Easy Ways To Teach Kids About Earning Money

Apr 19, 2022 Family & Finances

Learning to earn money by putting in hard work is a valuable lesson even at an early age. Here are some ideas to start earning money.

Two kids selling lemonade at a lemonade stand. An adult is giving them money.

Kids are impressionable so teaching them about earning money and ways they could start becoming financially literate, no matter how small, pays off in the long run.

Simple ways to instill a sense of achievement in children and help them learn the value of work is to pay them for various age-appropriate activities. Here are ideas to get you started.

Household Chores

In some households, kids have a list of tasks they help with in order to practice being responsible. Parents, however, may decide to link certain extra tasks to a small payment or allowance. The recommendation is to pay for only the chores they would earn money for in the real world. Making your own bed and brushing your teeth, in this case, wouldn’t earn them money. Walking the dog or washing the dishes, on the other hand, would.

Yard Work For Neighbors

Yard work is a fantastic idea for children that want to earn money since they learn to go out and find work themselves. Receiving payment for other tasks, especially when people outside their immediate family are paying them for it, opens their mind to the fact that work equates to earning money. Instill future success in a child by having them ask a trusted neighbor or family friend if they need any outdoor assistance.

Selling Toys

Kids can also earn money by selling the toys they don’t use anymore. There are multiple benefits to this approach, one of which is being able to introduce the lesson of reducing, reusing, and recycling. By selling old toys, children will learn how to set aside what they will not use anymore and start thinking of how to be frugal.

Etsy Or Craft Fairs

Help your kids harness an entrepreneur’s mindset to earning money by allowing them to use their creativity to make and sell things. While Etsy needs to be monitored by an adult, kids have the opportunity to share their abilities and produce something that earns them money while also learning about running their own business.

Pet Sitting Or Walking

Pet sitting is a great way for older, more responsible kids to earn money while having fun and practicing a variety of skills. Kids have to contact neighbors, negotiate pay, and be responsible for an animal. They build confidence and learn to communicate with people of all ages; all of these skills foster independence and contribute to their development as an individual and money-smart kid.

When children learn the value of money and what it means to earn it, they’re also able to practice the concepts of spending and saving wisely. These valuable money management lessons are imperative building blocks to a successful financial foundation for the future.

Visit aplusfcu.org/balance to gain access to free resources covering a wide variety of topics, including Youth and Young Adults.

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