Time to Enjoy the Fruits of Your Lemonade Stand
When the work is done [How to operate a lemonade stand] and your child’s lemonade stand has closed for the day, there is still another life lesson [lessons from a lemonade stand] for them to learn. No doubt your child is excited to have made some money and wants to run to the store to buy a new toy, but this is the time to teach children about what to do with the money they earned.
Don’t spend it all. Learning to save and manage money is crucial to building wealth and a secure financial foundation and it is never too early to teach your kids this lesson. A piggy bank is a great way to start. Have your children put some of the money they earned (as well as other money they get) into a piggy bank. Explain that the objective is to fill the piggy bank with dollars and coins and save this money for the future. You can discuss saving for short- and long-term goals, so they understand how they can afford to buy things and how long it takes to save for something they really want. It’s all about understanding the value of money.
Work hard, play hard. Children should understand that to earn that money, they first had to spend money. Presumably you paid for supplies to make the lemonade and set up the stand. That investment should be paid back before they run off to spend what they collected. However, once it is paid back, they should also get to spend some of it anyway they want. Again, they shouldn’t spend it all at once, but getting a prize after working hard will make them eager to do it again. This will also teach them that hard work pays off.
It feels good to give back. A lemonade stand provides the perfect opportunity to encourage kids to give to charity. Have them set aside 10% or 15% of their profits to give to a cause of their choice. You can also explain how the organization will use the money to benefit others. They’ll learn what it means to help those who need it and the more they earn, the more they can give back.
Good luck with the lemonade stand. Remember to share a photo of your children’s stand for National Lemonade Day and be sure to tag us!