Our expert says:
I'm really not sure that bribery, especially with money, is the best way to encourage a child to do her homework. Gosh, if that had worked for me, I'd have finished matric with a large bank account.
She's really young, and should respond even better to encouragement, being paid with praise and hugs for doing homework ( which really isn't a struggle in grade 1 ( and withdrawal of interest and enthusiasm when she doesn't do it - NO access to TV, phones, whatever gadgets she likes, until homework is completed.
Notice an accidental version of this seems to be working at school - when she sees the other kids rewarded by going out to play, and she isn't allowed out, she finishes her school work.
Like all of us, kids do more of whatever gets rewarded ( whether deliberately or accidentally ) and less of what isn't rewarding.
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