Money Making Tips For Kids

by Tax Guy - Burlington Accountant on May 18, 2008 Print This Post Print This Post

So your child has been thinking of ways to raise some money and comes to you for some ideas.  Perhaps they have thought of the age old lemonade stand, a newspaper route or even soliciting the neighborhood for bottles and can to return for the deposit (where available).  But what can you suggest to provide some longer term tasks that help apply your child’s talents.  There is an also opportunity for your child to learn entrepreneurship as well as learn to save and invest wisely.

Here are some ideas you can use to brainstorm with your child when they get the urge to earn:

1. Babysitter – In some states there are babysitter courses available for young people. The child requires some level of maturity before they can babysitter but nonetheless babysitting is one of the top job for kids.

2. Tutor – Does your child do well in school? Perhaps they can turn their talent for learning into a part-time job helping out other children in the community. They can help those in the same grade or in the lower grades who are struggling with schoolwork.

3. House & yard clean-up and help – There are many people who would love to have some help. As out population ages, this opportunity is gold for the motivated child. Be warned though it can be hard work!

4. Grass cutting, leaf raking, and snow removal service – Offer year round services. Cut the grass weekly in the summer and shovel the snow in winter. Some adults do this full time!

5. Bike trader (buy and sell used bikes) – Perhaps your child knows how to fix bikes. They could pick up old bikes in need of service cheap at yard sales, fix them up and re-sell them for a profit. It requires more investment and time than other jobs but it can be rewarding.

Some other jobs kids can do to make money include

  • Car washing
  • Gift wrapping
  • Computer teacher
  • Dog walker
  • Pet babysitter

Encourage Savings

If you child has made some money of their own for spending money, let them enjoy the benefits of their labor.  They should be able to go to the local grocery or corner store and make a purchase.  They will receive the instant gratification they are seeking.  But also have them place a portion of their earnings, say half, into a savings account and show them how their money will grow over time.

About The Tax Guy...

Dean Paley CGA CFP is a Burlington accountant and financial planner who services individuals and business owners locally, nationally and internationally. Dean has appeared in the National Post, Toronto Star and Metro News.

To find out more, visit Dean's website Dean Paley CGA CFP or connect via Twitter @DeanPaleyCGACFP.

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