There’s just no getting away from the fact that almost everything in life costs money. It’s an intrinsic part of our society. Whatever your personal relationship with it is, the best way to help your kids is to teach them some basic money management (as well as time management)as early as possible.
If they know how to earn it, save it and invest it successfully, you’ll be giving them valuable tools for the future.
In this article, we’re not just going to look at fast ways to make money for kids but also at how money should be handled.
In the Beginning
There is a saying that money is the root of all evil. This is actually a misquote from the bible, “The love of money is a root of all kinds of evil, for which some have strayed from the faith in their greediness, and pierced themselves through with many sorrows” (I Timothy 6:10). My interpretation of this is that some people are greedy for more money than they rightfully deserve but that having pots of cash doesn’t necessarily bring happiness.
Teaching our kids responsibility, good values, and how to manage money from an early age all contribute to ensuring they don’t fall foul of the many financial pitfalls we often face as adults.
In the Beginning
From learning to count, add, subtract, multiply and divide, as our children’s ability to understand numbers progresses, so too should their education about money.
Toddlers are curious and possess a hunger to learn. It is the perfect opportunity to start teaching them about money. At this age, they’ll have begun to mirror your behavior, so use this to your advantage.
Once they can count to a reasonable number, they’re ready to start their financial education. When you’re at the grocery store, ask your child to hold up the correct number of fingers to represent each of the numbers. For example, if you show them an item which is $3.25, they would hold up three fingers, then two fingers, then five fingers. Let them know how proud you are of them when they get it right; that way, they’ll want to do more. If they get it wrong, show them with your own fingers so they can understand their mistake. Make it fun!
As your child gets used to doing this, start looking at the price tags together, show them how the same product can cost different amounts depending on the brand. Let them show you which item costs the most and the least. Again use fingers to help.
When you pay for your goods, allow them to see that there are different ways of doing so (cash, card, check, etc.)
You can continue the fun at home by playing shop. Using a toy cash register and fake money to buy pretend goods.
Doing this while your child is young will help develop their basic understanding of financial transactions and really help strengthen their math skills too.
Values and the Value of Money
By around the age of five, it’s likely your child will start showing interest in products they’ve seen on TV commercials or in stores. Now is the time to really show them the value of money and teach them about saving.
In our modern society, it has become far too easy to borrow. The problem with this is that many find themselves in deep financial debt they cannot afford. Teaching money management and good saving practices will help avoid this for your children’s future.
Skills are far better learned when they are actually practiced. Start by giving your child a dollar and tell them they can have whatever they like in the store, providing they can buy it with their dollar. Be prepared for the continual questioning, which will go “Can I have this?”
“How much does it cost?” look at the price ticket together. It reads $3.95. “I’m sorry, but you only have one dollar, and this costs more than three dollars. Show them using your fingers.
This will continue around the store, and pretty soon, they’ll see that their dollar really isn’t worth a lot. You’ll have to guide them to things within their budget but let them ultimately decide what to buy.
Next time you can give them a little more, say 2 dollars and do the same thing again. Once you feel they have grasped how little they can get with their money because they will always want items that cost more, you can start to teach them about saving.
Now’s the time to give your kid their first allowance. For smaller kids, it’s best to pay this weekly as this helps keep their interest and excitement.
Decide on an amount that fits your circumstances and is affordable to you. If you go too big too soon, then you’ll reach your limit too quickly. You can, for example, decide to use your child’s age and give a monthly dollar per year. A 5-year-old might get $5 a month, split up into 4 weekly amounts of $1.25. While an 8-year-old would get $8 a month and so on.
Allowance Is NOT a Kid’s Salary
Here’s a warning, though: Many parents give their kids an allowance in payment for doing chores. They reasonably believe that chores are work, and you get paid for doing work, right?
Actually, this is a really bad idea, and here’s why. Chores are jobs that all the family needs to do. They are tasks that must be done whether you pay your child for them or not. The problem comes when your child learns to manipulate you and begins to bargain over doing jobs that have to be done. Think of it this way: You’re paying your child to do something they should be doing anyway! This teaches bad habits and a poor way of viewing how money should be earned.
