Teaching Your Kids to Save Money

Teaching Your Kids to SAVE Money

Teaching your kids the value of money and how to save is something that we struggle with at Life in a House of Testosterone. My kids know the value of money, but saving it is sometimes a completely foreign concept for them. They are of the “instant gratification” age and feel that they should be able to get what they want, when they want it. Life doesn’t work like that – for any of us!

So here today to share some valuable tips for my testosterone carriers (and your estrogen and testosterone carriers as well) is our guest blogger, Sara Stringer!

Earning Some Dough

Learning to earn and save your money is a practice that begins early. Many kids value their money when they make it themselves. Here are several ways to earn money and keep your earnings as a kid:

Help your neighbors

Ask your neighbors if they need any help mowing their lawn for a certain amount of money, be conscious that your desired amount should be realistic. Mowing lawns can help you earn pay throughout the neighborhood, not just your next door friends. Offer to help with other things around the home as well such as cleaning their cars, cleaning out their gutters, or even walking their dogs if you are an animal lover.

Babysit For a Family Friend

There are many occasions that couples wish to get out and have a good night to enjoy themselves. Although those couples that have children usually don’t have someone to watch their kids which presents a perfect babysitting opportunity for you. An average starting rate would be around $8 an hour. This position is a great way to earn money especially if you kids.

Recycle Cans

Recycling old cans pays in numbers. Collect aluminum cans in your house and turn them in at a recycling center. Most places will pay around five to ten cents per can. For it to be worth while try to collect as many cans as possible before turning them in each week or every other week. The task isn’t too daunting just get your family members to place all their used aluminum cans in a bin and eventually it will become habit.

Perform more chores around your home

If you are currently earning money through chores, ask your parents if you can take on a bigger load with a little extra pay raise. They may be more compelled to if you are able to take more initiative. Take out the trash, clean the dishes, randomly vacuum the living room.

Keep your money in a safe place

The safest place to keep your money would be a bank account, of course with an online portal for easy access and upkeep. Consider speaking with your parents about the possibility and use the handy tool NerdWallet to find the best credit cards, savings, and checking accounts. Currently there are promo deals at NerdWallet which make it an even better selection towards financial security. Whether you choose the bank account route or not, it is important to keep track of the money you are saving.

Spend Wisely

Think twice about what you are spending your money on. When you are about to buy something be conscious of current financial situation so that you don’t develop bad spending habits. Try to place your spending more on needs than wants. Although you are going to spend your money at some point so try to minimize the amount the best you can meaning use coupons or discount codes as much as possible. If you are a shopper there are major discounts on clothes, for example at the online store Karmaloop. Use a Karmaloop promo code to maximize your savings.

Apply for a summer job (part-time)

There are many places you can find work for the summer whether that be a close restaurant or even your town’s mall. Many places need more help because the summer brings a greater influx of customers. Ask your friends who have jobs if they can put in a good word for you. Look for positions on your own as well, younger people find jobs in the phone book or online.

Sara is a self-taught small business and personal financial consultant, and she enjoys soaking up the sunshine with her family when she’s not working or blogging.

Disclosure: Consideration was received for the editing and publishing of this article.

2020 Kimberly Signature

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