Teaching your children to handle money properly involves teaching them that money must be worked for and earned. When children have to work for their money, they appreciate it and the things it can buy a lot more than if cash is handed out to them with no expectation of anything in return. If you’ve ever wondered how kids can make money, these ideas may help you get started. Young kids will have to help out at home to earn their money, so you’ll still be handing out – but at least you’ll get something in exchange. As children get older, the opportunities to earn extra cash grow.
From the age of three onwards, kids can help out around the house for money. Taking food out the cupboard to help prepare meals, carrying condiments to the table and raking leaves in the garden can progress to setting the table, washing dishes, washing the car and mowing the lawn as they get older.
Neighbors can be a great source of income for kids. Washing cars, windows and patio floors, walking the dogs, carrying the groceries in from the car and gardening jobs can help the neighbors and provide an income for kids.
Arts and crafts provide a great opportunity to teach your child about making their own money. Not only will they learn about costs and expenses, they can get involved in selling their own wares at local markets and fairs. Help them to work out what people may want to buy, and how much they will be willing to pay for it.
If your teenager is academically minded, they may be able to earn extra cash tutoring junior school kids, or just supervising homework before parents get home from work. Some sports clubs and junior school hire seniors to help with coaching, so explore this avenue with your sporty teens.
The internet offers a variety of methods to earn cash online, regardless of age. Do some research with your kids and let them explore the options. Some kids of 14 are earning a healthy passive income from internet and affiliate marketing.
These are a just few money making ideas for kids. Open a bank account for your child to use once they start earning, and explain the value of saving some of their money too. If there is a special something they want, let them save up for it themselves. A good rule to follow is to spend some money, save some, and give some to charity – not necessarily in equal proportions! When you find out how kids can make money, you have to teach them how to use it properly. Kids making money need to learn how to use their money wisely too. You don’t want money to be their master, but they will need to understand the value of working hard for it, and spending it wisely.
Derrick Janson is an expert in Teaching Kids About Money . He has taught about how kids can make money topics, allowances, budgeting and saving money for kids.
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