getting money for chores - at what age? 2YO too young?

Just wondering at what age it's appropriate to start teaching the value of money?

DS (2 yrs 10 months) has got his heart set on getting a bike. He talks about this bike all the time and what it looks like and how to ride it, etc. Tells us all the time, he's going to get money out of his piggy bank and go to the shops and get a bike.

I thought it might be an opportunity to start teaching him about money. If he helps us do X, he gets a dollar, if he helps us to Y, he gets two dollars, etc. Then we could save it up in his piggy bank until he has enough, and then go down and buy it.

So - question is, do you think he too young for that?? At what age did you introduce pocket money and teach children that money needs to be earned?

I think if he is old enough to understand the concept of getting money from his piggy bank and buying it, then I think that he would understand that if he does xyz, then he can get more money for his piggy bank to buy his bike. I can't remember when we introduced it with our kids, but more often than not we don't give them money, we buy things for them. DS1 gets way more than the girls because he does more and they understand that if they don't pull their weight and do the very few jobs that are set, then they don't get anything. They understand that this is their 'pocket money' of sorts.

When I first read the title I though maybe start out with a sticker chart when he helps you do little chores. But if he knows he wants the bike, and he knows what money and his piggy bank means, then I'd say this is a great learning opportunity. :)

Nah, not a great idea. Kids don't have an appreciation of money for yeeeeeeeeears! It's just gonna teach him about extrinsic rewards, rather than the value of doing jobs around the house for the purpose they serve - clean toys off floor so you don't fall over them and can't find them easily, put dishes in the sink to help mummy cos it makes her happy to be considerate etc. Read a bit of Alfie Kohn (google his name) for the cons of 'rewards'.
Even at nearly 4yo, if my DS wants something and I reckon it's a good thing, I'll get it for him - no strings attached, unconditional, just cos :) If he can't have it I explain why.
It's not really fair to burden kids with the 'value of money' idea, it's so far beyond them, as it's not a natural concept - loads of intelligent adults struggle with it! This is different from saying "we don't have the money for...", but not unrelated. My DS will say "you have to get more money then", what a sweetheart! I don't bog him down with why we don't have money, I just say I don't have it in my wallet and I can't get it from the ATM.
Give yourselves a break and talk to him about trikes instead :)

I agree with Trill in that if he already understands that much then he'd probably get the concept of earning, however I reckon that not quite three is still to young to have to earn anything. He might understand that you will give him coin if he does stuff you ask, but does he understand the difference between 10c and $1 and what that really means in the overall scheme of things?
And, would that lead to 'well I'm only going to do xyz if you give me money"?
But that also maybe because I'm not a fan of pocket money in exchange for 'chores'. I believe we all live together, so everyone can contribute in their own way, it makes our house a nicer place to live. Pocket money fair call, because I can, for no other reason

I'm all for teaching the value of money, but they are only little for such a short time and think you are everything for that same amount of time.
:dunno:
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ETA Mayaness posted at the same time but :yeahthat: exactly!

Wow Maya....what wonderful words of wisdom! I have never thought of it like that! Thank You :)

Thanks Trillian, I thought that too, obviously he's understanding the connection between money and objects, so wondered how we could work some learning into it.

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It's just gonna teach him about extrinsic rewards, rather than the value of doing jobs around the house for the purpose they serve - clean toys off floor so you don't fall over them and can't find them easily, put dishes in the sink to help mummy cos it makes her happy to be considerate etc. Read a bit of Alfie Kohn (google his name) for the cons of 'rewards'.

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Yeah, this is what I was thinking too.. I thought it might make him wonder why he doesn't get 'paid' every time, or interfere with motivation to do things because they need to be done, without expecting anything in return. I will look up Alfie Kohn and see what he's got to say, thanks for that.

Another thing I thought of is that he could just collect up coins from around the house (always plenty lying around) and we'll count them up to see if there's enough, and if there is we can go down and get it but if there's not we need to wait and get more. So that way he can learn a bit about the value of money and that you need the right amount to get something, but it's not like he has to work for it.

Kim - that's a good point. How many others out there give pocket money without conditions attached? I always had to earn mine (and as an adult I have a great work ethic, if I do say so myself lol)

I never had to 'earn' my pocket money as a kid, so maybe that's why I feel the way I do about it.
I too have a very strong work/pull my own weight ethic, but I don't think that's something that comes from pocket money. I truely think that's learnt from role models.

I don't do pocket money yet. My boys are 3.5 and 1.5.

All I do is at the end of the week, I go through my coins and split them equally between the boys. Each gets exactly the same amount and they go into a money box. When it is full, it goes to the bank for when they are older. They don't really care other than the fun they get putting the money in the money box and shaking it.

DS1 knows that if he wants something, he needs to ask. If he demands, then he doesn't get it. If it is a big thing, then mummy & daddy have to save for it. When he knows we are saving, then he just asks us how our saving is going until we have enough.

Personally, I think pocket money will be introduced in our family when DS1 starts school and he has friends. To me, pocket money is for luxuries like going out with friends (even when mum is there), toys with no purpose other than fun etc. It is my job (and joy) to provide the basics and occasional fun things. To me, a bike is fun but also good for health so I would buy it because I love him. My only problem is making sure I get something 'big' for DS2 so I am not spoiling one more than the other.

DS1 knows that daddy and I work to earn money to buy groceries, so we have a house, can pay bills so we have lights, TV and can cook food. The leftover money is saved for what we want.

DS has never really been interested or paid attention to the cost of things other than to ask if we have enough money. If we didn't, he didn't fuss. Personally, I think he understands the concept of money and the value in a general sense but the amounts etc are a bit hard for a 3 year old who isn't really interested in it (YET).

This is a bit of a long-winded ramble but in short, I would buy the bike and tell him that it was because I love him. If I couldn't afford it, I would tell him I was saving and when I would expect to have the money (allowing for money issues occasionally so if I got the money together early, it was a special surprise).

Good luck.

DS will get money for doing his chores when I do.

Ain't gonna happen then.

Mum tried doing the "get paid for chores" thing. After refusing to let us help when we wanted to because we weren't good enough then whinging we never helped. So Sis and I went overboard when she drew up a money sheet and she was paying us five times as much! Lasted two months, I think.

I have a good work ethic: this comes from knowing that if I don't do it, no-one will. I am alone in this world and so only I can sort my life out. Because Mummy and Daddy won't: they're too busy helping everyone else to find time, let alone money, for me. I want DS to take pride in his work and have a good work ethic from that, so DH and I praise him for his good work when he helps out. He gets more praise for helping without being asked.

for me I say yes it's too young. I think at that age they need to learn to help and do things in the house because they SHOULD not because they will get money for it.

I am still hesitant to bring pocket money into my home and Jaidan has just turned 6. I have decided when we bring it in at the end of the year, it will be for doing a specific handful of jobs, and not for helping out. I think kids need to learn they have responsibilities in the home, to help with chores and keeping the house clean, and that appreciation of a clean house is the reward.

Your son is not too young to help do chores though :) I started all mine at about 2. Now at 4 and 6 they sweep, vacuum, tidy their room and the toy room, and even help fold the washing. Ashton has just started helping clean up his mess too:)

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I never had to 'earn' my pocket money as a kid

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I didn't either. We just had pocket money. But sometimes mum would get us to do extra things around the house (iron all the work shirts, wash the car etc) for extra money.