Money Milestones: The Smart Parent’s Guide to Chores, Allowance, and Life Skills

This article was originally printed in the May/June 2026 issue of ‘hood Magazine. To see this article in print, and to read the rest of the issue, check out our digital issue.

By: Sarah Kurtenbach 

“Mom, the football cards I want are over $40! What work can I do to make more money so I can buy them?” 

Cue the proud parenting moment. 

My 7-year-old’s growing sports card obsession has unexpectedly turned into a crash course in work and money management. And honestly? I’m not mad about it. 

In our house, we’ve had our kids doing small chores since they were two and earning money by age three. Now, we’re starting to see the lightbulb go on: money doesn’t come from a magical card you swipe, it comes from effort. 

If you’ve been wanting to introduce allowance (without creating tiny freeloaders), here’s a simple framework that actually works: 

1. Money Only Comes from Working 

Let’s start with the golden rule: if they don’t work, they don’t get paid. 

It’s simple, slightly ruthless, and incredibly effective. You’re not being mean, you’re preparing them for real life, where “just showing up” rarely earns a paycheck. 

2. Non-Monetary Responsibilities (Ages 2+) 

Not everything should come with a dollar sign attached. 

Create a list of daily responsibilities your kids are expected to do simply because they’re part of the family. In our home, that includes setting and clearing the table, picking up toys, and helping unload the dishwasher. 

There’s no pay and no negotiation, just a clear understanding that everyone plays an important role in the household. 

3. Earning-Based Chores (Ages 3+) 

Now for the fun part: earning money. 

Create a separate list of optional, age-appropriate chores tied to payment. Think: vacuuming their room, wiping down countertops, taking out the trash, or cleaning cabinet doors. 

Track their progress with stickers, checkmarks, or a simple chart. At the end of the week, they get paid based on what they completed. No work? No money. (It’s amazing how quickly motivation will appear!) 

4. Get Paid to Read (Ages 6+) 

Yes, this is your sign to turn books into their side hustle. 

Create an “approved book list” and pay your child to read plus discuss what they learned.  

Pro Tip: Choose books that will teach your children important life skills, such as: leadership, communication, business, and finances. 

Because if they’re going to earn, they might as well earn wisdom, too. 

And who knows? Today it’s football cards…tomorrow it’s a fully funded Roth IRA. A parent can only dream.