How Kids Can Budget Money

By Ms. Castiilo

Ways Kids Can Earn Money

Did you know that kids can earn money? Kids can earn money by doing different things. Are you earning money doing any of these things? If not, think about adding these ideas to your list.

Extra Chores

Selling Things

Extra Chores

Helping around the house can earn you some extra cash to buy the things you need. Doing things like washing the dishes, cleaning your room, or taking out the garbage are some ways that you can add money to your piggy bank. Maybe you are thinking to yourself that you already do some of these things and want to know what else can I do. You can ask your family members or neighbors if there is anything you can help them with around the house, because you are trying to earn some extra money.

Selling Things

If you have any toys, books, or clothes that are still in good condition, you can sell them. You can also use your creative skills by making different things that you know other kids around your age would like and then sell it.

Gifts

When you are young, one of the main ways you may get money is through gifts. For example, on your birthday or special events your parents, family members, or friends may give you money to celebrate your special day. By saving up this money that you earn you can help grow your savings account.

Allowance

Do receive you receive an allowance? An allowance can be a sum of money you receive from doing a job or task. If you do chores or jobs around the house you may be earning an allowance. An allowance can be given weekly or even monthly.

Do you get good grades in school? If so, maybe you are getting money if you do. This can be a great way to motivate yourself to do well.

Saving Money

Why is saving money so important? When you save money you avoid debt, or to owe money. Saving money allows to you to buy not only things that you need but things that you want. Your savings can also come in handy for any emergencies that may come up unexpectedly.
I think its best to start getting in the habit of saving money early when you are young, so the older you get the easier it becomes. As kids you can save your money in a shoebox or a piggy bank. Find your special place that you would like to start saving money.

You can even ask your parents to open a bank account for you. This way you can put your money in the bank and it can earn interest.

Saving Account

Have you even wanted to have a bank account? If yes, did you know that your parents can open a saving account for you? By putting your money in a savings account that chances of you spending the money is less likely than if you had it saved at home. Opening a saving account can help your money grow. When you put your money in a saving account your money will earn interest. Interest is earnings on money deposited in a saving account. If you don't have a saving account, maybe the next time you go to save money ask have a talk with your parents about opening one.

when you decide to start saving do the following:

1. set a goal amount to save
2. Find a place to save your money
3. Budget or plan what to do with your money