Teaching Kids Make Money Effectively

There are a lot of reasons why children ask you to teach them how to earn some cash. Perhaps they feel that the allowance you give them is not enough. Perhaps they intend to buy something that is slightly more expensive. They might also need to raise money with their friends for a cause. Whatever the reason is, teaching your kids make money help them realize what it takes to earn money and be responsible.

There are a lot of ways for kids to make money. They can open a lemonade stand, wash cars, do household chores, sell cookies, give tutoring, and walk neighbors' dogs. Not all of these ventures are appropriate for young children, however. Also, you need to determine if these ventures are allowed in your area or if you need to file permits for it.

To find the most effective way for kids to make money, you and your kids need to discuss and evaluate some things. First, it is better to do jobs that your kids are really good at so they can make more money. If your children are smart, the best method to earn money is by tutoring other students. Kids who love to bake will do very well on bake sale.

The next step is to determine if your neighborhood is safe. If you think it is not safe for your children to spend a lot of time outside the house, perhaps you can make them do chores in the house. You can also supervise them when they are opening their lemonade or cookie stands.

You have to be responsible for them even when they are working. The level of supervision depends on how old your kids are and their level of maturity. If your kids are around eight and nine, you should not leave them unsupervised. When they are preteen, you may leave them working unsupervised for short period of time.

Kids make money because they want to buy things. However, they not only need to know how to earn money effectively, but how to use it effectively as well. You should teach them to use their money responsibly. Teach them to not to spend all the money they have earned and open a saving account instead. Depend on how old they are, you may also teach them to invest their money.

Derrick Janson - About the Author:

Derrick Janson is an expert in Teaching Kids About Money. He has taught about kids make money topics, allowances, budgeting and saving money for kids.