Article Guide
The Family Chore Chart form serves as a practical tool designed to encourage financial literacy and responsibility among tweens. This form not only lays the groundwork for managing an allowance system but also integrates various elements aimed at enhancing savings habits. At its core, the form prompts families to establish a chore chart that tracks completed tasks, thereby ensuring children earn the money they receive. Additional incentives, such as extra earnings for completing seasonal chores, are encouraged to teach the value of hard work. Furthermore, the form advocates for setting a regular pay day, allowing tweens to develop budgeting skills as they plan their spending and saving around these intervals. Incorporating a monthly calendar also provides a visual aid for tracking financial goals and wish list items, fostering proactive financial planning. Engaging trusted adults to impart financial wisdom further enriches the child's learning experience, ensuring that important lessons about money management resonate beyond the confines of family discussions. Ultimately, the Family Chore Chart form highlights the importance of instilling a sense of financial responsibility early in life, equipping children with the necessary tools to make informed financial choices as they grow.
Form Sample
M
ney Talks To Tweens
and their families
Brought to you by your local bank and the ABA Education Foundation
Quick Tips to Help
Your Tween
Save Money!
1 If your tween has spending money, have him write a list of the things he’d like to purchase. Prioritize the list and discuss the choices, even research the lowest prices.
2 Help your tween earn extra money by suggesting he start a paper route or a
3 Set up an automatic savings plan for college or other expenses for your child. Putting away $5 a week over 18 years is $4680 — even more with interest earned if the money is in a bank account.
4 Have your tween wait at least
48 hours before buying an impulse purchase. If he still wants to buy the video game or CD a couple of days or a week later, you can be confident about it too.
It’s Pay Day!
The Chore Chart
If you have an allowance system in place or if you’re considering it for your child, set up a chore chart and check off when your child completes his chores. Make sure he’s earning the money he
receives. Include a few extras on the chart. Perhaps he gets an extra fifty cents for shoveling snow or raking leaves.
Allowance Day
If your child earns an allowance consider setting up a regular pay day. Maybe you’ll choose to give out your child’s allowance everyWednesday, or maybe on your own pay day at work. Suggest your tween make a budget or a spending or savings plan based on that regular pay day.
Planning to Save and Spend
Use a calendar to plan for monthly spending and saving. Make a place on the calendar for his or her goals for the month.This is also where your tween can put wish list items.Wish list items are things for which he does not have the money, such as a new computer game or guitar lessons.The list acts as a resource for possible gifts — or gives you ideas for a special treats.
Enlist Someone Cool 
Parents,guardiansandgrandparentsknowthattothetweenintheirlife,adults
If all of your talking about the importance ofsavingandplanningforthefuturedoesn’t seemtobesinkinginwithyourtween spender,enlistsomeoneheorshethinksis cool.Maybeit’syourdaughter’sbabysitter, alifeguardatthepool,oryourson’ssoccer coach.Asksomeonewithwhomyourchild hasaconnection.
Encouragethatspecialpersoninyour child’slifetodiscussafewbasicmessages aboutsavingandbudgeting.Perhapsyour daughter’sbabysitterwillshareherstoryof savingforherschooltrip.Yourson’ssoccer coachmighthaveagreatstoryabouthowhe
madeextramoneydoingneighbors’chores.Thelifeguardatthepoolmightbe abletoshareacautionarystoryabouthowsheblewlastyear’ssummerwages onatriptothebeach,whenhewassupposedtousehissavingsforadown paymentonacar.WhetherthetalesarebasedonwhattodoorwhatNOTto do,theywillbeinstructive.
Check Out These Books!
