Kids' Tips for Earning and Saving Money
So you're too young to get a job, but too old for survival by allowance only. Plus, the recession has hit some families hard, and parents just don't have the money to buy you everything you want. What's a kid to do? Check out these money making and saving tips, then take our Quiz to test your Savings Smarts.
- Lemonade or Ice Pop Stand
Have your parents help you stock up on ice pops from the supermarket, or make your own. Do a great big old fashioned sign, and hand out flyers to the neighbors a few hours before. Ideal to do on a Sunday, when people are home from work, and just hanging out. Be sure to set out a "Tips" jar.
- Yard Sale
Pull out all your old toys and last year's wardrobe. Do it with your friends for even more of a mega-sale.
- Mother's Helper
If you're not old enough for baby-sitting, offer to help a neighborhood mom by entertaining her kids while she gets things done around the house. Make sure your parent/s approve and it is someone you both know.
- Dog Walker
Recently I saw a sign posted in my friend's neighborhood for "Dog Walking Services Offered for Friendly Dogs." Great if you already have a dog, or experience with animals.
- Recycling cans and bottles
Collect your recyclables, ask your relatives for theirs, and scour parks and (safe) public areas for cans and bottles. Depending on what state you live in, you may receive 5 or 10 cents back per item. This can add up, and it's good for the earth.
- FREE Public Library
Take books, movies, and CDs out of the library. It's free, which is cheaper than any store, and the selection is endless.
- Pack a Snack
Going to the movies? Popcorn is great, but bringing your own snack along to the theater, beach or amusement park can save you up to half the cost of admission!
So hopefully now you have some ideas to earn a bit of cash. What's the best thing to do with it? I spoke with a Bank of America Vice President in NY, and he had this to say, "Kids should start saving early. The younger, the better. The earlier they learn, the more financially responsible they'll be, and the more likely they are to be savers later on."
Try out this Quiz to see how saving savvy you are:
- A great way to save the money you earn is to deposit it into a ______ ________.
- This is the money your parents give you to do household chores.
- This is income earned BACK on the money you deposit into a savings account.
- Finish this saying. "A penny saved is a penny ______."
- BONUS: What does the S&P 500 stand for?
Leave your answers in the Comments below, and check back next week for answers!
— Ratha, Stacks Writer