One good time to introduce earning extra money is when children want to purchase something extra that their allowance will not cover. Most families feel children should have regular responsibilities, like setting the table or cleaning their room, for which they are not paid. However, tasks which are not routinely done, like cleaning the garage, or which might be done by paid help, like mowing the lawn, are good ways children can earn extra money. When children are paid for work, acceptable work standards and rate of pay will need to be established. Once a child has had experience earning money and learning good work habits in the family, he or she can begin to earn money by doing chores for neighbors, having a paper route, babysitting, etc.
Some children enjoy starting their own business.
Older teens can benefit from a more regular job. This is an excellent way to introduce information about social security, life and health insurance, and other benefit programs. Your Suggestions or Concerns Saving Saving money does not have much meaning until a child has more fully developed concepts of past, present and future. By age seven or eight, however, children can better understand the value of saving for a short-range purchase. Teens can do more long-term saving for such larger purchases since they usually have more to save and can better look ahead to future needs.