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Is Your Child Ready to Start Earning Money?

From the time children can speak, they start asking for things. You walk through a store, and they want this or that. Sometimes you buy it and sometimes you don't. But there comes a time, usually around the preteen age, when you start to wonder if your child is ready to start earning some money to buy some things on her own. And yes, most kids are!

Money and Kids: Creating Healthy Financial Habits

Tweens and Teens are usually ready to begin earning some allowance or money on a limited basis. Of course, you don't want your teen to go out and get a full time job, but there are things she can do to start earning money. As she earns her own money, she may become more responsible, learn the value of a dollar, and gain skills, as well as learn how to budget and use her hard-earned wages.

Here are some tips to help your child manage money:

  • Try to help her find ways to earn money. Depending on her age, she may be ready to do things for the neighbors, such as babysitting, dog walking, or helping with yard work. You may even want to set her up on an allowance system and have her do chores around the house.
  • Use chore charts and activity charts to help your child stay organized as she earns money. If you go with an in-house allowance system as a way for her to earn money, chore charts are a great way to organize what she needs to do, how often, and keep track of it all.
  • Make sure that the things they are doing to earn the money are age appropriate. You don't want to risk safety so they can earn a buck. If you feel they are not ready to take on babysitting, for example, and they want to do it, have them wait until you feel they are ready for it.
  • Help her establish good spending habits with the money she earns. Speak to your child about the importance of saving some of what she earns. You may want to help her open a bank account and teach her to save a percentage of what she earns.
  • Enter into an allowance agreement with your child that outlines her responsibilities.
  • Avoid picking up the tab for your child when she doesn't have enough money. As tempting as this may be, it will not teach her the realities of spending within her means. Instead, teach her to save until she has enough to buy what she wants.

At some point we all have to earn money. If your child is showing an interest in earning her own money, teach her good money management skills. You can help her establish healthy earning and spending habits!