The best way for kids to learn about money is for them to have to manage some. When kids have money in their pockets, they can buy things and participate in fun activities with their friends, which helps them learn about budgeting, needs vs. wants, and more.
As a parent, it can be frustrating that the only source of money is an allowance or doing chores around the house. It helps to have kids learn how to make money in ways other than from us. There are plenty of ways for kids to make extra money that does not come out of your pocket. Here are a few ways kids can earn their own spending money.
Having a Bake Sale or Setting up a Lemonade Stand
A lemonade stand teaches kids basic lessons about entrepreneurship. They can also make cookies or finger foods that can also be sold on the street corner. The kids will learn how to put in the work to make a product that can be sold, and they will get a little spending money when the neighbors stop to buy a treat.
Offering Neighborhood Services
Common neighborhood services might include babysitting, house cleaning, lawn mowing, or car washing services. You can help your child improve their services by learning good techniques to get the job done right. You can also help put together flyers and price lists so that they have easy marketing materials when talking with people in the area.
Having a Garage Sale
Many kids have too many toys, especially since they are always getting gifts on their birthday and during holidays. Plan a family garage sale, and let each child choose the items they would like to sell. Let them keep the money that is earned from selling their own items.
Selling Holiday-Themed Items
Look for cheap items that can be sold door-to-door for the holidays. Among many ideas, you and your child can go to the mountains and pick mistletoe and sell it during Christmas time. Or they can make Valentine’s Day treats, such as chocolate truffles and heart-shaped cookies that can be sold as gifts.
Around Easter, they can sell hardboiled eggs and egg dye kits for families to enjoy the activity of dying eggs without the hassle of all the preparation. Another holiday idea worth considering is taking orders a week before Thanksgiving and offering a pie delivery service on the morning of Thanksgiving.
Having your child gather recyclable goods, such as newspapers, soda cans, or glass bottles, and take them to the recycling plant can also help them earn extra money. To find out how much, reach out to a local recycling company and ask how much they pay per pound.
Selling Crafts and Home Décor
Another solid way to earn money involves making crafts such as homemade jewelry or decorative signs for the home and selling them at a local craft fair or on a website like Etsy.com. This is really great for kids who are already naturally artistic, teaching them early they can make money off their talents. This can help your child avoid the starving artist’s story. You might consider having the child involved in purchasing the supplies for the crafts, so they understand the value that goes into producing a product to sell.
Pet Care Services
Many families travel during the summer, and they need pet care while they are gone. Offering pet care services to the neighbors can teach your child the responsibility that is needed to feed and care for the animals. You could even have them tack on plant watering for a bonus or a bit extra money.