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Money earning and saving strategies for kids and teens

May 3, 2013

Considering today’s difficult economic times, gainful employment, like money, does not grow on trees. Part of teaching children and teenagers about money involves raising awareness on ways they can earn some money: Allowance, babysitting, a family yard sale, or other part-time jobs.

Allowanceallowance pic

There are different schools of thought on allowance. Some parents believe that children should help around the house without getting paid. Parents should brainstorm about other ways to generate an allowance, such as seeking a child’s assistance on a project.

An allowance chart is a great way to track hours and chores.

Yard Sale

With the weather warming up, how about a yard sale or garage sale to encourage spring-cleaning? Not only could the children help with cleaning, but they can also learn basic business techniques such as sales and advertising.

Babysit

Babysitting is another great way for teenagers to earn some extra cash on the side. Babysitting also teaches a level of commitment and responsibility. Sittercity is a useful site to find local babysitting postings.

Volunteer

Volunteering is not paid of course, but it may lead to paid work in the future. There are always volunteer opportunities in the community or at school events. Making connections and learning to help others without being paid is a valuable experience onto itself.

Once earning money, children must create an appropriate budget in order to learn how to save money. Decide and explain how much of the earned can go into their pocket and how much goes into their bank accounts.

Just remember to keep looking around for new learning opportunities for children!

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