How to Encourage Children to Earn Money From a Young Age

Image courtesy of www.seniorliving.org
Image courtesy of www.seniorliving.org

When you have children living at home you will find that things are more expensive. You will also find that as they get older, they become increasingly expensive. This is because they eat more, want more expensive things and their clothes and gadgets tend to be dearer. One way to get around this problem is to get them earning money and make them pay for the things that they want. It might sound harsh, but if you provide the basics, like food, shelter, heat, light etc then there is no reason why they should not buy their own luxuries. Skills they learn with regards to earning money could be very useful as they get older as well, plus learning to save up for the things you want and understanding how long it takes to afford things can also be a great thing to learn.

You may think that it is not possible for children to earn money at a young age, but there are some things that they can do. Although they cannot go out and get a job, there are other things that they can do to earn money.

Many parents give their children jobs to do around the house and give them pocket money for doing them. This is a great way to introduce the idea that money has to be earned and it does not just appear! It can work for children of all ages, with chores being given to them that suit their age. It also shows them how to look after their home environment and to keep things clean and tidy. Some parents though, feel that these jobs should be done without payment. They think that children should learn that these jobs have to be done without payment as adults have to do it without payment.

It is possible to make money online as well. Some children have YouTube channels and make money from videos, some make things to sell or buy and sell things and some do chores for friends and neighbours to get some extra money. It is necessary for parents to supervise these things, particularly if younger children are doing them and they may have to have the money sent to them if it is earned online. However, it is still possible to do and can help children understand more about ways of earning money and also give them some extra money to spend or save.

If you run a business you could let them help you with parts of the business as well. Although you cannot legally employ a child (although acting and modelling seem to be exceptions to this) you can ask them to do things for you and then gift them some money separately with an agreement between you that it is payment for the work. Doing this sort of work gives them a great insight into what is involved in running a business as well as the specifics of the company and this can be a great thing for children to learn.

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Rachel Henderson is a professional freelance writer from the UK. She writes on many subjects but specialises in personal finance. As well as contributing to various blogs and websites she has her own website tracking her own money making process http://www.turnonepoundintoonemillion.com and sells her books through http://www.bowbridgepublishing.com.

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