One of the main reasons to teach your kids how to make money is to stop them from making the financial mistakes you made throughout your life. Therefore, teaching them different ways they could earn some pocket money is one of the best things you can do to change their financial future.
All you need to do is find the right motivation and use it to keep your kids doing it. We decided to dedicate an article to tell you how to teach them and give you a few ideas to get started.
There are different approaches and working opportunities for kids and teenagers. Read on to find out about these areas:
Prep the meal first
The “how” is easy. There are multiple approaches to how to educate your children financially. Different families tend to have controversial ideas about some of them. Either way, here are some of the techniques that over time have been proven worthy:
Simply have a conversation about money: As crazy as it may sound, having a simple conversation about how money works should be your first approach. One of the key approaches here is to involve your children in some of the financial decisions you’re about to make 🙂
Pocket money works like a charm: There might be a lot of parents who are strictly against the idea of pocket money, but with the correct supervision, pocket money can do a lot of good. We’ve explained this argument in another article, feel free to take a look at it here.
Consider attending charity events with your kids: It is a genius move to help your kids understand they can raise money for a better cause. Charity work is a beautiful way of sharing your family values with society and teaching your children to also give something back to their community.
Compete for the money: Just like the Vikings! We went old-school with this one. Contests have always been great motives for people of different ages, and kids and teenagers are no different. If you can manage to set up a balanced competition where all your kids could have an equal chance to win, then you’ve got yourself one of the most fun ways to teach them about the value of money.
Easy ideas for the younger ones
Making money, by far, is the best way to learn about it. There are plenty of ideas for kids to make some pocket money. We’ve managed to list a few to get you started.
Babysitting: Ever Since a long time ago, it became socially acceptable for kids to take care of the younger kids of the neighbours for little money.
Yardwork: It’s sometimes mowing the grass, cleaning up the yard, helping with the tools, and so many other activities kids can do for the older neighbours for some cash. Not only do they make some money, but they also enjoy doing a good deed.
Garage sales: A small yard/garage sale is a perfect opportunity for kids to learn a little about sales and enjoy making money by selling the toys they’ve outgrown 🙂
Shovelling Driveways: As the weather gets cold and the streets start turning white, there’s this classic chance for kids to make little money by cleaning up the driveways. Easy and super fun!
Extra Housework: Parts of the housework are their responsibility. In addition, they can voluntarily do some extra housework for some extra cash.
Washing the neighbours’ cars: With the hot seasons coming, washing the neighbours’ cars is more of a fun outdoor activity than just a small job! Make sure to encourage your kids to take advantage of this cool opportunity.
More ideas for the older ones
: Older kids and teenagers are understandably less restricted and can do more. Therefore there are a lot of great opportunities that can help them a fair amount of money. We have gathered some of the most common teenagers tested over the past few years:
Online sales: Nowadays, teenagers spend a lot of time online, which can be used to make money. If your kids enjoy making crafts, they can easily be sold online to make small amounts of money.
Blogging: Many kids have a beautiful sense of writing. It can be channelled towards blogging and can generate cash in many different ways in the long run.
YouTube Streaming: Ever since TikTok, many people are now creating and participating in different challenges. YouTube offers great tools for a creative mind to take advantage of and make money online.
Sell photos Online: If your child enjoys photography, you can encourage it and guide them to sell their photos online.
Wrap it up 🙂
It’s amazing how tiny parenting decisions can greatly impact their future. Teaching the kids about the value of money and engaging them in small money-making activities can drastically correct their perspective on finance. Not to mention all the social activities they might engage in while earning the money!