5 Tips On How Kids Can Make Money

5 Tips On How Kids Can Make Money

5 Tips On How Kids Can Make Money

As a parent, you need to teach your kids how to handle money responsibly. The best way to do that is to teach them the value of money, and help them to understand that money has to be earned, usually through hard work! These tips on how kids can make money will help you teach your children about the value of money, and lessen the demands on your wallet - or at least give you something in return for the hand-outs! The methods used to teach kids how they can make money will naturally have to be age-appropriate. Three to eight year-olds will need to keep their money-making efforts at home, so you may still be in for a few years of handing out! Here are 5 way your children can start earning their allowance.

Chores: Allocating specific chores to your child is the easiest way to help them make money from an early age. At first they will only be able to help you, but soon enough they'll be doing them on their own. Setting the table, raking leaves, helping to wash the car and preparing meals can all be done with supervision at a young age.

Working for the Neighbors: As your children get older, they can help the neighbors too. As they get older they can help wash windows and walk the dogs too.

Make stuff: If your child has artistic talent or enjoys making things, encourage them to start a market stall and sell their arts and crafts. Encourage them to think of useful things to make, and help them work out pricing by factoring the cost of materials and their labor into the selling price.

Coaching: If your teenager is a math whiz, or acing English, they may be able to help kids in junior school with their studies. If your teen is great at sport, encourage him to approach junior schools and sports clubs in the area for coaching jobs.

Internet Marketing: The options for earning money on the internet are wide and varied. Children of 13 and 14 are earning through affiliate marketing programs, internet marketing and website design. If your child knows more than you do about your PC, they can earn money with it.

These are just a few money making ideas for kids. Once you've worked out how kids can make money, you'll need to teach them how to spend it wisely too. A good adage is to spend a little, save a little, and give a little away. Opening a bank account for your child helps them save while teaching them how banking works, and they'll be so proud of themselves when they save enough to buy that special something they've always wanted! Kids making money need to learn these lessons in how to use their money too. We live in a world where money and how you look after it makes a big difference in how we live. You don't want children who are slaves to money, but you do want them to work for their money, and use it wisely once they've earned it.

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