One of my goals as a parent is to teach my kids many life skills, one of them being how to make and manage an income. This is an area I feel is lacking in our schools and requires parents to pick up the slack. I grew up watching my Dad work 40 hours a week plus going to school full time. We always lived very frugally, which in turn caused me to fear spending money. I was always afraid (and still struggling with) the fear of not having enough.
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We started using the Financial Peace Jr. with our kids when they were old enough to start doing chores. Once our kids had made a little money we’d let them purchase little items at the store. Automatically they were hungry to make more money.
One of my teacher friends gave a business journal to my 9 year old for Christmas. We’ve been thinking up all kinds of jobs for her to do this summer so she can start earning some money.
We began listing jobs we knew would be easy to do, but helpful enough for others to pay for her work.
1. Yard Work – Picking up sticks, pulling weeds, watering plants, raking leaves, taking care of compost.
2. Walking Dogs – Our neighbor has four dogs. Every day she would have to make two trips in order to walk all four dogs. My 9 year old offered to walk her dogs for her. Every week day I’ll get a text around 8:00 am asking if my Princess is ready to help walk dogs.
3. Mommy’s Helper – My 9 year old is really good with kids. She really is a natural born teacher. Because of this, my mommy friends will call on her to help with parties or just to be around to “play” with their toddlers.
4. Lemonade/Coffee Stands – We live downtown which means we get a lot of foot traffic. In the summer my kids sale lemonade and in the fall/winter they sale cider and coffee. Now my neighbors are asking them to come work at their garage sales!
5. House Cleaner – After having a professional house cleaner for two years, my kids know how to clean a house. This summer we are taking a break from paying a professional and instead paying the kids to clean like the pros!
6. Model/Act – We also live close to Music City where there is a lot going on. Coming from a background of theater and music, it’s not uncommon for kids to have an agent. This is a great way to start a little nest egg for your kids before they move out of the house!
7. Card Designer – Are you an artist? Help turn your child’s latest art piece into a design for greeting cards! There are many personal card making sites to help your child create and sell their own greeting cards!
The concept is simple. In order to spend money you have to make money. If you want something bad enough you’ll work for it. The more experience your child has with this concept the better opportunity they’ll have to live a debt free life.
Using this method we hope to have the kids paying for all of their extras by the time they hit the teenage years. By the time they graduate high school they should have enough money to buy a used car and/or help pay for college. Hopefully their spending habits will be well thought out with a savings plan firmly in place.
Click on the link below to download this printable Creating Your Own Business pdf.
Teach your child the value of money by setting up a save, give, and spend box. When they begin to collect a fair amount of savings, take them to the bank to open up their own savings account. Let them keep track of their balance. This is such a powerful life lesson including a great way to add (hopefully) triple + digits!
My little girl is having such fun with her businesses. She’s working towards her goals and feeling the sense of accomplishment with each business transaction. The connections and relationships she’s building is priceless.
How are you teaching your children about money? I’d love to hear your ideas on this fascinating topic! Let’s chat in the comments!
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