5 Ways To Help Your Child Understand The Value Of A Dollar

Give Commission, Not An Allowance

You can do either, but an allowance is not the best option in some households. For example, you might offer your child an allowance for doing their chores every week, but it might not work as well as offering them a commission on their chores each week.

Giving commission rather than an allowance is similar than giving an allowance, but it’s a little more defined. Rather than offering your kids a set amount of money each week to do their chores, you can give each chore a dollar value and allow your child to earn what they want. For example, instead of giving them five dollars per week to keep their rooms clean, try issuing them twenty-five cents per day for making their bed, fifty cents each time they unload a full dishwasher, and so on. Your kids might not do the chores, so they might not earn their commission. However, they will quickly learn if they don’t do the work, they don’t earn money, and the more they work, the more they earn.

Continue reading to learn how to turn waiting into an advantage.