Dec 09

How to Encourage Your Kids to Make Their Own Money

Unfortunately, schools no longer teach some important life skills, like balancing a checkbook or how to earn and save money. You can encourage your kids to earn and save their own money by explaining to them the basics and importance of this valuable life skill. And you don’t need a classroom to do it.

mom and kidsExplain Money and How They Can Buy Their Own Things with Their Own Money

Money is both simple and complex in today’s world. The basics are…you earn it, you spend it, or you save it for something in the future. This is an excellent way to explain it to children. If they have the basic knowledge, they know that they can buy their own things with their own money—which is a major step towards independence.

Help with Job Ideas, such as Babysitting or Mowing Lawns

Unless your kiddo is 16, or 15 with a work permit, there’s no chance in getting an actual hourly job somewhere. However, kiddos can make money by doing odd jobs around the neighborhood. For instance, there’s the tried-and-true lemonade stands, lawn-mowing businesses, babysitting services, and dog walkers. You can help with these job ideas with suggestion of your own on a spreadsheet of your making. One idea would be a backyard fair with carnival games, complete with official cornhole boards, ring tosses, guessing games, and small prizes for neighborhood kiddos.

custom cornhole-board

image by: with custom cornhole you can increase more attention

Give Your Kiddo a Small Allowance to Get Started

To teach the basics of money, you can give your kiddo a small allowance to get started. $5 to $10 a week is a good start for simple things around the house or at school, like good grade, making the bed each morning, or feeding the dogs every night.

Let Your Kids Earn Extra Cash with Chores Around Home

If your kids want to earn a little more than their allowance, you can make a chore chart for the kitchen. Write down a chore, then put the monetary value beside it. If your kiddo does that chore, they get that amount of money at the end of the week. For instance, vacuuming living room and bedrooms could be worth $5, or making dinner for the whole family could be $6. You decide what’s fair for your household.

Learning and life skills start at home. You can help your kids lead a knowledgeable, independent life by offering them opportunities to earn, save, and spend their own money from a young age. Hopefully the aforementioned methods will help you teach your kids the valuable lesson of money.