Allowance charts are a great way to help kids learn about the value of money and responsibilities. They can be used as a chore chart to make sure your kids are completing their household tasks, and can also act as a rewards chart, granting privileges or treats to your children when they reach certain goals. We have created a free template for you to use, so read on for more information!
Related: The average allowance by age
What is an allowance chart?
An allowance chart is a visual way for kids to see how much money they have and what they need to do to earn more. They can be used for various purposes, from tracking chores to reward systems.
There are several ways to use an allowance chart, but we'll outline two popular methods. The first is as a chore chart—kids can earn money by completing tasks such as making their bed, taking out the trash, or washing the dishes. The second way to use an allowance chart is as a rewards chart. Kids can earn privileges or treats by reaching certain goals, such as reading for 30 minutes every day or doing well at school.
How do allowance charts work?
Allowance charts can work in a few different ways, depending on how you set them up. Typically, an allowance is earned by completing tasks or chores around the house. Once the allowance has been earned, kids can then use it to purchase items they want, save it up for a larger purchase, or donate it to a cause of their choosing.
How to make an allowance chart?
You can make an allowance chart by hand or use the free template we have created for you. To make a chart by hand, simply draw out a grid on paper and label the rows and columns with different amounts of money. You can then fill in each square with how much money your child has earned.
If you'd like to use our template, simply download it and print it out. Then, fill in each square with how much money your child has earned. You can also use our template to track chores by labeling each square with a different task.
How to set up an allowance chart?
There are a few things you'll need to consider before setting up your allowance chart:
- First, decide how much money your child will start with: this could be any amount that you find reasonable depending on their age
- Then, decide on the tasks or chores that your child will need to complete to earn more money. Make sure that you set age-appropriate chores and tasks that your child can reasonably complete
- Finally, determine what the rewards will be for each goal. For example, you might give them $1 for tidying their rooms, or 70 cents for taking out the garbage
Related: Chores and allowance by age
Allowance chart template
Here is our free allowance chart template for you to use. Simply download it, print it out, and fill in each square with how much money your child has earned.
Set up weekly allowance transfers with GoHenry
If you're looking for a more automated way to manage your child’s allowance, you can set up weekly allowance transfers with GoHenry. Simply log into your account, add in your child's name, and choose how much money they will receive each week. You can also set up chores and goals and track your child's progress over time.