Making the Grade: Should it Pay?
Before reading this - you may also enjoy reading about the symbols on a dollar bill.
The question of paying children for earning good grades has raged for years. In homes across America parents are asking: “Should we pay our children for good grades?”
Paying for grades is probably not the best way to motivate children to do their best and nurture success. Rather, parents should inspire their children to take responsibility for their future. One way to do this is to teach children that earning good grades is their share in their own future, and not simply a way to earn money.
Parents must carefully weigh the consequences of paying their children money for doing what is expected at school. Earning good grades should be expected. Encouraging a child to be proud of their accomplishments doesn’t require a cash reward. Especially when a parent’s respect and love can have so much more value to the child.
Here are three questions for parents to consider as they wrestle with the question of paying for grades.
- What message do you want to send to your children by rewarding them for doing well in school?
- Do you want to show your children they must get good grades to earn money?
- Do you want to teach your children they are responsible for their future, and in turn, responsible for earning good grades to help them secure that future?
If you decide to set up a payment system after answering those three questions, consider rewarding children with something other than money. Examples of other reward options include attending a sporting event or amusement park, going roller skating with a friend or staying up two hours past bedtime. These types of rewards offer an opportunity to nurture your child with a unique experience that will help them grow and become more caring and independent.
However, if you decide you still want to reward good grades with money, put several ground rules in place and then communicate them clearly to your children. For example, consider what grades will be paid for. Will you pay only for straight A’s or designate a price for each—A, B and so forth? If you have more than one child, will the same standards be honored for each child?
After the payment system is in place, discuss the following money values with your kids. Paying for grades offers an opportunity for children to learn responsible money habits at an early age.
- Saving – A portion of any earned money, including cash for good grades, should be saved. It can go into a child’s college savings fund or saved for a big purchase.
- Giving – Stress the importance of helping others. Set aside time to talk with your children about what causes mean the most to them. Then encourage them to set aside a percentage of their earnings for their favorite organization.
- Spending Wisely – It’s okay for your child to reward himself or herself with a special treat. Teach them how to be a smart consumer and get the most for their money. Helping your child determine their priorities is a valuable lesson that will serve them well throughout their lives.
“The main question parents must settle when deciding if they will pay for grades is what values do you want to instill in your children,” said Sam Goller, author of Yes, You Can… Afford to Raise a Family. “We encourage parents to teach their children that they are responsible for their own future. Earning good grades is one way children can maintain control of their lives and secure a solid future ahead.”