There is now an app that helps you keep track of your children's chores and money owed for completion of chores and it's also teaching kids about money.
The app is called Busy Kid. Parents can input a chore list that includes prices for each chore.
The chores are checked off the list as they are completed and at the end of the week, parents can approve a money transfer.
A Cambridge University study shows that good money habits can be formed when you. It says that children are able to understand the value of money by the age of 7 and can plan ahead.
Researchers also say that children are still learning the difference between a "want" and a "need" at that age.