Parenting coach reveals why you should NEVER give your children money for doing chores - as she shares genius tips for teaching kids to manage finances from an early age

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A parenting expert has revealed why you should never give your child money for cleaning up around the house - while sharing a series of tips for how you can help kids learn to manage their finances from a young age.

Lisa Bunnage is a US-based coach who frequently shares parenting tips on her TikTok account. In the viral clip that garnered 482,000 views, Lisa revealed that you are better off keeping 'allowances and chores separate' because it helps them 'understand and respect money.'

Allowance and chores should be kept separate. You don't give allowance for doing chores, because you want them to understand that chores are just something you should do just because you've got to contribute to the household,' the mom explained.

She added that you should never pay your children to 'clean up after themselves.'

Lisa explained that things like putting their clothes away are just given things they should be doing.

And while she doesn't think you should be paying your kids for doing their chores, she does note that you should be giving your children an allowance.

'Allowance is something I believe all children deserve to learn how to manage and spend money responsibly,' Lisa said.

The mom-of-two noted that she began teaching her kids the importance of managing money as early as three years old.

Her key parenting hack was to start something she called 'mom's bank.'

Holding up a notebook, she explained that she would use one side for one child and one for another.

'So I [would] put date, description, debit, credit, [and] balance,' she said.

Then, Lisa explained that every Saturday morning she would call her kids over for 'mom's banking time.'

'So I'd say here's your allowance and here's the new balance. When they got to $100, I gave them $10 interest. When they got to $900, I gave them $90, when they got to $1000, I gave them $100, and then I only paid $10 on the next hundred, so I treated it like 10 per cent, until they got to $1000,' she explained.

Source: Dailymail

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