â€œIn order to raise smart money children, you have to instill that there are certain things they need to do as members of the household," says Seymour. "But there are extra things that they can do to earn money.â€
Create chores they can do to earn money. For example, making your bed or setting the table are things you do as a contributor to the household, but cleaning out pet cages, raking leaves or doing things that are above and beyond the basics is an opportunity to earn money.
Suggested allowance amounts can be figured out using age division (For example: they earn half their age each week. 5/2=$2.50/week) but for older children who are capable or raking leaves, babysitting, cleaning out the gutters, etc. the wage should be based on the work thatâ€™s being done.