Incentivize Chores to Create a Financial Education with Fern

As a parent, getting your child to complete their chores can sometimes feel like an uphill battle. But what if those everyday tasks could become valuable lessons in financial responsibility? With Fern, our free tool in Digital Banking and the Columbia CU app, you can incentivize chores with your child, encouraging them to complete tasks while teaching them essential money skills like earning, saving, and spending wisely.

Incentivize Chores to Create Financial Learning Opportunities

Children who develop smart money habits early are more likely to grow into financially responsible adults. By connecting everyday chores with earning and financial goals using the Fern tool, you not only motivate your kids to help out around the house but also prepare them for real-world money management.

Fern is designed to give kids hands-on experience with money in a fun and engaging way. You can do a lot more than just incentivize chores. Here’s how it works:

• Earn – Assign chores like making the bed, taking out the trash, or mowing the lawn and link them to real monetary rewards. Once completed, you can transfer the agreed-upon amount directly into their account.
• Save – Kids can allocate their earnings toward savings goals, whether it’s a new toy, a special outing, or a long-term purchase.
• Spend – With funds in their account, children can make informed spending choices while staying within their budget.
• Borrow – Introduce the concept of borrowing money by allowing your child to take out small “loans” from you and track repayments through Fern.
• Allowance – Set up a recurring allowance to help them manage a steady income, just like in the real world.

Making Money Management Fun and Effective

Here are some creative ways to use Fern to incentivize chores and develop money-smart habits:

1. Set Clear Earning Goals on Top of Incentivizing Chores

Define tasks and their respective rewards. For example, cleaning their room might earn them $2, while washing the family car could be worth $10. This helps kids understand that effort leads to financial gain.

2. Create a Savings Challenge

Encourage your child to set savings goals and track their progress in Fern. Whether it’s saving for a video game or a fun trip, seeing their balance grow motivates them to think ahead.

3. Teach Budgeting Basics

Have your child divide their earnings into spending, saving, and giving categories. Fern makes it easy for them to see how their money is managed in real-time.

4. Reward Smart Spending Choices

If your child decides to save money rather than making an impulse purchase, recognize their good decision-making. Positive reinforcement helps reinforce smart financial habits.

5. Introduce the Concept of Borrowing

If your child wants something now but doesn’t have enough saved, use Fern to “lend” them money with a repayment plan. This teaches them responsibility and the importance of paying back debts.

Start Using Fern to See Long-Term Benefits

Teaching kids about earning, saving, and spending doesn’t have to be complicated. By using Fern to turn chores into earning opportunities, you’re giving your child valuable experience with real-life financial skills. They’ll learn discipline, responsibility, and how to make informed decisions about money—lessons that will serve them well into adulthood.

Log in to sign up for Fern for free in Digital Banking or the Columbia CU app today and help your child build a strong financial future—one chore at a time!