Earn and Save: How to Make Money as a Kid and Grow Your Savings
Blog Highlights:
-
There is a wide range of non-traditional jobs kids can fulfill to earn cash.
-
Kids who take on side hustles to make money develop a strong work ethic and financial skills.
-
Parents have an opportunity to teach valuable financial lessons at a young age.
-
Earnings should be deposited in a Youth Savings Account to earn interest or a Teen Checking Account to capitalize on earning rewards like cash back.
Teaching children the life skills they’ll need to succeed includes topics such as how to earn and manage money. Most youngsters understand the concept of getting an allowance for performing chores and getting paid to do small jobs. Guardians who want to instill the value of honest work for an honest wage don’t have to wait until their children are 14 years old to get a weekend or after-school job. Knowing how to make money as a kid teaches them a work ethic that will serve them well later in life.
The Importance of Teaching Kids About Money
Parents don’t always understand why their children seem to take for granted that there will be food on the table, a roof over their heads, and a brand-new gaming console. These things almost miraculously appear, and doting adults want them to have the conveniences absent in their childhoods. Loving and kind as that may be, teaching kids the importance of how to make and manage money is a modern necessity. Kids who are encouraged to be go-getters and educated in financial topics tend to be financially successful sooner.
How to Make Money as a Kid
In Oklahoma, kids can get their first part-time job at 14, with some exceptions. At 14 and 15, youths need to obtain a work permit by filing an Employment Certificate of Age and Schooling form. The state exempts kids who work at family businesses, farms, or deliver newspapers. Outside of those wage-earning activities, there are plenty of informal side gigs that put cash in a kid’s pockets and give parents an opportunity to teach them smart ways to handle their earnings.
Cutting Lawns and Yard Work
The average cost to have a lawn mowed in Oklahoma hovers around $55 for a home on one-third of an acre. A kid who borrows a push mower can easily charge $25, saving neighbors money and not having to cut the grass themselves. A kid who asks around and gets just four clients can pull down $100 during the grass-growing season.
Come fall, those who learn how to make money as a kid get the leaf rakes out and charge a flat rate on the weekends. In the Oklahoma City area, professionals typically charge at least $30 an hour. Cutting lawns and doing yard work is a great way for kids to build a robust work ethic and save money.
Babysit on the Weekends
Responsible teens can watch youngsters on the weekends and make upwards of $15 per hour. That’s the going rate in the Greater Oklahoma City area. One of the great things about encouraging your 12-year-old or teen to mind children is that they can also take a babysitting course. The American Red Cross offers classes that teach childcare safety and best practices. Not only are minors making a few bucks, but they are also learning essential caretaking skills.
Tutoring Other Students
If your adolescent has a knack for writing, arithmetic, or science, why not earn extra cash while paying it forward? About 10 percent of all students need tutoring services or extra help to grasp the complex concepts taught in public and private schools today. Sadly, only about 2 percent are getting the additional personal guidance they require.
It’s also a blessing to be able to help other kids achieve their academic goals, complete school and be prepared for college trade school, or just being a well-rounded person. Along with the satisfaction of providing support, kids can make about $20 per hour on average for tutoring.
Sell Handmade Items
Some kids are naturally gifted artists, crafts makers, and woodworkers who can cash in on their talent. Making and selling household decorations, birdhouses, handmade jewelry, and other items has never been easier. With a parent’s permission and guidance, kids can sell these items on Etsy and Facebook Marketplace, among other platforms. If e-commerce isn’t your thing, simply hold a garage sale featuring handmade items or keep your eyes out for craft fairs.
Offer Dog-Walking Services
Professionals with pets often need a little dog-walking help. While they’re working that 9-to-5, a furry family member needs to stretch its legs and do its business. Middle-schoolers are generally done between 2 pm and 3 pm, making their schedule ideal for dog-walking. The average fee for dog walking is around $15 per hour. A kid who knows how to make money can get up early and walk dogs before getting on the school bus, when they get off in the afternoon, as well as on weekends and school breaks.
Hold Regular Car Washes
Holding a car wash teaches kids strong organizational skills, teamwork and puts a few dollars in their piggy banks. That’s because running a local car wash calls for gathering a few friends or family members together. Kids who learn how to make money washing cars also need to put up street signs, list the event on social media, and show enthusiasm to drivers of passing cars, trucks, and SUVs. Charging $10 or more isn’t unreasonable to soap, sponge, and hose down vehicles on a sunny afternoon.
Home Chores for Seniors
Sometimes, our valued elders need a helping hand with chores such as laundry, cleaning, groceries, and others. The average house cleaner charges roughly $18 per hour. Youngsters can save seniors money by asking for less while providing a vital service. Offering home chore assistance for a modest fee allows older community members to enjoy their golden years a little easier.
Repurpose Furniture & Home Goods
Our fast-paced lives lead some residents to throw out old furniture and other household goods rather than restore them. A kid with basic tool skills can sand down dinged-up coffee tables, plant holders, chairs, and other products. A thorough wipe-down, new coat of paint or varnish, and they look as good as new. The resale value of free junk by the side of the road or a $1 garage sale item makes this side hustle a lucrative proposition.
Put Your Money to Work in a Savings Account or Share Certificate (CD)
Kids need to know how to make money with money. A great place for extra earnings would be an Allegiance Youth Savings Account. This account allows children the chance to earn a little interest on their savings. Opening an account is easy! Visit one of our branch locations or use our Video Banking system to get started today.
Once kids have established $500 or more in their Youth Savings Account, they have the ability to put a portion of their hard-earned cash in a Share Certificate that garners solid interest. Your child will discover there are a wide variety of ways to improve their financial situation at an early age.
Allegiance Is Committed to Empowering Children's Financial Futures
At Allegiance, we provide financial opportunities for people of all ages, in all stages of life, with unique financial situations. Making good financial decisions starts with a good understanding of finances in general. That is why we offer blogs, eBooks, Checklists, and financial calculators to help you take the next step towards your version of financial freedom.
Need help getting your finances in order? Explore Money Management and call the financial coaches at BALANCE today. Make sure to tell them you are an Allegiance member so your sessions are free of charge!