i do something similar when i remember lol.

ds has 3 chores to do every day, he is 6. make his bed, take the dirty clothes to the basket and clean the playroom - if he does all of these he gets a lunchorder every friday, plus 20c for each chore done each day so he can potentially earn $3.80 per week, we also encourage him to split it 3 ways, he puts 1/3 in his wallet for spending on whatever he wants - the other 1/3 into a money box to save for something special (if he does a good job saving then i generally make up the difference) and the other 1/3 into another money box which is for the bank. he also gets a gold coin usually $2 if he does extra stuff like helping with car washing etc, also $2 arrives from the tooth fairy and he chooses where he wants to put that money.

so far it has worked great, i remember when we first started it he took his wallet to the shops and wanted a drink and a car so i said well you have your money, he went to buy the drink and said oh i only have 5 cents left can i get a car for that i said no, he put the drink back and said i will have a drink of water when i get home and brought the car lol - so it has taught him some value.

we are thinking of increasing the amount per chore soon tho cause once you divvy it up 3 ways, it can take a loooooooooooong time to get a decent amount.