Should you pay your student for doing chores?
If your goal is to help teach basic financial skills, Smiler says that at least a portion of the allowance should be guaranteed money. It’s important to be clear and consistent about how much the base allowance will be. And, while there is merit in providing additional money based on chores, some chores should be a given.
“I encourage the parents to make the daily chores part of the expectation of living together in community,” Smiler says. Daily household chores might include emptying the dishwasher, walking the dog, and taking out the trash, while additional money-earning tasks could include doing work around the yard and cleaning out the garage. Ultimately, it’s up to the family to decide, he says.
How much should you pay for allowance?
Some families use the unofficial rule of 50 cents to $1 for each year of age (so your 15-year-old could receive $7.50 to $15 per week).
However, there may be other considerations that come into play, most notably what the allowance covers. If your student has to now buy their own clothing, gas, entertainment (like movie tickets), and daily miscellaneous purchases, then make sure you give an allowance large enough to cover these needs.