“Money does not grow on trees.” We’ve all heard this phrase before, and you’re probably saying it now to your kids.
Encouraging your children to go the extra mile to improve their income is a good way to teach responsibility and develop their money management skills.
Here are 5 ways kids can earn more spending money:
1. Do the washing and ironing
Kids can leave what seems like a ridiculous amount of dirty clothes in the laundry basket. If you can take the time to teach them how to do laundry and, for older children, ironing, it can save you valuable time.
If you’re lucky, it could also mean they’re a bit more careful when it comes to getting their clothes dirty.
2. Preparing meals
Home-cooked meals are generally cheaper and healthier than prepared meals. Getting your teen to cook — even if only once or twice a week — will not only help, it will also teach him how to fend for himself when he leaves the house.
3. The teacher of his younger siblings
If your older kids are looking for a little extra spending money, asking them to tutor their younger siblings can buy them some bonding time.
Teaching is a great way to learn patience and understanding, as well as relearn some valuable things like what 7 times 7 really equals.
4. Wash cars and mow lawns
Regardless of generation, washing a parent’s car or mowing the lawn seems to be a rite of passage that almost every child goes through. But it shouldn’t just be about washing your car. If your kids are really looking forward to increasing their income and you think it’s safe, they can offer to wash your neighbors’ cars too.
Starting a small business will help them improve their cash flow and give them an introduction to customer service.
5. Organize a garage sale
Sure, they’ll likely need your help, but hosting a garage sale is a great way to get rid of unnecessary items, while showing kids the value of reuse, how money counts, and how currency counts. It can also be fun.
It can be difficult to find a balance between children’s learning experiences and the fact that they don’t get paid every time they do something they don’t necessarily want to do. So while you’re encouraging them to make these positive contributions, try to help them see all the other benefits that come with helping others—even when money isn’t involved.