I've been a little hung up on the idea of paying my children to do chores. I agree with Dr. Weinstein that children "should do chores as a member of a household." Additionally, I'd have a problem keeping track of the work done. In that case such a program would be ineffective.
I also like the idea of having them split their allowance 3 ways (save, spend, share). Here is a great homemade piggy bank you can make to help them do this. I plan to make this for my 4 year old. I'm afraid my 2.5 year old is a little young...he might like spending the money, but the other concepts are probably too abstract.
Please share your experience of allowance with the rest of us.
This is an excellent book about teaching your kids about finances -- Piggybanking: Preparing Your Financial Life for Kids and Your Kids for a Financial Life. This author also says that paying your kids to do chores can backfire. You don't want your kids to just decide that they'd rather not do the work than have the money. I agree with that concept.
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