The best way to teach a child financial responsibility is by encouraging her to earn and manage money on her own. As the weather warms and summer nears, there are many opportunities for your kids to pull in some extra money.
If money-making is not on your children’s minds, you may need to direct them toward that line of thinking. The next time they ask you to buy something that’s out of budget, tell them they can earn the money to buy it themselves. As an alternative, suggest that you’ll cover half the cost if they earn the other half. Talk to them about finding a summer job, the work they can do on weekends, or suggest a one-time gig they can initiate.
Let’s take a look at 9 easy ways your kids can earn some extra cash.
1. A lemonade stand
It may be old-fashioned, but kids can bring in good money by selling cups of America’s favorite hot-weather drink. For optimal exposure, let your kids set up their stands near a local yard sale or another neighborhood event. Don’t forget to check local municipality laws to make sure your stand is completely legal.
2. Help a senior
Your pre-teen can be a huge help to a local senior while earning money on the side. Let your child run some errands, take out the trash, clean the litter box or just chat with a lonely senior. If your own parents or in-laws live nearby, speak to them about having your child help them out for payment.
3. Hold a yard sale
Spring-cleaning season is the perfect time to host a yard sale on your front lawn. Let your kids be in charge by having them choose the items to feature, set the prices and run the sale. You’ll want to be available to oversee their work and to make sure the prices are fair, but let them make most decisions on their own. Take off your helicopter-parent helmet and let your kids learn lessons that will stay with them for life.
4. Do yard work
If your children are old enough to handle a gas-powered mower and can be relied upon to trim shrubs and weed gardens, let them hire themselves out to do yard work. Your neighbors will be glad to have the help, and your kids will be out in the sunshine while earning some money on the side.
5. Help with pets
Are your kids animal-crazy? Let them use their penchant for pets to help people with pet-related chores. They can walk dogs around the neighborhood and offer to pet-sit for the afternoon while a neighbor is out. If your child is truly a budding entrepreneur and has the necessary skills, they can even set up a pet-grooming station out in the yard. Let them scrub the neighborhood dogs and cats, brush the hair and trim claws for some extra cash.
6. Be junior tech-support
Generation Z kids are practically born holding smartphones in their hands. Let your kids use those skills to help some older folks who may not be as tech-savvy. They can offer to organize digital photos and create albums, assist with data entry and filling out online forms, or help a senior create a Facebook page or learn how to use a new phone or device.
7. Help a mom
Your child may be too young to babysit on their own, but they can offer their services assisting a neighborhood mom while she’s at home. Let your child take the kids out to the yard while mom watches from the deck, play with the kids at home while mom does laundry or help them with their summer homework while mom’s busy in the kitchen.
8. Collect recyclables
Call up a local recycling plant to find out how much they pay for every pound of recyclable materials. Then help your child gather empty bottles, cans, cardboard boxes and old newspapers to bring to the plant. You’ll be keeping the planet green and helping your child earn some pocket money at the same time.
9. Wash cars
Let your child try out her car-washing skills on the family car. Once she’s got the technique down pat, have her offer the service to the neighborhood. Your neighbors will cross another weekend chore off their list and your child will be learning that hard work can really pay off.
Encourage your kids to earn their own money and you’ll be teaching them financial responsibility in the best way possible.
Remember, encourage them to set some of their earnings aside into a Youth Savings Account!
Once they have started to make their earnings, remember to encourage them to set some aside into their savings account! Not only are you teaching them financial responsibility by teaching them how to make an income, but also by encouraging them to set some of these earnings aside for their future benefit. Looking to open a youth account? Education First offers C.A.F.E - a one-of-a-kind youth savings account! Get started here.