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Kids Earn Money - Ideas to Help Your Kids Earn Money - Cut Off the Money Train, Children’s Savings Accounts

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Real-world financial knowledge is a topic that is sadly overlooked in many children’s educations. With a large void of financial education in most schools, it falls entirely on the shoulders of the parents to make sure their kids learn about money. But how to go about it? This guide will give you several ideas to help your kids get interested and active in the world of money and how it relates to them. It is not just lemonade stands any more – kids have a whole range of options that will help them learn about this vital topic. After all, good financial habits will help them in virtually every aspect of their future lives. It is never too early to start planting the seeds.

Cut Off the Money Train

First things first, most children will never get a legitimate motivation to earn their own money when they are getting whatever they want for free and motivation is crucial. As soon as they learn that their ability to purchase a new video game system is related only to their own effort, you will see a marked difference in their attitude towards work and savings. Set strict limits on what you will and will not buy for a child (excepting special occasions like holidays or birthdays). Make it clear to your kid that certain things they want will only come from their own work. Challenge them to use their own creativity to find ways to meet their goals. If you give them an allowance, make sure it is not viewed as “free” money, but instead tied to specific chores or tasks around the house. This will help keep away the dreaded “entitlement” attitude that is the enemy of real, honest work.

Children’s Savings Accounts

Many banks and credit unions are now offering savings programs for kids to help them learn about savings and interest. Some even offer beginner’s credit programs, but needless to say, this might end up teaching them all the wrong lessons if you are not careful. It is a good idea to sign your child up for a savings account to help them learn how to save. You might even consider doing a “matching” program where you donate an extra percentage of money to the account whenever the child does, which can help encourage them to use the account. Or it could even be as simple as getting your child a piggy bank – while it does not carry the thrill of an official savings account at a bank, it definitely can still teach a child how savings can add up.

Help Them Find Kid-Worthy Jobs

Brainstorm with your child about their hobbies and skills in order to find ideas for fun weekend jobs. Depending on their age, they could baby-sit (or pet-sit for younger children), do yard work, help out in a family business, or any number of other activities. This type of work is vital for kids to get a real sense of earning money that is related directly to their efforts. Brainstorming these ideas with their parents is a great way to develop skills that will invariably come in handy later in life, when they are looking for jobs as high school/college students or trying to figure out what they want to do for a career. Having the skills to identify income opportunities around them can be one of the most valuable skills they will ever develop, especially if they go into the world of business.

Speaking of businesses, there is always the timeless lemonade stand! While it may be cliché, this simple business (or others like it) can teach your children dozens of real-life lessons that apply to any business. However, just be careful not to make these experiences too unrealistic, or your child will miss out on several important lessons. Avoid any notion of “free money”. For example, buying all of the ingredients necessary for your child’s lemonade stand. Talk to your children about inventory costs, profit, and capital (before they even know what those words mean) and this will help them get a realistic idea of how the world works.

Use your judgment to pick the best and most timely ideas for your kids. Used wisely, ideas like these can help teach your children real-world lessons that will keep rewarding them for their entire lives.

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