Money 101: Teach Your Tween Smart Spending, Earning and Saving This Summer
When you’re a parent raising tweens, it’s never too early to teach smart money habits — and summer break is a great time to get started. The days are long, schedules are more relaxed, and most kids are open to any activity that will help battle boredom.
At the same time, they can earn their own money and make decisions about spending and saving that help them navigate later life stages and milestones like owning and caring for a car and making smart financial choices throughout college and beyond.
Kids between the ages of 10 and 13 are at the perfect age to grasp not only how money works but how to make it work for them. The best part? Helping your child earn, spend and save responsibly today will pay off in big ways in the future. Experts say early financial education is associated with kids growing up to experience lower debt, higher savings and higher credit scores.
To save you time, we conducted the research and came up with six fun ways to introduce your child to personal finance and entrepreneurship:
- Do Household Chores. We know. Chores are rarely fun, but a snazzy chore chart listing specific wages is sure to get your child’s attention in a new way. Wash the family car? $8. Vacuum the living room? That’s $5. It’s a great way to help kids connect effort with earnings — and you get a cleaner house!
- Offer Pet Care Services. Does your child light up around animals? For kids who are nurturing, responsible and intuitive, walking dogs, feeding cats and general pet sitting can be a natural fit. Pet care can also build trust with neighbors and establish solid references for your child’s future jobs.
- Do Yardwork. If your child prefers the outdoors — and doesn’t shy away from manual labor — yardwork can be a profitable opportunity. From mowing the lawn to watering plants or doing weeding, the options are many, and neighbors enjoy having reliable helpers.
- Tutor Other Students. If you have a child who excels at an academic subject or has musical talent, encourage them to monetize their skills. Whether it’s helping younger peers with reading and math or teaching a classmate to play the guitar, tutoring for money can reinforce your child’s own skills and build their confidence.
- Sell Crafts Online. Got an artsy kid who’s also tech savvy? Help them create an online store on a platform like Etsy, Shopify or Facebook to showcase their homemade creations. They will learn to navigate marketing, pricing and customer service.
- Hold a Garage Sale. Put your child in charge of organizing a summer yard sale. Give them clear direction on what kinds of household items should be included and turn them loose on all your most crowded closets. Have them solicit items from the rest of the family, set prices, attach price tags and advertise the event while you help with the setup on the day of the sale.
Whatever moneymaking venture your child chooses, remember that your support is crucial. A powerful way to drive this point home is to institute a parental match. For every $25 to $50 they earn, you add the same amount to their college savings account. Along the way, they not only save vital college funds but also gain ownership of what it takes to make it happen.
Have more questions? We’ve got answers! Explore our Frequently Asked Questions to learn more about our Prepaid Plans and Savings Plan. And click here to start your savings now!
