April 20, 2022
Categories: Budgets, Debt Management, Education, Financial Goals, Financial Planning, Financial Security, Kids and Money, Tips, Youth
By Dawn Kellogg
Talking to your child about money does not have to be awkward. This series of blogs will help you navigate through the conversations and make them not only educational, but interactive and fun. Yes, money can be fun!
Lesson #3: Provide creative and fun ways for your kids to earn money
In a recent Cambridge University study, children started understanding money concepts as young as 3 years old, and financial lessons learned by age 7 will stay with them for the rest of their lives. It’s important to integrate financial lessons into their lives early, including the primary lessons of how and why we work.
There are many teachable moments as you put into practice the ethic that “You work, you get paid. You don’t work, you don’t get paid.”
Creating a system that pays kids for the work that they do doesn’t have to be a chore for you, it can be fun and creative. There are the obvious reasons to reward your kids monetarily: chores, good grades, etc., but how about suggesting some creative and entrepreneurial ideas to get kids earning their own money, beyond the obvious babysitting or lemonade stands, or unrealistic expectations of Hollywood stardom or the next “America’s Most Talented.”
Organize a garage sale
It’s spring – the perfect time to comb your garage, closets and basement for unused clothes, toys, tools, household items and more. Not only will organizing a garage sale help boost your family’s bank account, it will also give kids an opportunity to learn some great project management skills. Have your kids help you with choosing and pricing items for the sale, creating signage and having them help get the word out. Give them the money from items that they have chosen to include in the sale. Don’t want to have a full-blown garage sale at your home? Consider selling stuff online. Kids could help with creating descriptions for items to sell on FB Marketplace, DeCluttr, Ebay, etc.
Sell a Craft
Your kid can tap into their creative selves by selling their crafts online. This also teaches kids great time management skills as there are lots of moving parts to building an online business.
Offer Pet Care Services
If your child loves animals, walking, washing, grooming, and pet sitting can be a great way for kids to earn some extra pocket money while learning how to take care of furry friends.
Become the neighborhood gardener
Does your child have a green thumb? Assisting neighbors (especially the elderly) with gardening needs such as planting, watering plants, and weeding can be an incredibly helpful service to a neighbor who might need some extra assistance.
If you child is a good writer, blogging is a way to use creativity that doesn’t require much in the way of supplies. Some very successful child bloggers have written reviews about children’s books, travel, conservation, and more from the child’s perspective. Add in the parent’s perspective as well and you have a shared project which will benefit both of you! It will entail dedication, research, and individuality, but can be seriously lucrative, especially if you are willing to help them with marketing or advertising for the blog.
These a just a few suggestions. Options for making money as a kid abound, especially in today’s world. Making extra money can be about having a bit of creativity and tapping into your child’s natural talents to develop skills while increasing their bank account at the same time!