Encouraging your children to do some extra chores or tasks so they can improve their earnings is a good way to teach responsibility, as well as develop their money management skills.
Here are 5 ways children can earn more pocket money:
1. Doing laundry and ironing
Kids can leave what feels like a ridiculous amount of dirty clothes in the laundry basket. If you’re able to spend some time showing them how to do the washing, and, for older kids, the ironing, this can win you back some valuable time. If you’re lucky, it may also mean they’re a bit more careful when it comes to getting their clothes dirty.
2. Cooking meals
Home-cooked meals are typically cheaper and healthier than take-away meals. Getting your teenager to cook – even just once or twice a week – will not only help you, it will also help them learn how to take care of themselves once they leave home.
3. Tutoring younger siblings
If your older children are looking for some more pocket money, getting them to tutor their younger siblings might free up some of your time and give them some bonding time. Teaching is a great way to learn patience and understanding, as well as re-learn some valuable things like what 7 times 7 really equals.
4. Washing cars and mowing lawns
No matter what generation, it seems like washing your parents’ car or mowing the lawn is a rite of passage that almost all kids go through. It doesn’t have to be limited to just washing your car though – if your kids are really looking to build their earnings and you feel it’s safe, they can offer to wash your neighbours' cars as well.
Building a little business will help improve their cash flow, and give them a great introduction to customer service skills.
5. Organising a garage sale
Granted they'll probably need your help with this one, but organising a garage sale is a great way to get rid of your unwanted items, while showing kids the value of reusing, how to count cash, and how to calculate change. It can also be fun.
You can track your children's chores in the CommBank Youth app. Once a chore is completed, you can pay pocket money straight into their account and encourage them to check their balance in the CommBank Youth app.
It can be tricky to balance children having these great learning experiences and not setting a precedent that they’ll be paid every time they do something they may not necessarily want to do. So while you encourage them to make these positive contributions, try to help them see all the other benefits that come with helping others – even when money isn't involved.