Giving rewards to kids for a job well done be it at home or in school is a good thing to motivate them to continue doing what they're doing. However, it doesn't really have to be in monetary form... not even in forms of gifts.
Sometimes, kids just wanted to be acknowledged for their hard work. Receiving praises or rewarding them by spending quality time with them is more than enough. This especially applies to families whose parents are very busy and almost have no time to spend with their kids.
I'm not saying that giving them financial rewards is a no-no. I just think that there are other options.
Giving them financial rewards or gifts may backfire someday. For instance, you kept on giving them such rewards, but one day in the future, you failed due to some circumstances and stop doing so. What would happen to their motivation? Perhaps from time to time or very special tasks, you may resort to this... otherwise, try to choose other options.
When I was a child, my parents, especially my mom, were strict. However, they praised me or rewarded me when I do good. If I did well in school, I was praised and given the chance to watch anime even before doing my homework and studying, and when I help with the household chores, I was praised and given more time to play outside or my parents would take me somewhere on the weekend if we have the chance.
Doing the chores when I was young was very fun because I grew up with cousins and we often did it together. First, we'd clean grandma's house then our house... I enjoyed cleaning outside the most, though. I liked cleaning the front and backyard, and fetching water for our garden. One of my aunts had a couple fish ponds and we had to clean it at least once or twice a month. So, my cousins and I would catch the fish, place them in a pail, then clean the pond. We had to replace the water and get rid of some fallen leaves.
After we cleaned, my aunt would give us some snacks... mostly meatbun paired with some mango shake from the bakery a few blocks away. Sometimes, she'd give us some money so we could buy snacks at school during school days.
When my cousins and I were in elementary, my mom used to make some yema candy that we could sell at school (to our classmates and teachers), then part of the profit were given to us. We were allowed to do it back then... that way, we can earn our allowance. We're not rich, so we had to earn. It was a good training for us.
I continued doing so until college... in high school, I sold some snacks (brownies and cheesesticks) then in college, I sold some bags, prepaid load and the like. I needed to for my allowance. I couldn't work parttime due to my busy schedule at school, so having a small business helped me a lot back then.
I wasn't easily given money (mostly because we didn't have a lot)...so, I had to earn it. And I'm already very happy to be rewarded with praise, acknowledgement... and freedom to do things I enjoy to do.
In summer of my elementary days, I'd go to my father's hometown. Whenever I'm in my aunt's house, she'd let me and her sons clean the house and the fish tank. It was like our summer job... then, she'd take us to a cafe for delicious snacks and she'd give us money which we often spend to play in the arcade or in the billiard hall. It was worth all the cleaning!!! The arcade was near the soccer field... perhaps you can see it behind us in the photo above.
My cousins had Playstation and Family computer at home, so when we're not outside, we'd spend most of the time in front of their TV playing video games... of course, after cleaning their house! ;)
For me, getting a hard-earned reward is more satisfying... be it in the form of money, gifts or praise. :)