll Need:

  • PC with Microsoft Excel or plain old paper, pencil, and ruler 

Step 1

Create a simple spreadsheet on your PC with Microsoft Excel. If you don’t have the application or a PC then use a sheet of plain white paper, pencil and ruler.

Create the schedule (matrix) with the days/dates of the week across the top columns and the individual chores along the side in rows. You can draw lines with a ruler so that each chore and its day intersect. Set up the schedule for a month.

Step 2

Decide what chores your child is capable of performing according to age. Some examples are feeding pet(s), taking out the garbage, washing the car, yard work, picking up their clothes, washing/drying dishes, etc.

Put the name of each chore in its own row.

Step 3

Give each chore on the schedule a monetary value. Feeding the dog is 25 cents a day. Taking out garbage is 50 cents a week. Sit down with your child and decide. Make the harder or not so pleasant chores like cleaning the kitty litter box worth more to perform.

Use simple values that coincide with what they’re learning in school.

Step 4

Once the schedule is setup show your child that during the coarse of the week if all the chores are performed what the total amount will be. If they slack off on some chores or forget to do them then let them know that the amount of allowance will decrease.

As the chore is performed place a check mark in the corresponding area where the chore name and the day of the week intersect.

Step 5

Post the schedule on the refrigerator or some other place where your child can see it. Review with your child either daily or weekly the chores that have been completed. Show them the amount earned by adding up the daily columns.

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