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The correct reason for giving your child an allowance is to teach them how to manage money – how to save, invest, budget, and pay for items. With no strings attached!
As they get older, you might want to give your teenager a clothing allowance so they can purchase what they want. If you do this, however, don’t be tempted to offer advance payments or let them “pay you back later” they must learn that money has to be respected.
Money doesn’t grow on trees, and there isn’t a “Bank of Mom and Dad” they can tap into every time they want a little extra cash. If they really want something badly enough, they have to save up for it.
To first introduce the idea of saving money, get your kid to choose something they’d like in a store but don’t have quite enough money to buy. Make sure it’s something that isn’t too expensive so that by saving for a short while, they’ll quickly have enough to get it. The idea is that they soon learn they can afford more if they are patient and save up.
To start, simply use a piggy bank to collect savings. This way, your child can put some of their money into it each week. Next, you can open a savings account at the bank and encourage them to put some of their allowances into their account every month. Let them see their money grow and talk about what they might want to use it for.
Another good practice is to pick a charity that your child relates to and encourage them to give a small portion of their savings to it. Ensure they see the benefit of helping others as well as themselves.
By the time your child reaches 8 or 9 years of age, they might want to start saving for bigger items such as skateboards, bikes, video games, and so on. Always encourage the saving mindset and teach them they can only have something if they have enough money to pay for it. Loans of any kind are to be completely discouraged.
When your kids are older teenagers, you can start showing them different saving accounts and those that will generate the most bang for their buck.
Real World Expenses
When your child is around 12 years of age, it’s time to start teaching them about the real cost of living. Show them the household bills, explain how to read and understand them. Let them learn about recurring monthly expenses such as rent, power, water, phones, insurance, vehicles, and so on, so they know how to calculate the cost of living.
Next, let them go through your budget with you and work out how much you need to earn to cover all these bills. Then show them the money that’s left over has to be used for food, clothes, cleaning products, etc. Once all of these essential items have been paid for, what’s left is disposable income, the money to buy things you don’t need but want. Or better still, to put into a savings account.
Now is also the time to teach how important it is to save for retirement and about how compound interest affects savings accounts. By doing all of these things, you’ll be teaching your children about financial independence and giving them the key to a happier, less stressed, more fulfilled life.
It’s important that as your kids grow, they don’t become too flush. This will result in them losing the incentive to save or looking for ways of making extra money. Their allowance should cover daily needs, but not be so much that they won’t need to save up for special items.
The other reason it’s essential not to give teenagers too much money is that it helps prevent them from spending it on alcohol, vaping, or drugs.
There are some great applications to help your kids keep track of their money. All banks have apps these days, so they’ll be able to see at a glance just how much is in their accounts.
There are also plenty of money management and savings apps too. I like Rooster Money, Piggy bot, and Allowance +, but there are lots of others available too.
Fast Ways to Make Money for Kids
So now, let’s get to the main topic of this blog, just how your kids can make money fast. The idea isn’t to use your kids’ “workforce” to get stuff done you don’t want to do. It’s about giving them a chance to earn some extra cash besides their “No-Strings-Attached-Allowance”. Treat them with respect and be fair!
And never forget: Play, school, and education come first for kids! ALWAYS!!!
Working at Home
For starters, there’s no better place to look than right at home. It could be there are some odd jobs you need to get done around the place that don’t fall into the usual remit of chores. These should be jobs you’d be willing to pay someone else to do for you. They can be things like weeding the yard, cutting the grass, washing the dog, and so on.
By paying your kids to do these things for you, they can soon earn extra cash and help you out all at the same time.
An excellent way for your teenager to earn some dollars is to get them working for you in the family business if you are running one.
Depending on the type of enterprise you have, you can get them doing all kinds of small jobs, that otherwise just take up your or your employee’s time. It’s a great work experience for your teenager, and it makes sense to pay them for work done in this way.
