• Wednesday, June 19, 2024
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Helping kids turn making money into fun experience

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One of the best ways to teach young kids about anything is to make learning a fun experience. This is especially key when it comes to anything money-related.

If you can find a way to think outside the box you can get kids excited about finances, budgeting, saving, and making money. And hopefully, that excitement and eagerness will stick with them for years to come.

My oldest daughter has been saving her money for quite a while. In fact, she LOVES to earn and save money. In order to help foster this excitement and create long-term spending habits, I’ve been letting her partake in some more money-making opportunities.

Here are five fun activities you can get your kids involved in so they can earn some extra money and get excited about future savings.

1. Recycling

At my house recycling is something that doesn’t happen as often as it should. My family definitely goes through its fair share of aluminium cans so I feel like this something we should be more consistent with. And the best form of teaching is through our own example.

Since I often forget to recycle I’ve handed the job of reminding us, and heading up this project, over to my daughter. She’s now the lead recycler, and gets to do with the proceeds as she wishes.

The reward of being the lead recycler, and getting paid, is enough motivation to teach her the important lesson of thinking about the environment as well as earning some extra cash.

2. Selling old toys

A couple weeks ago I went on a huge cleaning spree with one mission in mind: get rid of toys! Isn’t it mind-blowing how quickly toys in your house pile up?

Luckily, both of my daughters were more than willing to get rid of the things they no longer wanted or played with. After throwing away several toys that were missing parts or that were damaged, we ended up with two full bags of toys to sell.

Get your kids on board with selling old toys by turning it into a game, or entice them with the idea that someone else can play and appreciate their toys since they don’t anymore.

I’m proud of my girls for being so willing to let go of their unused toys, and now they get to split the profits when we have our yard sale next year. If you don’t want to wait to have a yard sale next year, you can always donate the toys or sell them to a local consignment toy shop.

Read also: Skye Bank’s balance sheet rises to N1.5trn

3. Becoming a girl scouts/boy scouts

Joining the scouts isn’t a way for kids to earn their own spending money specifically, but it is a wonderful program for children to practice handling money.

From selling, to marketing, to customer service, becoming a girl or boy scout not only teaches kids how to manage money, but it also shows them the important lesson that hard work equals a reward.

They may also develop a healthy dose of competition when trying to meet an income goal or sell a certain amount.

4. Starting a lemonade stand

This list wouldn’t be complete without a lemonade stand! If your childhood was like mine, you probably had a lemonade stand in your parent’s driveway or near the end of the street.

You stood out in the heat all day waiting for someone to drive by or stop at your stand to purchase a drink. You only made a few bucks, but you felt very accomplished at the end of the day.

Selling baked goods, beverages, or anything else allows kids to test out their entrepreneurial skills while earning a little bit of money too. This particular venture won’t make a lot of cash, but it will show your kids how to follow through with something from beginning to end.

5. Doing extra chores

We can’t forget good ole chores! I personally don’t believe kids should be compensated for doing everyday chores that are expected of them (like picking up their own messes). But I do think its fun to give children extra jobs for money.

What’s something your children can do to help out around the house, on top of their regular chores? Can they help the neighbors, do a bit of yard work, or take care of someone’s pet? Think of something out of the ordinary and see how much extra money they can make.

Make earning money fun

By allowing kids to earn and spend their own money you’re helping them learn valuable life skills. Instead of depending on a subject at school, or other influence to teach them about money, you can make an impression while they’re young. The harder they work, the more money they can make and the faster they’ll reach their goals.

Sure, they’ll make mistakes along the way but those are simply learning opportunities. If we let our children make mistakes when they’re young hopefully, as they become adults, they can avoid bigger financial mistakes like getting into debt or not saving money for the future.