Teaching the Value of a Dollar: Average Allowances for Household Chores
One of the more effective methods of teaching financial responsibility to children is offering an allowance in exchange for household chores. Providing a reasonable amount, however, is key to ensure the child has a realistic understanding of “the value of a dollar.” The going rates for the most common chores, according to the COUNTRY Financial Security Index, are: Making the Bed - $1.18 Setting the Table - $1.31 Taking Out the Trash - $1.90 Doing the Dishes - $2.03 Cleaning the Bedroom - $2.07 Cleaning Surfaces - $2.20 Cleaning Floors/Vacuuming - $2.55 Taking Care of a Pet - $2.66 Cleaning a Common Area - $2.72 Doing Laundry - $2.82 Cleaning the Garage - $5.20 Mowing the Lawn - $6.28 When is the best time to start offering these allowances? Survey respondents say as early as age 5, and ideally when the child reaches age 8. Source: COUNTRY Financial |
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