Teaching kids to save money is a very important thing to do and starting early is the key to developing lifelong savings habits and money management skills that will give them a sense of accomplishment and security throughout their lives. This is something that I wish my parents had done, because until I taught myself as an adult, I struggled with saving money. I believe that is a result of not learning early on, the importance of learning how to save.
There are many ways of teaching kids saving money for those special purchases and goals they may have as they grow up. Whether it’s saving for a special toy or game, or something even larger, like a trip or a car or special activities they may want to participate in, if you make it a priority now to teach the importance of money management for kids, they will see the results of their hard work when they go to buy that item they are after. It will also teach them that money truly does not grow on trees in the backyard. (Believe me, I’ve looked for those trees and they’re not there!)
Photo © by alancleaver_2000
There are many, many ways kids can make money for savings goals. Your job as the parent is to guide them and not do it for them. If they have their own ideas, GREAT! Be the adviser and listen to their ideas and guide them in the execution of their endeavors. Earning money on their own through doing various things is one of the best ways for teaching kids about money, because they learn how hard they have to work for their dollars. Handing them money every time they want sometimes sends the wrong message and it can actually cause many problems later on as they get older and want important things.
Below are some suggestions for what a child can do to earn money at certain ages:
Doing odd jobs around people’s yards is a great way for the younger child to earn money. Depending on their age, they can rake leaves, shovel snow, pull weeds, sweep walkways, and as they get older, mow and trim hedges. It can be hard work physically, but most kids are really good at this type of job and it’s a service that many people will pay for. I would recommend this for ages 12 and up due to the physical aspects of this job.
Dog walking, dog bathing and even dog sitting are jobs that a child 10 and up can do. (Dog sitting might be better suited for a teenager) A lot of people especially like dog walkers because they may not have the time to properly walk their dogs due to work constraints and other obligations, so knowing their cherished pets are getting exercise is a positive thing for the client, the child doing the job AND the pet.
Helping the elderly is another way children can make money to put towards their savings goals and this is a two-fold job as well. Most elderly love being around children, and having them do jobs like yard clean up, washing cars, household chores and plant care is rewarding for them as well as the child. It teaches children to be respectful and helpful to their elders also, which is a very valuable lesson.
These are just a few of the many ways kids can make money. Others are lemonade stands, selling crafts, selling cookies, and even more intensive jobs for the older child such as starting their own business or writing can all be ways that a child can make money and learn to manage it.
Don’t just let them make the money and go on a constant free for all, spending every dime. Once they’re making money, it’s time to teach them to manage and save it, so it doesn’t slip through their fingers. Teaching kids about money is a gift you can give to them early, and it truly is the gift that will keep on giving as they get older and develop strong savings skills.
