Most kids are interested in making extra spending money for entertainment and purchasing things. It’s also a good idea for parents to help their children learn responsibility and a good work ethic. Depending on your child’s age, there are many options available and here are a few tips to help you get you started:
Create a Plan
First of all, get a plan. How much time does your child want to devote to earning an income? Would they like to spend 5 hours a week doing so? Or 10? What is reasonable for them, their age, and your household? Also, set your parental expectations so they are clear on what they can and cannot do. Make yourself available to answer questions and guide them.
Discuss Money Management
Discuss the question of what is going to happen to the money? In other words, how should they manage it? They may want to spend it all on a large ticket item, but this is an excellent time to begin teaching them basic giving and saving principles. I would encourage each parent to have their child give 10% of their income to their church or a worthy cause; 10% or more would go into savings; and 80% can be spent. This will help your child learn to manage money wisely at a young age.
Decide on the Work
Last but not least, decide what type of work they would like to try to perform. Is there a specific area they are gifted in or enjoy? Here are some ideas to get you started (Average Age: 10-18):
- Pet Sitting
- House Sitting (picking up the mail and packages, watering plants, as well as checking on the house for someone who is away)
- Making greeting cards and selling them
- Making cookies and selling them
- Lawn mowing
- Car washing
- Dog walking or sitting
- Paper route
- Parent’s helper (assisting a parent with jobs in their home)
- Repairing bikes (if they are good at mechanical items)
- Running a garage sale
The main idea is to help your child begin to learn a good work ethic and teach them how to balance spending, giving, and saving at a young age.
What are your ideas?