There are many ways your kids can make money doing things for others too. You can help them by asking your other family members or friends if they have any jobs to offer such as:
Babysitting – This job has a high level of responsibility, so your child must have the maturity to do it properly. They need to show good judgment and be capable of putting the needs of others before their own.
Yard sales – It could be that you, or someone you know, wants to have a yard sale. This can be an excellent opportunity for your kid to sell some of their own old items, including clothes and toys, and for them to help deal with the sales from other goods too.
De-cluttering – Does your child have a knack for organizing things? If so, they may be able to help out with de-cluttering. Wardrobes, garages, sheds, wherever there is a mess that needs some organization.
Car washing – Younger children can earn a few dollars by washing neighbors’ cars, with the neighbor’s permission, of course. Older teenagers might be able to get a work permit and work with a car washing or valeting service.
Dog walking – Like babysitting, dog walking requires a good level of responsibility. Some dogs are worth thousands of dollars, and all are naturally irreplaceable to their owners. You can help your child ask around in the local community for people who have dogs that need walking after school or on weekends.
Yard Work – One thing about a yard is that the weeds just keep on growing. There’s always plenty of work to do to keep things neat and tidy. Ask neighbors and friends if they want any help keeping theirs in order on a regular basis.
Plant watering – As we know, water is an essential component of keeping plants alive. When we’re busy with other things, it can be all too easy to forget. Getting a kid to water them every couple of days is a great way to keep the plants green and healthy and kids happy from the extra dollars in their pocket.
Product flipping – This can be done with websites such as eBay, Etsy, Facebook Marketplace, or Craigslist. Kids can have fun finding bargain items at yard sales, discount stores, or from friends and family and flip them for a profit.
Other fast ways to make money for kids is online. The internet has exponentially grown the number of options there are to make money, let’s take a look at some:
Selling Old Stuff – As they get older, our children soon outgrow clothes and toys. Using online selling sites such as eBay, Craigslist, Facebook Marketplace, and Etsy can quickly have them making some dollars online.
Online Surveys – Kids can take online surveys on sites such as Opinion Outpost or Swagbucks that will pay a few dollars for their efforts.
Art and Craft – Do you have a budding Picasso, Rembrandt, or Turner in the house? Or is your child a whizz on the sewing machine, able to create cushion gorgeous covers, masks, baby bibs, and so on? Perhaps they have a talent for turning pebbles into beautiful pieces of jewelry? Whatever your kid’s design talents, they could sell products online through Etsy, eBay, or Amazon Homemade.
Illustration Creation – Another artistic talent could be digital illustrations. With an illustrating tablet and some good software, kids can sell their designs on sites such as Deviantart.
Photography – If your child is great at taking photos, then they may be able to sell them on sites such as Scoopshot, Foap, or EyeEm.
Testing Apps – App testers are required by sites such as UberTesters and TesterWork to ensure that apps do what they’re meant to, and they pay for that.
Writing Their Own Affiliate Marketing Blog – Building their own online business by writing a blog and learning how affiliate marketing works is an amazing opportunity (not limited to teenagers, obviously). It teaches them so much, and allows them to set up their very own piece of “internet property” they can profit from for years and years to come!
Teaching your kids how to deal with finances and make money are valuable lessons. Even if you’re not entirely clued up about it yourself, it can be great to learn things together.
By helping your children earn money, they’ll learn how to be more financially independent, and that’s an amazing skill to have going into adulthood.
In today’s world, entitlement has reached epidemic proportions. Kids must learn to respect money and to acknowledge that there are limitations to what they can have. If they want something badly enough, there is nothing stopping them from earning it.
You can learn more about this and about Positive Parenting here.
I hope you’ve found this guide about “fast ways to make money for kids” useful and have been given some fresh new ideas.
That’s all for now, see you next time.
P.S.: Did you ever ask yourself how to put an end to all those exhausting power struggles that can stand between our kids and us as moms or dads? If so, then make sure to read my FULL REVIEW of “Positive Parenting Solutions” HERE. You won’t regret it! I promise!!!