Tag Archives for " Get Kids to Save Money "

April 21, 2014

Get Kids to Save Money: Jobs Kids Can Do

Get Kids to Save Money

Get Kids to Save Money

Once children are old enough to understand the concept of money, they are old enough to learn ways to make money. There are always jobs kids can do, particularly jobs around the house.

In our family, each child is assigned age-appropriate chores to complete each week.  They are not provided an allowance for doing these chores.  Here are some ideas for toddler chores and school age kid chores.

If our kids would like to earn some money, we keep a list of additional household chores which they can do and be paid.  Some of the items on the list include:  cleaning baseboards, dusting the china cabinet and pictures on the walls, mopping the kitchen floor, sweeping the garage, cleaning the inside of the refrigerator, and washing kitchen cabinet doors.

In addition to these household chores, our children have come up with all kinds of jobs they can do outside the house to make money.  Our son made money mowing lawns, washing cars, dog sitting, and repairing computers.  His most lucrative venture was developing a website and subsequently selling it for thousands of dollars.  Generally, the sky’s the limit when it comes to a kids’ imagination.  Let them decide what they want to do earn money but be aware of whether it is age appropriate.

Get Kids to Save Money

Once they are earning money, it is important to teach them about saving money.  It’s not always easy to get kids to save money, but it’s an invaluable lesson they need to learn.  One reason our children are willing to save money is because there are things they want which we are not willing to pay for.  That doesn’t mean we won’t contribute to the cost of the item.  We just feel they should contribute something toward it.

For example, let’s take the $100 pair of Nike shoes our son insisted he just “had to have.”  By requiring him to earn half the money for them, he appreciated them and took better care of them.  By requiring them to contribute to the cost of these items, we are teaching them to find ways to make money, to save money, and to make good choices with their money.

What are your tips to Get Kids to Save Money?

What jobs have your children done to earn money?  Let us know as we love to pass your tips on to our readers!

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Get Kids to Save Money
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April 5, 2014

Get Kids to Save Money

Get Kids to Save Money

Get Kids to Save Money

Saving money is the one thing we all agree on in our family.  Something we can do every day is to teach kids to save money.  No matter what we are purchasing, whether groceries, gas, clothes, toys, or services, there is always a discussion of how to save money on that purchase.  Our children know what the standard response from us is any time they ask if we can buy something:  “How much does cost, is it on sale, and is there a coupon for it?”  Many people might think this is a bit extreme but it is important to us.

By asking these questions, we have been able to teach our kids ways to save money.  In addition, they have learned to avoid impulse purchases.  Here are some of the things we’ve taught our kids to look at in order to save money:

Get Kids to Save Money

 

  • Price tags:  By looking at the price tag, you can learn a number of things such as the regular price, the sale price, and the unit price.
  • Coupons:  The hunt for coupons (whether they be in “blinky” machines or on product displays) is not only fun for kids but makes shopping easier on parents since the kids view it as a treasure hunt.
  • Name brand vs. store brand:  What is the difference in price?  What if we have a coupon for the name brand item?  Will the store brand item still be a better deal?

Get Kids to Save Money now! No matter what your child’s age, there are lessons to be learned.  The youngest of children can learn what money is.  By the time our son was three, he knew four quarters was worth more than four dimes, which was worth more than four nickels, and much more than four pennies.  Each shopping trip is an opportunity to teach kids about money and ways to save money.

By including our children in the decision making process, we’ve laid a foundation for their future.  Let us know what tips you have to Get Kids to Save Money.  We’d love to share them with our readers!

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