Children often complain about their allowance being too little or less. Instead of arguing about it, parents can encourage kids to make money and increase their allowances in many ways. Making money and earning an income will help kids to not only increase the amount of money they have, it will also help youngsters to be more responsible and independent. Here are five interesting and child-friendly money making ideas to put some extra cash in a child’s wallet.
Simple Craft Activities are a Great Way to Earn Extra Money
Craft activities like making greeting cards, friendship bracelets, beaded items, or even wrapping gifts are good money making ideas for kids. Parents can encourage kids to make these items and give out flyers around the neighborhood to let people know about the kiddie business or put up a stall at a local fair.
While door-to-door selling may work, it is important that the neighborhood is safe and that a parent or older person accompanies the child.
Providing Services is How Many Kids Earn Money
Services are the best way to earn extra cash. Dog walking, pet-sitting, lawn-mowing, babysitting or becoming a mother’s helper, delivering papers, washing cars, raking leaves, and shoveling snow are just some of the services that children aged 6 years and up can easily provide to neighbors.
Parents can help kids to advertise these services either on flyers or by making a sign and by providing the initial tools needed for services, such as car washing.
Selling Food Items is a Good Money-Making Idea
Children can easily sell yummy food items like lemonade, juices, cakes, muffins and cookies. Parents can help by teaching kids how to make the products and then, help out with advertising and spreading the word. Encourage children to start by giving out free samples and hold tasting sessions. A home-delivery service for cakes and cookies would be an added advantage as well.
Writing and Drawing Help Earn Extra Cash
This one is for slightly older kids, aged 9 years and up. Parents can encourage children who write or draw well to start a letter-writing, poem-writing or sketching business. Article writing for children’s magazines is another good way for kids who write well to earn some extra money. Parents can help by proofreading and offering feedback and by looking for publications where a child may be able to sell an article or poem.
Start a Book or Toy Library for Kids to Make Money
Children with a good collection of books or toys can easily set up a library or rental service. Children can spread the word through friends and flyers and parents can help with cataloging and organizing the rental process. Children can also rope in other friends and increase the collection by including more toys or books. A small membership fee and a deposit with every rental will ensure that members return books and toys on time and in good condition.
Making money can be fun and easy for kids and if parents provide some support and encouragement, children will enjoy earning extra cash and supplementing their weekly or monthly allowance. Earning an income will also give kids the chance to learn how to save money and make basic financial decisions. Financial education will help kids to spend wisely. So, use these ideas to help kids make money and enjoy being independent.
Allowances for Kids
There is a big debate right now in your very own neighborhood. Should kids just get an allowance or should they have to earn it? This is definitely a two-sided issue with some very valid points for each side. Take a look at some of the issues raised, and get some helpful tips for giving an allowance to your tween.
They Should Earn It
This is by far the most popular choice among families. In a recent poll run in the May 2007 issue of Parenting, 92% of families polled (over 12,000 responses) thought that kids should earn their wages. Some argue that in order to teach kids about what it is like in the world, you have to show them that they can’t get money for doing nothing.
The issue of independence was also raised to support the fact that kids should earn their money. Some believe that by having kids earn their allowance, they will not depend on their parents in the future, and they will learn good spending habits in the process.
They Should Just Get It
This not so popular response (a mere 8% in the same poll) does have its credentials. When speaking of earning money for household chores, one must ask, “Do I get paid for washing clothes?” Of course, the answer is no. Being part of a family comes with certain responsibilities that everyone must share, and this is separate from earning money on a job. How can a child learn about making money in the real-world by making his bed every morning?
Some believe that giving an allowance is a good opportunity to teach kids how to spend and save their money, a life lesson, if you will. Kids might earn money for things that they do above and beyond their chores. For instance, helping dad clean out his tools might not be an expected chore for a child, so he earns a few bucks for helping out.
Whatever side of the coin you land on, one thing will never change and that is kids want to make money somehow. So, if you do give your child an allowance, whether by earning it or just giving it regularly, here are some pretty cool statistics about what the rest of North America is doing with their kids.
- Most 9-year-olds are making approximately $5.50 a week. The amount goes up from there to include 10 ($7.20), 11 ($8.00), and 12 ($9.50). Girls are making more than boys. ~ Global/Decima Family Poll
- Most tweens are getting paid weekly. Then comes bi-weekly and then monthly.
- According to online-casino-thailand.com, only 41% of parents are giving any kind of allowance.
- Surprisingly, most kids are saving up some of their allowance (males (70%), females (71%)). It seems, though, that the older children get, the less they tend to save, based on a sixth grade survey by the Louis Harris & Associates for Liberty Financial’s Young Investor Program.
- Most parents stop giving allowance at the age of 16. I guess the kids have to get out there and earn their own money. Funny, that is the legal age for them to get a job!