Do your kids ask you for money all the time? Are you unsure how much money to give your kids and how often? If your kids are too young to get a ‘real’ job, but they are constantly hitting you up for money, teach them a few ways to start making their own money! There’s nothing wrong with teaching your children some entrepreneurial values – in fact, the earlier the better! The early bird gets the worm, and your kids have every chance to become good with money now!!
Making your kids work for extra money is a great way to teach them its value, and that it doesn’t just appear every time they want it! Here are 12 ideas you can give to your kids to help them start earning some money of their own:
1) Car wash. A car wash is a great way for kids to earn some money, and it can be a lot of fun. Best done with a group of kids, have your children round up some of their friends, a few buckets, soap, sponges and a hose, and possibly a vacuum too. Encourage them to find out what all the local car washes are charging so they can offer a competitive price.
2) Garage sale. This is something that is probably more of a family effort, but you can make your child assume the primary organizational/managerial roles. Get your house cleaned out and have your kids make some money at the same time! A considerable amount of planning and research needs to go into a garage sale, so it’s a good thing to do to teach your kids about all aspects of running a business. They will need to advertise the sale in advance so that people know about the sale. This can be their Marketing 101 course. They can make posters and put them up around the neighborhood, and possibly even place an ad in the local paper or on a local community newsletter or forum online, and/or email family, friends and neighbors. Additionally, they will need to come up with the prices for all the items being sold, create an inventory of everything being sold, and manage the money during the actual sale. Managing the money during the sale includes managing the cash transactions and adding up the total profits at the end.
3) Give your child an allowance! If you already give your child an allowance, we suggest offering them a household job incentive to earn more cash on top of their allowance. This could be giving your children the option to help with, or completely take on, big household projects like cleaning out the attic or garage, painting a room, raking all the leaves out of the back yard, shoveling snow, etc.
4) Collecting cans and bottles for recycle. This one is pretty self-explanatory. If your child is really industrious, they might also try contacting local businesses and schools to see if they can acquire any extra cans and bottles from them. Additionally, this could be something that leads into a community effort, a litter clean-up (which would also look very good on a resumé in the future…).
5) Bake Sale / Lemonade Stand / Juice Stand / Mini Farmer’s Market. Like the above garage sale idea, this one involves some planning. Also, your child will probably need a small loan from you in order to purchase the necessary ingredients to be baked/juiced/grown and sold.
6) Dog Walking. This is a fun way for your kid to get some exercise, meet the neighbors, get outside AND make some money! If it becomes something they really love and are good at, you might suggest they build a website or facebook page to advertise their services. Dog walking is something that a child much younger than 12-years of age probably should not do alone though, and you want to ensure that your child is walking dogs in a safe neighborhood and that they always have a fully charged cell phone on them when they do.
7) Babysitting. Once again, this one is pretty self-explanatory! Another task with an age minimum to it, babysitting is best for kids about 14 up and you will want to make sure your child has their phone on them at all times in case of an emergency.
8) Cleaning. Don’t have the time to clean your house? Do you have a cleaner? If not, this is a great task to delegate to your children for some extra cash – and one that you can really enjoy the benefits from!
9) Mowing the lawn. This is a less common task these days, but if you have an able-bodied child and a large enough yard, there is no reason why your child can’t mow the lawn, or other people’s lawns.
10) eBay. Learning how to navigate eBay is a good skill to learn, and once again, the younger the better. Not the most user friendly platform in the world, once mastered, eBay can be a great source of additional income for anyone.
11) Etsy. “Buy and sell handmade or vintage items, art and supplies.” This is a great forum for your kid to master. If they don’t sell their own work, they can help friends or relatives sell theirs. Talk about teaching entrepreneurship
12) Computer Help! One perk about being in our children’s generation – computers are second nature to them. Kids today can type and speak technology in ways that we as parents could never have even dreamed of when we were their age! If you have friends that needs help with computer-related things, see if your child can help out, and determine an hourly rate with them. Maybe even get them started on Excel early?
For more ideas on helping your kids make and save some extra money, check out these 6 fun activities on money management for kids!