What's the key to raising well-behaved, intelligent, and motivated kids? It may as simple as a chore system and an allowance.
There are plenty of benefits that come with assigning household tasks to your children: Not only will you get extra help checking items off your to-do list, you'll also be giving the kiddos a chance to learn new skills, the value of hard work, and money-management-all lessons that will serve them for a lifetime. "Parents have a lot to do and they need some help-I've got six kids and it's out of control how much stuff needs to get done," Gregg Murset, a financial planner, father, and founder of BusyKid.com tells WomansDay.com. "Chores are the perfect place to teach work ethic, accountability, and responsibility."
While many parents already have a family chore system in place, some are missing out on the additional benefits that come with distributing an allowance. By paying your kids for their work, you're also teaching them money management 101: something overlooked by most schools today. "Frankly, kids don't get taught how to make smart money decisions at school," says Murset. "It all falls on the parents; kids aren't being taught anywhere else."
Sure, you can assign chores to your kids without the money component, but it may not be as beneficial or effective. "You need to tie accomplishing things to money because that's the real world," says Murset. "If you really want to give them some life skills, they've got to learn that it's important to work hard, make money, and then make smart decisions with their money."
To make it easier on parents, Murset created BusyKid.com, a chore and allowance system that makes it simple for kids to track their to-do list and manage their money from their phones, computers, or tablets. On the app, parents can distribute the allowance and kids can choose to put it towards savings, donate to charities, or spend it on items.
Ready to get started? Use this graphic to devise your family's chore list. While parents should always consider their child's skill set and maturity level, here's a general guideline of what tasks kids can accomplish according to their age.
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