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In order for kids to learn how to manage and value money, they need to have some. However, money doesn’t grow on trees so the first lesson they are taught through Kiddy Credits is that money must be earned.

It is well known that when somebody is given something for nothing they don’t appreciate it as much as if they had earned it themselves. In fact, experts compare giving kids an allowance for doing nothing to adults being on welfare.

Kiddy Credits ties the performance of chores to the payment of pocket money using a simple, colourful and interactive chore chart that will help teach your kids the relationship between money and the value of service.

Each chore chart is unique to each kid, and the amount they are paid for each completed chore is customisable to suit your family’s budget and your parenting style.

Customising chore charts is a snap. Simply click and drag from the list of chores to create your child’s weekly chore chart! There is a wide selection of chores, tasks and behaviors for you to choose from. Can’t find the task you are looking for? No worries, you can quickly add it. As the chores are completed you or your child can mark them off, to help reach their weekly pocket money goal.  Remember, if chores aren’t your things you can reward for behaviour, school work or accomplishment.  But remember, we are all about preparing kids for the big, bad world where money most be earned.

“The Commonwealth Bank recently released a survey on pocket money; apparently it’s worth $1.4 billion each year!

They surveyed 1,023 parents of a child/children aged 4 – 15 years and found the following:

  • Almost 80 per cent of parents pay pocket money, with the average starting age at just over six years old.
  • Younger children save more of their pocket money than older children.
  • The most common chores for earning pocket money are tidying the bedroom and washing dishes.
  • Children are most likely to spend their money on food, snacks and lollies.

Read the full article here Kids and pocket money | Canstar.

Justine Davies on 28/02/2013