Enabling children to earn money is one way that parents can help them feel more empowered and independent. But you also need to help them understand why saving money is important. Thankfully, it is possible to help them learn the value of being able to put away a portion of their earnings from a young age.
As a parent, you can help them develop the core financial habits that will benefit them for life. So, for the little Deborah Meadens or Steven Barletts in your life, here’s how you can encourage their entrepreneurship and saving potential.
Help children earn money
1. Could they earn from a hobby?
By encouraging kids to embrace hobbies such as crafting or art, they can sell their creative work and turn their passion projects into a way to make money on the side.
2. Benefit from being an animal lover
If your child is passionate about animals, then there are several ways they can make money. From helping to clear out a rabbit hutch, to feeding a neighbour’s cat, or making pet treats. Looking after furry friends is a great way for kids to make extra pocket money.
3. Empower children to profit from their culinary skills
For youngsters who love cooking and baking, selling their goods to friends and family is an easy way to earn extra money. If you have patient kids who enjoy being outside, they can make some cash growing and selling home-grown produce. Supplying people with homegrown fruit and herbs is both a fun and fulfilling way to learn about earning.
4. Motivate them to clean up
According to research, children in the UK earn up to £29 per month by carrying out tasks such as vacuuming, mopping and unloading the dishwasher. If you have household chores to distribute, kids can take them on and it’s worth bunging them a few quid.
5. Offer guidance for launching a venture
For older children, channelling their entrepreneurial spirit with jobs such as babysitting, selling clothes on online marketplaces, and other tasks is an empowering way for them to learn how best to manage their money.
Teaching why saving money is important
It is one thing making money, but learning how to save to be able to buy what you want and in case of emergencies is important as you head towards adulthood. Kids who learn these skills early and understand why saving money is important can set themselves up for life.
The first step is to let them have some money in the first place! Whether they sell items to others or you pay them for jobs around the house, if they have some cash, they can learn how to handle it.
Discuss the value of money. How many chores it takes to buy that pair of trainers they want, for example. This grounds their purchases in the reality of the situation and, if they don’t have enough to buy them right now, helps them understand the steps they need to take in order to earn them.
Talk to them about how much money they have, how much they will have left after they make a purchase and what that means for the other things they want to spend money on. But, if they still want to spend then let them. If their spending inhibits them getting something else they want, it will be a valuable lesson for them.