Visit your local library or bookstore …
Earning Money: How
Economics Works
By Patricia J. Murphy
This book details how to earn money, either by
requesting an allowance or starting a
Money Sense for Kids
By Hollis Page Harman
This book introduces different types of U.S. currency, an explanation of the complicated path
that money takes from the mint to banks to the consumer, how to earn money and how to make it grow by investing in stocks and bonds. Clear,
Click Your Mouse Here
http://pbskids.org/dontbuyit
(Corporation for Public Broadcasting and Public Broadcasting Service)
Yet another site developed specifically for tweens, Don’t Buy It: Get Media Smart is a media literacy Web site for young people that encourages users to think critically about media and become smart consumers. Activities on the site are designed to provide users with some of the skills and knowledge needed to question, analyze, interpret and evaluate media messages.
www.plasticforkdiaries.com (Maryland Public Television)
This Web site especially for tweens follows six middle school students as they experience
The ABA Education Foundation, a
© 2007 American Bankers Association Education Foundation, Washington, DC. Permission to reprint granted.
Document Specifications
| Fact Name | Description |
|---|---|
| Purpose | The Family Chore Chart helps families organize and track chore completion by children, allowing for an effective allowance system. |
| Connection to Financial Literacy | This chart promotes financial literacy by encouraging tweens to earn money through chores and make responsible spending choices. |
| Pay Day Flexibility | Families can set a regular allowance pay day that best suits their schedules, whether it's weekly or on a designated pay day. |
| Incentives | Parents can add incentives to the chore chart, such as additional payments for extra tasks, to motivate children further. |
| Goal Setting | The chart allows tweens to incorporate goal-setting in planning their spending and savings, fostering a sense of responsibility and planning. |
Steps to Filling Out Family Chore Chart
The Family Chore Chart is designed to help families organize chores and track allowances effectively. By following the steps below, those involved can create a functional and motivating chart for managing household responsibilities.
- Begin by gathering all necessary materials, including paper, a pen, and a ruler if you'd like to create a grid layout.
- Create or draw the chart. Include columns for chores, the name of the child responsible, completion dates, and any potential allowance amounts for each task.
- List out all the regular chores that need to be completed weekly. Examples include tasks such as cleaning their room, taking out the trash, and washing dishes.
- Consider adding extra tasks that can earn the child additional money, like raking leaves or shoveling snow. Write these down in the chart.
- Assign specific chores to each child. Ensure that each child understands their responsibilities and the potential rewards for completing them.
- Determine a regular pay day that corresponds with your family’s routine, such as every Wednesday or on your own pay day at work.
- Encourage the child to check off completed tasks weekly. This helps them visually see their accomplishments.
- Discuss any feelings about chores and pay with your child. Open communication can motivate them and improve future participation.
More About Family Chore Chart
What is the Family Chore Chart, and how does it work?
The Family Chore Chart serves as a visual aid to help children manage their responsibilities and, in return, earn an allowance. Parents can set up a chore list—assigning tasks that must be completed for payments to be made. Each time a chore is finished, it can be checked off the list. This system not only teaches children accountability but also rewards their efforts with tangible benefits, like extra money for additional tasks, such as shoveling snow or raking leaves.
How can I effectively implement an allowance system using the chore chart?
To implement an allowance system effectively, decide on a regular pay day. For example, some families choose Wednesdays, while others might align it with their own pay schedule. It's crucial to ensure that the allowance reflects the chores completed by the child. By connecting the allowance directly to work done, you teach the importance of earning instead of simply receiving. To deepen understanding of budgeting, encourage your child to create a spending or savings plan based on their allowance, fostering early financial literacy.
What are some tips for helping my tween develop good financial habits?
There are several strategies to instill sound financial habits in your tween. Begin by discussing spending priorities; ask them to list items they want and rank them. This dialogue opens the door for discussions about making wise choices and researching prices. Additionally, consider setting up an automatic savings plan for future expenses like college. Recommend a waiting period for impulse buys—suggest that your child waits 48 hours before deciding whether to purchase something. This strategy can help reduce frivolous spending and promote thoughtful decision-making.
How can I encourage my tween to talk about money management with trusted adults?
Engaging your tween in conversations about money management can be enhanced by involving other trusted adults. Identify someone your tween looks up to—perhaps an older sibling, a teacher, or a coach. Ask them to share their experiences related to saving and budgeting. Hearing personal stories from role models can make the lessons more relatable and impactful. Such shared experiences often resonate more than parental advice alone, reinforcing the importance of making financial decisions wisely.
