If you’re a parent, you aren’t surprised that children love the idea of having money and using it to buy things. From cashing in on the Tooth Fairy, to selling at lemonade stands, children have always been enamored with earning money on their own.
If you want to teach your child financial responsibility, it’s a good idea to start when they’re young, because if you hand them everything they want, they may learn to take money for granted, and will become entitled, spoiled teenagers, who often become spoiled, entitled adults.
The thing is, some children are eager to earn and save money on their own. These are the kids you find having their own garage sales, paper routes, or garage sales.
Then there are others that need a bit more coaxing.
How can you interest a child in saving money?
One way is to have them earn an allowance instead of handing it over.
Sounds a bit harsh in today’s easy-breezy world of permissive anything-goes parenting, but it will instill a value of money that will last a lifetime.
One thing to remember is that not all jobs are suited for all children or teenagers. Sara may love to bake and sell her own cookies, but she may hate the thought of babysitting. Jordan may love to mow yards, but may hate getting up extra early for a paper route before school. Be flexible on this. Even adults get to choose their vocational path in life, for the most part.
So what are some ways kids can earn money?
Some jobs include but aren’t limited to: Babysitting for children after school or on weekends, washing cars, mowing lawns, running errands, cleaning houses, walking dogs. Check out this page for more ideas.
You’ll find that if a child enjoys the thing they’re doing to earn money, the longer they’ll stick with it. A little girl who loves to make her own perfumes today could own her own perfume company in the future. In rare cases, child entrepreneurs have their own company website or social media site, often operated by a parent due to the age restrictions.
Children can have savings accounts, or an old-fashioned piggy bank.
Encourage them to save some of their earnings, and spend the rest wisely. Have them write and keep a budget, because habits learned at an early age often stick the longest.
Regardless of how your child learns the value of a dollar, the best financial advisor he or she could ever have is you.