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Teaching kids about money is an important life skill that parents should instill as early as possible. One of the best ways to do this is by learning how to make money as a kid. Discover how to introduce the concept of money and some of the best ways to make money as a kid to help them learn it first-hand.
Teaching Kids About Money
Kids are watching everything that their parents do and say. And the money habits that they observe from you are no exception to this. In fact, some research indicates that children start forming their money habits as early as seven years ago. Here are a couple of ideas on how you can start your kid’s financial education below.
Use a Piggy Bank
With everyone using less and less physical cash, it’s harder for even adults to grasp money value. Swiping a credit card on a machine or purchasing something online isn’t going to make those transactions feel real. So get them a piggy bank, ideally one that is clear so they can see their money add up.
Give them an allowance, making sure that they must earn it by completing various household chores. That will help tie hard work to earning money. Have your child keep their allowance in their piggy bank. They can use it to pay for things that they want or, when it fills up, can be put into a bank account.
Be a Good Example
If you’re not acting in a financially responsible manner, your kids will pick up on that. Avoid making impulse buys when you are out shopping with them. Create and follow a family budget and involve them in the process.
Whenever you are interacting with money, such as depositing a check, paying for groceries, or getting cash from an ATM, explain what is happening. If they want to buy something, ask them to wait until the next day to see if they still want it or not.
Encourage Them to Be Generous
The scarcity mindset can be a dangerous thing to be trapped in. That’s why they must be taught how to be generous early on. The other positive benefit of teaching them about this is that it will help the kids’ emotional literacy and develop interpersonal skills like collaboration. They will grow to become volunteers and compassionate adults.
Talk to them about how there are people who come from less than ideal personal situations. They can form the habit by giving a portion of their earnings to someone else. It could be a charity or by purchasing something for someone who is going through a hard time. The amount doesn’t have to be a lot, not more than 10 percent.
How to Make Money as a Kid
As mentioned, one of the best methods to teach a kid about money is having them earn it. They could make money recycling, in writing competitions, or even make money playing games. The important thing is that they learn by putting in the effort and how valuable that money is. Need some easy ways to make money as a kid? We’ve got some ideas on where to start.
Plan a Garage Sale
One of the easy ways to make money as a kid is to plan a garage sale, which also helps declutter your home. Your kid can help with sorting, organizing, and unused pricing items around that house that you want to get rid of. They can even help advertise it around the neighborhood with flyers. On the day of the garage sale, your kid can help with collecting money from purchases. As a bonus, they will also develop their project management skills.
Your kid can make money recycling while helping to save the planet. There are so many things that can be recycled for cash, but here are a few simple options:
- Old books – You can recycle dictionaries, used textbooks, etc., for cash at DeCluttr and Amazon Trade-Ins websites.
- Bottles and Cans – If your household accumulates glass bottles or cans, they can cash those in without much work. Depending on where you live, plastic and glass bottles or cans will fetch 5 to 10 cents.
- Ink cartridges – Office Depot, Office Max, and other companies will buy spent ink cartridges. They usually go for around $2 per cartridge.
Is your kid excelling in certain subjects that they could help other kids? This idea is one of the ways for kids to make money that will also teach them communication skills. It will also help them develop and sharpen their knowledge in a subject.
Another of the best ways to earn money as a kid is the classic lawn mowing service. The summer months are an especially perfect time for this because they don’t have school. Help your kid go around your neighborhood and knock on doors to see who needs their lawns mowed. It’s a great physical activity too!
Another one of those tedious tasks that homeowners often look for outside help is weeding. If your kid is already offering a lawn mowing service, this could be another money maker that they can offer.
Entering Writing Competitions
Writing contests for kids is actually a thing. PBS Kids, TIME for Kids, and Scholastic all have contests that are held annually. Having your kid become a published author is a dream come true.
Kids with artistic ability would sharpen their skills to make crafts that can be held to others. This idea is one of the most entrepreneurial ways for kids to make money. They could be creating almost anything from bracelets, keychains, etc. Help them sign up for an online marketplace like Etsy to market their wares. Local activities and events might also have opportunities that they can use to help sell their wares.
Nowadays, you can make money doing almost anything. That includes fun activities, like playing video games. There are various ways that a kid can make money playing games, including streaming and entering competitions. Becoming a pro gamer is not for everyone, but it’s an opportunity that is available regardless of your age. To get into pro gaming, one must be very good at one particular game. Only the most dedicated and best gamers earn money consistently through tournament winnings.
Dogs need a lot of care regularly. Many dog breeds have fur that needs to brush daily such as a cocker spaniel. Many pet owners don’t have the time to do this, and they are happy to pay someone else to do it instead.
One of the tasks that a homeowner often avoids is washing their windows. Over the course of time and exposure to the elements, they get filthy. Homeowners who have homes with tall windows will especially be likely to outsource this. To make more money, your kid can offer to wash the interior and exterior sides. Local businesses that have a lot of windows could be interested in these services too.
Furniture needs to be cleaned regularly. Disinfecting chairs, beds, sofas, and other furniture might be all part of the job. Homes with pets, in particular, might be interested in furniture cleaning services. These homeowners usually need to have their furniture cleaned more regularly. It is also one of best ways to make money as a kid to start even for their own home.
Making cookies, cupcakes, and other delicious treats will also help improve their kitchen skills. Places that a kid could sell their baked goodness include local craft shows, business fairs, and the farmer’s market.
Many dog breeds need to exercise daily. Pet owners don’t all have the time to devote to daily walks between work, school, and other obligations. Make sure that your kid and the dog are comfortable with one another before starting the walking with the dog session.
People still read newspapers, and there is a need to have them delivered regularly to homes. Help your kid contact the local newspaper to find out more about delivery routes that are available near your house. This is ideal if your kid has a bike they can use to deliver newspapers.
Another classic, entrepreneurial way to make money as a kid is the lemonade stand. Your kid can get settled at the end of your neighborhood or a nearby shopping area (find out if they need permission first). The lemonade requires water, lemons, and sugar to make a batch of refreshing drinks. They should have included a portable table, folding chair, signage, cooler (for ice), and cups. If your kid is a baker, they can also increase their sales by offering their homemade treats.
Teaching your kids the value of money will set them up for future financial success. These days, there are so many ways that kids can earn money without having to be old enough to get a part-time job. The hard work and effort they put into using creative ways to make money as a kid will go a long way towards them appreciating its value.