Ways For Kids To Make Money

By Polly Hamilton
It is important to teach young kids the value of money so they know how to use it appropriately when they are older. This article will give parents several fun and interesting ideas about how to teach their kids to make and save money.
The simplest way for your kid to save money is through cheap incentive: pocket money. If your child is doing housework for this money, they will understand the concept that they are making money more readily. If you are only handing you kids some money each week, they will begin to think money is something you can easily get. Perhaps you can make a housework chart, which encourages them to earn more. The more ticks they get each week, the more money they can make. And having a chart will mean they can easily see how much money they are making compared to the week before. It is important, however, to make sure these chores are age appropriate. You can’t expect a 4-year-old to clean the dishes, but you can expect him to tidy his toys away.
For older children, a paper route is a very popular way to make money. It is hard work with little pay, but teaches them a good work ethic and gets them experience at an early age. It is also a job that they can get for themselves by ringing a few of the local papers and this is not usually too daunting.
Some parents like to encourage their kids to make things to sell as a way to make money. This teaches kids the importance of the effort that goes into something before it is sold. It also teaches them the concept that the more time you spend making, the more money you will make for yourself. You might encourage your kids to buy some of the materials to make things, like dream catchers or necklaces. This way they can see how to make back what they have spent.
If your kids don’t like any of the above ideas as good ways to make money, suggest they mow lawns. Some people give very generous pay to children who mow their lawns, because they know how much they hate doing it themselves! It is also a job that your kids can start around the age of 11 or 12, and keep right through to the end of high school. Your kids will build up a loyal group of customers, and learn a lot about customer service.

The most important thing about making money as a child is learning what to do with that money. As a child you have no other responsibilities, apart from your own happiness! Many kids are inclined to spend all their pocket money on lollies and going to the movies. Encourage your children to grasp the concept of budgeting. While budgeting isn’t really relevant for kids, it will teach them an important skill for the future. It may also encourage them to save some of their money, whether for an item to be purchased in the near future such as a skate-board or some clothes, or something in the distant future, like a car or a trip overseas when they finish high-school. Perhaps do some calculations with them. For example: if Tommy earns $10 a week through housework from the age of 8, and he saves $5 a week in a bank account, he will have $2600 by the time he is 18. If he was earning $20 a week from lawn-mowing and housework, and saving $10 of that, he would have $5200! That’s not considering high interest rates from savings accounts, and the fact that from the age of 14 onwards he might get a much higher paying job where he could save a lot more.
A combination of hard work and sensible spending and saving is the key to kids learning how to make and save money.

See Also:
More ways for kids to make money

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