It goes without saying that money should never be just given to a child, that doing so is spoiling a child. Gifts are one thing, but even grandparents must understand that spending money should usually be earned, thus an allowance is a great way to convince your kids to do their own chores and keep their grades up in school.
Well, the school year is over, for a few months and you may still be in dire need of “a break. Even if you aren’t… your children may want more money to spend and you may not be able to afford giving them extra money… no matter how many extra chores they do (now that they have all this free time.) Try to encourage ‘extra chores’ and do reward those unrequested duties, but allow your child to expand their financial earning potential beyond your ability to pay.
There is one very popular business children can be financially successful with that children age 5 and up can and should do independently.
In fact, running a lemonade stand can have many benefits beyond the income your child will be making.
Planning and budgeting are 2 very important lessons your child will learn if you guide them. Allow them the freedom to design everything about their lemonade stand, from advertising to prices to the actual stand itself. Allow them to borrow certain things, like a plastic pitcher or two yet everything else they must buy with their own money.
The lemonade, disposable cups, ice, etc are all business expenses and if your child learns that you have to spend money to make money, they will learn a more realistic approach to handling money and a deeper appreciation for the money earned. (As opposed to selling something that was free for them to begin with.)
The confidence it takes to convince a passer by that they must try your delicious, home made lemonade is often rewarded by the praise of delighted customers. Your child’s self esteem will boost for every glass of lemonade sold, and that alone is priceless.
For a good guideline to help your child compose a good strategy for their lemonade stand, read “Kids Starting Businesses”.
In the same manner of a lemonade stand, the summer is a great time for your child to dig up and sell worms to fishers. A strong business trait your child will develop is paying attention to competition. If the local bait shop is charging $3 for a dozen of worms, your child may learn that by charging less, they may receive more customers and make more money.
Digging up the worms requires more labor than making a batch of lemonade and waiting. Your child will have to work harder. Planning ahead is key because your child will need an idea of how many worms they will need, find a way to keep the worms from dying, and (unless they want to sit at a cardboard box with a sign saying ‘worms’ all day, every day) they will need to construct a way to let passers by know that worms are available at a much lower price than the nearby bait shop.
Older children may not be satisfied with selling worms or lemonade. Kids 8 and older may actually consider those things ‘kids stuff’ and want something with a little more earning potential. In this age group, there are jobs that require more physical labor. Allow your child to post flyers advertising their chosen service, from yardwork(mowing/raking, shoveling) to other chores.
Walking the dog, taking in mail, feeding petsand other dailychores while neighbors are on vacation are often compensated for by friends and neighbors.
Be sure you know who your child is working for! Unfortunately, these days there are people out there you may not trust to associate with your children. The best way for your child to advertise their services is to post fliers around your neighborhood, but you as a parent must assume the responsibility of screening any calls received.
The same rule applies for another job your children can do. In the same manner as the previous example, this job is not seasonal. It can be done year round but children under the age of 12 should not try to babysit. Before babysitting, a child should take a class and receive a babysitters ‘license’.
This is a certificate that proves your child, although a child, has been educated on CPR and other important child care techniques. Not only will having this certificate make them a ‘better babysitter in the eyes of those who need a babysitter’ (and increase their earning potential), but it will also prepare them better for the responsibility of babysitting.
Click here to view advice for teenagers interested in babysitting.
For some tips to prepare for a babysitting interview, click here.
Allow your child to put out some toys and things at a garage sale. This allows them to sell their own things to make their own money. Any child can do this, as long as they are old enough to point out which toys they don’t play with anymore. (If they are young enough, put any money earned from their toys and clothes in a savings jar/ piggy bank for them.)
Garage sales are a great way that you, the parent, can make extra money as well. Read “Garbage Sale Season” for some great tips by a great author that will help you to have a successful garage sale.
In some cases, if your family knows a farm owner, then you may be able to find a real job for your child that will literally teach them what work, and earning money, is all about. There may be “child labor laws” but by doing “chores” on a farm… things that some kids do just because they have to… for a friend it is not exactly breaking the law. Your child can choose if it is a job they can’t handle, and that is entirely their choice. It does not exist for all, but for those who do know farm owners it is a possibility… if that farm owner has any need for extra help that a child can do legally.
Be sure that your child allows themselves plenty of time to play, and does not focus too much on work for their summer vacation. At the same time, working hard and earning things you want are two very important lessons that should be learned as early as possible.
