Money Makers 4 Kids

If you're having a garage sale, sell orange juice and pastries in the mornings, and snacks and soda or water later in the day. We let the older kids run it and keep the profits!

Each week, when we've tallied how much she has earned, we take at least $5.00 and put it in her savings account. If she wants a $75 pair of shoes, or something like that, she has the money to withdraw for that purpose. We started this in June, and 2 months later, she has over $100 saved up. With school starting, she won't have as much time to do as much, but she is already planning on the after- school chores she can do once her homework is done. It is teaching her the value of a dollar, and the benefits of saving money.  

She's even learned to mow and rake the yard!

We came up with an allowance "bonus" system that has really worked. She gets $15 a week in allowance for keeping her room clean daily and for helping out with chores we ask her to do. The bonus comes when she completes extra chores without us asking her, like doing her own laundry, dusting, and cleaning the bathrooms.

I have a 12-year-old daughter who is starting to want more money to buy the things that aren't necessities and to be able to afford to go places with friends.

Whatever they choose not to spend for lunches, choosing a lunch packed at home instead, they are allowed to keep for their fun money.

When my daughter requests money for Christmas shopping, we establish a reasonable amount for her to spend, then give her half that amount. She has to use her allowance money to make up the other half and if she wants to spend more, she understands that it, too, has to come out of her own money.

We put all of our change into a jar. When it's full, we wrap the coins and put the money in our daughters' bank accounts. Their grandparents also give them change for their piggy banks and we wrap most of those coins as well. (We keep some of the money aside so that they can buy Christmas gifts.)

A great way to teach kids about money is to give them a few dollars (or whatever you can afford) in the beginning of the week, and then have them use it for treats. They'll definitely quickly come to understand the value of a dollar — as well as the value of quarters, dimes, and nickels!

Teach your kids about recycling, especially cans. Use the refund as a reward, and when you have enough saved up, go out and do something the whole family will love.

We find that by having a reward system, our kids, ages 4 and 7, behave better and help more around the house. They earn from 25 cents to $1 for helping with certain chores. This also works wonders for our son when it comes to schoolwork. When report cards come home, he earns 25 cents per "A" and any grade that improves by a letter.

A great way to teach your kids the value of a dollar and about the wisdom of recycling is to have them collect and recycle cans and drink bottles for money. You'll need to supervise to make sure that the cans and bottles are washed, dried, and stored properly so they do not attract bugs or begin to smell.

My 12-year-old has had a paper route since age nine (I helped him with it the first two years). This has not only saved me money (he uses his own money to buy video games and other toys now) but has also taught him about the value of a dollar and how to save money to get what he wants. He now has two savings accounts set up that he splits his earnings into: one for education and another from which he can make withdrawals for purchases. You should see how proud he is when he gets his bank statements each month.

I have been putting away half of my children's birthday money in a savings account. It really helps when you start their savings while they are young. Now, they like to contribute half of their allowance to their nest eggs as well.

We give our children, ages 13 and 16, an allowance of $100 a month, which is deposited in an individual checking account with a debit card.  This is their spending money for when they want to go to the mall, the movies, and out to eat with friends, and once it's gone, it's gone. It has definitely taught them financial responsibility, and they love it!

I let the kids cut coupons out of the Sunday paper so they realize the value of money. I also try to teach them the difference between wants and needs. Needs, we pay for; wants, the kids pay for. And we don't give allowances for household chores — it's everyone's responsibility to pitch in.

My daughter had difficulty learning how to count money. At school, they did worksheet after worksheet with pictures of coins. Still confused, I gave my daughter a handful of change and she could count it correctly with no problem. When we went shopping, she was in charge of counting out the correct change. Receiving praise from myself and the cashier gave her the confidence she needed to keep at it.

I have my children look through the Sunday newspaper to see what is on sale and check the coupons. If they find a product they want and there is a rebate, I'll give them the rebate money if they'll fill out the form.