Common mistakes
-
Failing to read all instructions thoroughly can lead to confusion and incomplete submissions.
-
Omitting family members' names results in a lack of clarity regarding responsibilities.
-
Leaving chore descriptions vague does not provide enough detail for proper execution.
-
Not assigning values to each chore can cause misunderstandings about allowance amounts.
-
Forgetting to update the chart regularly can lead to ineffective tracking of completed chores.
-
Neglecting to discuss chores as a family may leave some members unaware of expectations.
-
Underestimating the importance of setting realistic expectations can lead to frustration.
-
Failing to include some fun or rewarding activities can discourage participation in chores.
-
Not reviewing the chart together can lead to a lack of motivation and accountability.
-
Ignoring input from children on preferred chores may result in disengagement from the process.
Documents used along the form
The use of the Family Chore Chart form is often accompanied by various other documents and resources that can aid in teaching children about responsibility, budgeting, and financial literacy. Below is a list of documents that complement the chore chart, each serving a unique purpose in family management and education.
- Allowance Agreement: This document outlines the terms of the child's allowance, including how much is given, the frequency of payments, and the chores associated with each payment. It serves as a clear reference for both parents and children.
- Budgeting Worksheet: A budgeting worksheet helps your tween track income and expenses. It encourages them to plan financially for their needs and wants, promoting good money management skills from an early age.
- Savings Tracker: This form allows children to monitor their savings goals. It can include sections for short-term and long-term savings, helping kids visualize their progress towards larger goals.
- Chore List: Unlike the chore chart, which tracks completion and payment, the chore list provides an ongoing inventory of tasks that need to be done. This helps organize household responsibilities beyond just the allowance system.
- Goal Setting Sheet: A goal setting sheet is designed for children to outline specific financial or personal goals. This can include saving for a toy or planning for a family outing, encouraging them to think about their aspirations.
- Receipt Tracker: A simple tool for tracking purchases, the receipt tracker helps your tween understand where their money goes. Keeping receipts can lead to discussions about wise spending choices.
- Family Meeting Agenda: This document outlines topics for discussion during family meetings. It can include finances, chores, and responsibilities, ensuring everyone has a voice in household management.
- Educational Articles: Articles on topics related to financial literacy, saving, and budgeting can be useful resources to share. They can provide insightful information and stimulate discussions about money management.
- Financial Literacy Books List: A curated list of recommended books enhances your tween's knowledge. This list can include age-appropriate titles that focus on economics and personal finance.
- Reward System Chart: A reward system chart can be used alongside the chore chart to incentivize desirable behaviors. It encourages positive reinforcement for completing chores or staying on track with savings goals.
By utilizing these additional documents and resources, families can create a comprehensive framework for teaching valuable life skills. Together, they work to foster a sense of responsibility and financial awareness in children, preparing them for future success.
Similar forms
The Family Chore Chart is reminiscent of a behavior modification chart used in various educational settings. Both tools are designed to encourage and track the performance of specific tasks or behaviors. In schools, such charts often reward students for completing academic assignments or demonstrating good behavior, much like a chore chart rewards children for completing household tasks. The focus is on accountability and tangible rewards, reinforcing positive habits over time.
Another similar document is a daily or weekly planner. Both a chore chart and a planner help individuals organize their tasks and responsibilities. While the planner serves a broader purpose by allowing for scheduling of appointments, assignments, and personal goals, the chore chart specifically tracks household duties. Each encourages time management and prioritization, promoting a structured approach to completing necessary activities.
Bullet journals share similarities with the Family Chore Chart as well. Both serve as creative outlets for tracking progress and responsibilities. With bullet journals, users customize layouts and designs, making tracking enjoyable. The chore chart’s straightforward design focuses primarily on chores, but both documents encourage consistency and reflection on completed tasks, fostering a sense of achievement.
Goal-setting worksheets are another comparable document. A Family Chore Chart can include specific goals related to household responsibilities, similar to how goal-setting worksheets outline personal, educational, or professional aspirations. Both tools encourage individuals to define objectives and monitor their progress toward achieving them, enhancing motivation and accountability.
