Parents have an obligation to teach their children personal finance. They need to teach children how to save money, and how to refrain from spending it frivolously. They need to teach them exactly how difficult it can be to earn a dollar. That’s why it’s important for parents to know ways for kids to make money.
When kids make their own money, they’re more likely to think twice before spending it. They’re more likely to develop fiscal restraint.
One tried and true way for kids to make money is for them to get their own paper route. Running a paper route isn’t easy; kids will have to get up early to deliver their papers on time. They’ll spend some tedious hours wrapping rubber bands around the morning edition. But a paper route also teaches kids about responsibility. It also teaches them exactly how much hard work it can take to earn a couple of dollars.
Mowing neighborhood lawns is another good way for kids to make money. Again, mowing lawns can be hard work. But it might also give kids a sense of satisfaction. There’s just something more satisfying about a $5 bill that’s earned as opposed to one that’s merely given.
Kids can also make money by performing odd jobs around the neighborhood. During the winter, they can offer to shovel the neighbors’ sidewalks and driveways for $5 a pop. In the fall, they can offer to rake leaves at homes on the block.
Many neighbors might also have odd jobs. Kids might find themselves painting porch railings, walking dogs or pulling weeds for a bit of extra spending money.
You might also have your kids earn money for reaching certain accomplishments. Maybe you’ll pay your son $1 for every A he gets on his report card. Maybe you’ll boost your daughter’s weekly allowance if she aces her upcoming history test.
Of course, the weekly allowance is another good way for kids to make money. Parents just have to make sure that their children are actually earning their allowance money. Parents can create a chore list with specific prices attached to each job.
Bringing out the garbage after dinner might fetch $1. Sweeping the kitchen floors might bring in $5. And scrubbing the toilet might nab even more. This is another good way for parents to teach their children about how difficult it can be to earn a dollar or two.
Unfortunately, many children today grow up with out ever learning any financial lessons. This haunts them in their adult years, when they rack up staggering credit-card bills and miss their car payments.
As a parent, you owe it to your children to teach them money management skills. One of the best ways to do this is by setting up ways for kids to make money. Once they have jobs, kids will quickly learn that money is something to be saved, not wasted.
Comments on this entry are closed.