When taking a long trip by car, I give each of my girls a roll of quarters when we start out. We then set up car rules, such as "no screaming" and only asking "when will we be there?" occasionally. Each time a rule is broken, that girl loses a quarter. Upon arrival at our destination, leftover quarters are theirs to purchase a t-shirt or souvenir of their choice. Everyone is happy!

Coupons are great but with five kids, I'm often too busy to clip them out. So, to keep them busy and teach them about money, I have my older children clip the coupons while I cook and put dinner on the table in peace.

My kids look through the coupon section of the paper and stick the coupons into an organizer. My oldest child is in charge of the organizer and makes sure we bring it with us to the grocer. The money we save goes into a can and is divided up before vacation.

We play a coupon game at the grocery store. I give my kids colorful stickers and a stack of coupons for items stocked in the aisle we're in. The kids stick their coupons on the items, so I can shop while the kids "treasure hunt" for their items.

I introduced my son to rummage sales when he was about 6 years old. He got a weekly allowance and always wanted to go buy a toy. He was amazed at how much he could buy at rummage sales. If he didn't play with an item for long, no great loss — we eventually had a sale of our own and sold it.

To teach our children about responsibility, work, and money, we assign household chores such as setting the table, emptying the trash cans, even (for the younger ones) taking the empty laundry basket back downstairs. We pay each child half his age. Then, on birthdays, they receive a "raise," just like in the real world.

My 3-year-old is learning about responsibility and money by being in charge of the aluminum cans. He takes them out to the bucket and helps me take them in to the recycler. Then he gets to buy something at the store.

My two oldest children recently received cell phones as gifts. To make calls on these phones, they need prepaid cards. They now know what a dollar means and are more aware of what phone calls cost.

When shopping I always have my kids calculate how much an item will cost. For example, if it's $9.99 with 20 percent off, what's the real price? We're improving their basic math skills while we do our errands.

I firmly believe in teaching children at a young age about money and how to save it. Get your children their own wallets or purses. When they help with chores around the house, give them a dollar or two here and there. Pretty soon, they'll have more money in their wallets than you have in yours. I know my kids do! Then teach them the value of money and saving it.

I started giving my grade-school child an allowance so she would stop asking me to buy her things. It ultimately saves me money because she knows when her payday is and that she has to use her money if she wants to buy things.

When I go shopping with my 6-year-old, we work on his math skills as we shop. He knows I use coupons and he can recognize when an item is on sale. We talk about the original price, the sale price, and how much we save when we use a coupon. This helps him be mindful of good spending habits and develops his problem-solving skills.

We've always taught our children to only charge what they can pay off when the credit card bill comes. So far they've taken our advice and have never paid any finance charges.

Teach your kids about credit cards early. By having my daughters do the math to figure out finance charges by only paying the minimum on a fictitious credit card purchase, they were able to see just how easy it is to become a slave to credit card debt.

My daughter is almost 5 and lately, she always seems to want us to take her to the toy store! We have explained that toys cost money, but she is now old enough to do simple chores that will allow her to earn money so she can buy herself a toy now and then.

When you're shopping, compare prices and discuss how important savings is with your kids. When my kids get gift cards, they now wait until the store has sales or hit the clearance racks. They realize that their money goes farther and they make better shopping decisions.

Instead of telling my children just to save money, I ask them to pick a particular item to save for. I have read that this teaches them better than just saving for nothing in particular. When they are able to buy what they have been saving for, it is a bold example that reminds them of the rewards of saving.

Teach your children how to save money by having them help out with the household budget. Every time they remember to turn off the lights, reward them with a dime. Every time they remember to turn the water off while brushing their teeth, give them a quarter. Every time they shut the door behind them in cold weather, give them a few pennies. Have them put the money in a piggy bank and count it at the end of the month. Let them know that the amount in there is the amount they helped save!

When rewarding your kids for doing their chores or for good behavior, try to give them something that isn't money. Think about renting a movie they want to see or spending a day at the park with them instead. Money shouldn't be the object of good behavior; instead, give them a rewarding adventure. 

