Teaching your kids to earn money will help them learn different things. It will help them unleash their entrepreneurial skills and will gain self-development. They will learn to manage things, budget their money for their needs and wants.
They can use the skills they learned as they grow.
To help you out, here are the best ways to make your kids earn money.
- Top Three Ways for Kids to Earn and Manage Money
- Top 3 Ways for Teenagers to Earn and Manage Money
Top Three Ways for Kids to Earn and Manage Money
#1 You can do a Garage Sale at your Home
Do your kids have lots of toys they have long forgotten? Remember, children always receive gifts on their birthdays or on other occasions.
If they have toys stocked yet in mint condition, you can sell it on a garage sale! Plan it and let your child choose which toy they would like to sell.
Let your kid keep what is earned from selling their stuff. Teach them to save some, and let them decide where they are going to use what is left.
By doing garage sales, you are not just making your home clean and create more breathing space. You also gave a big lesson to your child that they can make money from the things they no longer use.
If there are some toys that were not sold, have them donated to a charity. Let them also donate part of what they have earned from the garage sale. This way, they will not see that money is the main goal. It is still best to help and share their blessings to less fortunate children.
#2 You can earn by doing extra chores in your home
Some kids are helping out their mothers in doing household chores. But think about it. You can also earn money by doing extra chores at home. This is probably the easiest way to earn money.
If you only have one assignment in your household chores, try to add more. For example, you only assigned to do dishwashing. You can add a car washing or lawn mowing chore and pay your child.
If they want to buy a toy beyond their allowance, tell them that they can earn by doing house chores or putting up a business such as…
#3 A Lemonade Business
Now we are into business! This is gonna be fun and exciting!
Starting a lemonade stand is actually a very known way of earning money for kids. You can teach your kid about the ins and outs of the products. You teach them how to control the inventory of all of the stocks.
Your kids will also learn about how to manage all costs of the business, as well as the customer service.
Sounds like your child’s gonna be a great entrepreneur in the future.
Here’s what your kid needs in starting a lemonade business:
- Small stall or a table covered with a cloth will do
- Packets of lemonade
- A pitcher of water
- Plastic cups
- Chair and a Cash holder
You can make a signage of your child’s lemonade business. Hang it out by the road so that your neighbors could see it. They are going to be your kid’s customers.
If you are not fond of the lemonade stand, you can bake cookies or cupcakes and let your child sell it around the neighborhood. Of course, you’ll need an adult to accompany him or her. Your kid will know the value of money…
That it will take hard work to earn something valuable.
Top 3 Ways for Teenagers to Earn and Manage Money
#1 Teens can rent out their stuff
Do your kids have anything they use for hobbies like paddle boarding or a kayak? Or maybe they have rollerblades, skateboards?
You know, all those toys mentioned are actually expenses. But it could be your teenager’s asset. An asset means a thing that gives you money.
They can earn money from their paddle boards or kayak if they rent them out on the beach. Or they can rent out their bikes, skateboards or inline skates to those who can’t afford to buy it.
You can do personal research on things they can rent out. Once they are earning, make sure they save some money and then they can use what is left. Interesting isn’t it?
You can also help them open up a bank account for long term savings for bigger financial goals such as a summer break vacation, an iPhone or a new laptop.
#2 They can do an online business
This is the trend of today’s generation. We are now in the information era and the internet is the best tool you can teach your teens to use.
A lot of kids or teenagers are now using it to earn money doing the things they are passionate about.
There’s a lot of social media platforms you can use to start an online business. The best example is Amazon, eBay, both are the largest retail online stores in the world. Some are using Instagram and Facebook.
They can choose any of them. But before they decide, it is best to do personal research first and make a plan.
Then discuss what online businesses do they want to do. Do they want to edit images and videos for a business? Do they want to write a copy of a social media ad? Do they want to sell handmade items online?
#3 Start them in investing while they are young
According to financial website cashmart.com.sg, this is a different way to earn yet it will help your kids in the future.
Many parents are teaching this to their kids for them to realize that earning alone is not enough as your teens grow.
To simply explain what is investing, it’s like you are planting a seed in the soil. And you wait for it until it grows its fruits. Wait till it’s the right time to harvest the fruits.
Your kid can start investing as low as $5. They must be 18 years or older. This is when the parents have to help educate and guide them as they invest.