Pros:

• Provide a systematic tracking of tasks completed
• Structured reward system to keep children motivated
• Can be a useful tool for classroom teachers when certain projects that require home involvement
• Teach kids financial responsibilty through earning what they want

Cons:

• Kids may become too extrinsic motivated where every task must have a reward
• Cultivating greed for money at early age may not be healthy.
• Parents are too calculative and not generous to them.