I keep a "chore jar" handy for when my sons need a little extra money. They reach into the jar and pick out a chore with the amount of money it's worth. If they want the money, they have to finish the chore.

If you want to let your child contribute to the household and earn money in the process, have him or her cut out coupons from the Sunday paper. Each coupon must be for something you currently use or will use soon. Then give the child the face value of the coupon for spending money.

When people give my kids money for their birthdays or holidays, we don't always run to the toy store to spend it. I ask them how they would like to spend the money. If there is a movie they want to go see or they want to go out for pizza, we will do that instead of getting another needless toy.  

Each year, I have a contest with my nieces. The game is to see how much money they can find (on the street, at the market, etc.). The two rules are that (a) if the money is found at home or in your family's car, it does not count, and (b) if you saw someone drop the money, it does not count and you must pick it up and return it. At the end of the year, the person with the most found money wins. This teaches saving and good morals!

I give my daughter her allowance in quarters. I encourage her to save half of it, and the rest is hers to spend on whatever she wants.

My daughter just recently started to babysit. We've agreed that the money is hers, but she needs to put part of it in a jar for her college savings. For every $12 she earns, she puts $1 in the jar, and I match her $1 from my money. This has shown her how to save, and it's similar to a 401(k) where your employer matches your deposit.

My daughter is a server for a local restaurant. When she comes home from work, she gives each of her children part of her tips, based on what chores they did that day. She allows them to spend a portion and has them save the rest.

We teach our children to turn off electrical items they're not using (TV, lights, etc.). I explain that if we waste our money on lights that no one's using, then we won't have money for things they really want, like soccer, guitar lessons, new toys, etc. It works like a charm.

We never make a large purchase unless we have the cash or can buy with no payments and no interest by paying the item off within the allotted time. This teaches our kids the need to save and earn for things we need or want.

Instead of getting one gum ball (or a handful of candy) out of the vending machine, pick up your child's favorite goodies from the bulk candy aisle. You'll save money even when purchasing only a small amount.

Before we fill the car up with gas, we scour the gas stations to see which one has the best price. We then play the savings game by subtracting the highest price we found from the lowest price per gallon. It saves us money and teaches the kids math.

I give my daughter four quarters each week, which she puts in her piggy bank. At the end of the month we take it to the penny arcade at our bank to cash in. Once we cash in her money, I then let her decide how she would like to spend it, as long as it's not on candy!

My daughter has gotten into the habit of doing what's expected of her. Even on months when we both forgot about the card, she still finished her chores without demanding her reward. I'm proud of her.

If she can do her chores for a month without being reminded, she gets a $10 gift card to her favorite store in the mall, Claire's.

We found a sure-fire way for our ten-year old daughter to want to do her chores. Instead of an allowance, we give her an incentive.

With our help, she learned how to count money fast, and then we started her on an allowance. She's too young to be spending bills, so we give it to her in change.

When our young daughter asked for an allowance, we told her she needed to be able to count money first! So my husband emptied his pockets on the kitchen table. He told our daughter that if she could count the change, she could have it.

Getting my 7-year-old to keep his room clean used to be a chore in itself. Now we have a chore chart that includes all of the things he does in a week and the amount we pay him to do them. He gets $3.00 each week for allowance, and we break it down. For example, if he makes his bed, he gets 10 cents. If he hangs up his wet towel after his shower, he gets another 10 cents. If he cleans up his toys, he gets 25 cents, and so on, until he has done all his chores. It also helps him learn to count and save money.

We came up with a creative idea to teach our 6-year-old son the value of saving money. Every two weeks we see what he's earned and saved in his allowance, and we match him 50 cents on the dollar. This has helped him understand that by saving money you can accrue more through interest.

The kids enjoy adding the money to the machine and watching the total grow. Sometimes they choose to donate the money to an animal cause, and other times they give to other children.

My children and I collect our loose change in a fun container throughout the year. When the container is full, we take it to one of the coin-counting machines that allows you to donate the money to well-known charities.