In today’s economy, many adults have to learn new skills in order to make extra money and save money. Often these new money making skills seem awkward, as they may not be what the individual has been used to in the past.
Learn About Money Now Rather Than Later
In order to have a head start, then, wouldn’t it make sense to teach your kids about making money now? Learning about money early in life can give your child the ability to start earning and saving at a much younger age, allowing them to more quickly adapt to the “real world” when the time comes for them to make their own living.
And, since most kids don’t have large expenses, earning money can also mean allowing them to build their savings nest egg at a young age and allowing those savings to compound and build exponentially over time.
How to Teach Kids About Money
Imagine never having to utter the words, “Money doesn’t grow on trees.” By teaching kids about money, you may never have to.
One great way to teach your child about money is to go shopping together. This will give your child a better insight about looking for the best deals, using coupons to save, and to not over-buy. Also, setting a good example by not spending impulsively or racking up credit card debt is another good learning experience.
You can also have your child stick to strict spending limits. Even if they have a full piggy bank from birthday money or allowances, setting a limit on how much to spend can be a real eye-opener for them. In addition, opening a savings account for your child can help them to better understand the concept of compound interest and growth.
5 Ways to Help Kids Profit
Understanding how money works can be a real motivator for kids to want to earn more of it! There are many businesses your child can take part in to start earning some extra cash. These can include:
1. Keeping America Beautiful
One Yard at a Time. Have your child start a lawn moving business. This can be as simple as asking several neighbors if they need their yard mowed. If you live in an area that gets snow in the winter, these same neighbors could be good candidates for snow shoveling services too.
2. eBay Their Way to a Clutter Free House
With the internet becoming more popular with the younger generation, your child can take advantage of the money making opportunities it provides. One of the best ways to make money online is to sell unwanted or unneeded items on eBay. Your child can begin selling items such as toys or clothes they no longer use. And, their eBay selling business can expand by offering to sell items for others on a consignment type basis.
3. Feeding (and Walking) the Hungry by Pet Sitting
Another business that’s in great demand is that of pet sitting. Many people travel several times per year for business or pleasure. And, those who have pets cannot always take them along. Therefore, your child can earn a great deal of money by offering to feed, walk, and check on pets. Even those who don’t travel may work long hours and would love to have their pets fed and walked on a regular basis.
4. It’s a Wrap – Making Money Wrapping Gifts
With the holiday hustle and bustle, many people simply do not have the time to wrap the gifts they purchase for their loved ones. This presents a fantastic opportunity for your child to make extra holiday cash by offering to wrap gifts for others. This business could also spill over throughout the year, by offering to wrap gifts for birthdays, special occasions, or even for businesses that regularly send gift items to clients.
5. Express Delivery – Starting a Local Errand and Courier Service
Individuals and businesses are in constant need of items being dropped off or picked up. Rather than taking time to do these themselves, a great majority of people would gladly pay someone else to do this. A local errand or courier service run by your child will not only allow them to earn money, but will also allow them to get exercise by walking or riding their bicycle to perform these services.
It’s Not What You Make, It’s What You Keep
Once your child begins earning money, have them set aside a certain percentage of it to be placed in a savings account. At first they may balk at this, however, once they begin to see their account grow, they could be motivated to add more to the account each month.
This could also motivate them to think twice about purchasing items on impulse, in lieu of growing their savings for potential future purchases such as a car.
This article is by Ramsay who blogs for moneyedup.com
Photo by GoodNCrazy