The concept of a family calendar also aligns with the Family Chore Chart. While a family calendar outlines events, appointments, and special occasions, it can also incorporate chore schedules. Both documents serve to keep family members informed about responsibilities and commitments, fostering communication and cooperation within the home.
Similar to the Family Chore Chart, a rewards system or incentive chart is used to motivate children to complete tasks. Parents might design a rewards chart that allows children to earn points or stickers for chores completed, redeemable for desired rewards. Both systems promote responsibility and create a positive association with completing tasks, encouraging continued participation.
Visual aids, such as charts or infographics illustrating chores and responsibilities, are also related to the Family Chore Chart. These visuals simplify complex information, making it easier for children to understand what is expected of them. Just like the chore chart, these visual aids serve to engage family members and promote a sense of ownership over their responsibilities.
Lastly, a weekly meal plan shares similarities with the Family Chore Chart. Both documents aim to organize and simplify family life. A meal plan outlines meals for the week, ensuring that dietary needs are met while a chore chart outlines household duties, ensuring that the home remains organized and clean. Both encourage planning ahead, establishing routines, and maximizing efficiency in daily life.
Dos and Don'ts
When filling out the Family Chore Chart form, it’s essential to follow certain guidelines to ensure clarity and effectiveness. Here’s a list of dos and don’ts to keep in mind:
- Do clearly define each chore to avoid any confusion.
- Do involve your child in creating the chart to encourage responsibility.
- Do regularly update the chart to reflect new chores or changes in tasks.
- Do establish a consistent pay schedule for completed chores.
- Don't overload the chart with too many chores, as this can be overwhelming.
- Don't forget to celebrate small achievements to maintain motivation.
Misconceptions
Misconceptions about the Family Chore Chart form can lead to misunderstandings about its purpose and effectiveness. Here are five common misconceptions:
- It's only for teenagers. Many believe that chore charts are exclusively for older children or teens, but tweens benefit significantly from having a structured routine that teaches responsibility and money management.
- Chore charts are too complicated. Some parents think that chore charts require elaborate designs or systems when, in reality, a simple chart with clear tasks works effectively for teaching children about chores and allowances.
- Kids won't be motivated by small rewards. A common misconception is that offering small incentives won't excite children. In fact, even modest rewards can motivate children to complete their chores and understand the value of earning money.
- It's just about doing chores. The Family Chore Chart serves a larger purpose beyond tracking tasks. It promotes financial literacy by linking chores to allowances and teaching kids how to manage money responsibly.
- Parents have to manage everything. Some think that it's solely the parent's responsibility to oversee the chore chart. However, involving the child in the process fosters independence and encourages them to take ownership of their responsibilities.
Key takeaways
Filling out and using the Family Chore Chart can significantly improve financial literacy and responsibility among tweens. Here are ten key takeaways to consider:
- List Priorities: Encourage your tween to create a list of desired purchases and discuss priorities to help them better understand spending.
- Extra Earnings: Suggest ways for your tween to earn extra money, like a paper route or dog-walking service, to reinforce the value of hard work.
- Automatic Savings: Set up a savings plan that automatically puts money aside for your tween's future needs, illustrating the benefits of early saving.
- Impulse Control: Implement a waiting period of 48 hours before making impulse purchases to help your tween think critically about their choices.
- Chore Chart Importance: Utilize a chore chart to connect chores with allowance, emphasizing the need to earn money through responsibility.
- Regular Pay Days: Establish a consistent day for allowance distribution, enabling your tween to plan their budget more effectively.
- Monthly Goals: Use a calendar to track spending and saving goals, allowing your tween to visualize their financial aspirations.
- Involve Cool Adults: Engage relatives or mentors whom your tween admires to reinforce lessons about smart money management.
- Educational Resources: Encourage reading financial literacy books that introduce concepts about earning, budgeting, and saving in an accessible manner.
- Media Literacy: Direct your tween to websites that promote media awareness and consumer education, fostering critical thinking about money-related topics.
Implementing these strategies can foster a sense of financial responsibility and encourage healthy money habits in your tween.