Kids have malleable minds and parents have the ability to shape their financial futures by teaching them about important financial concepts such as earning money. No effort in helping your kids learn smart money management skills is too little or too big- it will all pay off in the end.
Below are ideas for simple ways to instill a sense of achievement in children and help them understand the value of work and earning money.
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 dishes, on the other hand, would.
Raking Leaves or Pulling Weeds
This is a fantastic way for children to find work outside of their normal household chores and earn additional money. 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 neighbor or family friend if they need any outdoor assistance.
Selling old toys is another way kids can earn money. There are multiple benefits to this approach. Children begin building entrepreneurial skills while setting aside what they no longer use. This can introduce the lesson of reducing, reusing, and recycling. In addition, there’s something in it for them.
Etsy or Craft Fairs
A creative approach to earning money is to harness an entrepreneur’s mindset by allowing kids to use their creativity to create and sell things. While this option requires adult supervision, selling items online or at a fair provides kids an opportunity to learn more about running a business and making profit.
Pet sitting is a great way for older, more responsible kids to earn extra 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 are also able to practice the concepts of spending and saving wisely. These valuable money management lessons are imperative building blocks in building a successful financial foundation for the future.
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