How Much Should You Pay Your Child for Chores?
If you decide you do want to pay your child for completing chores, how much is acceptable? Money Crashers suggests that a good rule of thumb is to pay your child $1 for each year of their age, per week. For example, a 5-year-old who completes all of his chores would make $5 that week.
If you would rather base your child’s rate on the chores themselves, consider setting a dollar amount for each chore based on its difficulty. For example, picking up any items on the floor in the living room may be a one-dollar chore, and washing the car might be a five-dollar chore.
Whatever you decide to pay your children for their chores, make sure you handle it in a way that teaches them money management skills. It is important that our children learn financial responsibility in a way that will stick with them, even into adulthood.