Summer will soon be upon on us and this is the time of year that parents start thinking about helping their kids and teens make money. The kids are interested in making extra spending money for their summer fun. It’s also a wonderful time for parents to help their children learn responsibility and a good work ethic. Depending on your child’s age, there are many options available to them.
Create a Plan
First of all, get a plan. How much time does your child want to devote to earning an income? Would they like to spend 5 hours a week doing so? Or 10? What is reasonable for them, their age, and your household? Also, set any parental guidelines at this point, so they are clear on what they can and cannot do. Make yourself available to them to answer questions and guide them.
Discuss Money Management
Then discuss the question of what is going to happen to the money? They may want to spend it all on a large ticket item, but this is an excellent time to begin teaching them basic giving and saving principles. I would encourage each parent to have their child give 10% of their income to their congregation or a worthy cause; 10% or more would go into savings; and 80% could be spent. This will help your child learn to begin setting parameters from a young age for their money.
Decide on Work
And last but not least, decide what type of work they would like to try. Is there a specific area they are gifted in or enjoy doing? Here are some ideas to get you started…some are typical and some not so typical. (Average Age: 10-18)
- Pet Sitting
- House Sitting (picking up the mail and packages, watering plants, as well as checking on the house for someone who is gone)
- Making Greeting Cards and Selling Them
- Making cookies and selling them
- Lawn Mowing
- Car Washing
- Dog Walking
- Paper Route
- Parent’s Helper (assisting a parent with jobs in their home)
- Repairing Bikes (if they are good at mechanical items)
- Running a garage sale
The main idea is to help your child begin to learn a good work ethic and teach them how to balance spending, giving, and saving from a young age.
Do you have other ideas for how kids can earn money this summer? Please share below in the comments.