Do your kids talk about how they can get money? Whether from you or from others, helping kids handle their money better is never dull. First Reliance Bank may not have all the answers to helping kids earn or save money, but we do have a few suggestions. Before they ask again, consider sitting down in advance of their want and share these tips.
It is possible kids will learn how their parents or family members may be more likely to give them money if they first learn how to be responsible with it. Letting kids know that going to the toy or game store with every dollar may not be the smartest thing to do; however, giving them a plan may guide their current spending as well as develop good habits for the future.
Charity, Savings, and Spending
Give your kids three envelopes and have them mark one “charity, one “savings” and one “spending.” Then, should they earn or are given ten dollars, have them put one dollar in the charity envelope to give away to a good cause, two dollars in the savings envelope for something they want later, and the rest in the spending envelope. This way, the money designated for spending will be waiting for a time when they are ready to visit a store.
Talk With Kids About How They Can Make Money
How can your kids make money? That’s a very good question. While selling things out by the street may be risky, like a lemonade stand or yard sale, talk with them about how they can manage extra jobs around the house. Beyond cleaning their rooms, kids can help by sweeping the garage, raking leaves, washing clothes, or cleaning the kitchen after mealtime.
One creative idea is to share your pocket change one or two days during the week. It will be amazing how fast pocket change can add up!
Another idea is by clipping coupons that come in the mail. If they will clip the ones for items your family uses, consider sharing some or all the money saved when using coupons.
Regardless of the ways kids earn or ask for money, don’t forget the envelopes - charity, savings, and spending! Plus, for additional tips, visit the FDIC Money Smart webpage. With knowledge and encouragement, good habits will be developed that will be beneficial in their adult years.