If you’re reading this, I assume you’re either a parent or a grandparent — ideally both — who want to see your kids succeed in life. One way to make sure all your grandchildren grow up to be successful adults is to teach them how to save and how to be financially independent.
There are more than a few ways for kids to make money online, but finding ways for young people to develop important financial skills is more important than ever. Here are some of the best ways for your children to learn about money and to gain experience that will help them later in life.
1. Create a blogging schedule
Blogs can be a great source of income for young people who are passionate about writing and about a specific subject matter. Setting up a daily schedule to create content for your blog can help you establish consistent patterns of daily blogging which will attract potential and existing customers to your site. Establishing a pattern of regular blogging can also help build credibility with your audience — especially when you consistently engage with your readers by featuring their content and replying to their comments.
2. Start a side business
If you’re looking for ways for your children to earn an income, why not consider a side business? There are plenty of opportunities out there for young entrepreneurs to start a business that can earn them income while providing additional value to customers. A side business can be an additional source of income, helping to pay for college or savings to help establish their financial independence.
3. Start an online store
If you’ve got a skill — be it designing, coding, or marketing — you can use your talents to start an online store. When an online store, or any other type of e-commerce store, does well, the benefits are clear: income, freedom, flexibility, and a satisfying sense of accomplishment for the parents and grandparents who are helping to support the youngster as they learn how to be independent.
4. Use a money management tool
A money management tool, like Mint or Personal Capital, can help you set up automated savings and budgeting patterns which will help you establish financial responsibility. Using a money management tool is a great way to increase the odds of your children developing healthy financial habits that will stay with them for the rest of their lives.
Setting up a tool to manage your money and to track your spending is only the first step to ensuring your children develop healthy financial habits. You can also use the tool to teach them budgeting and frugal spending. One of the best things about a tool like this is that it can help you identify areas where your kids are spending too much money which you might not have seen before — areas where they could be gaining important financial skills which will stay with them for the rest of their lives. These tools can also help keep track of your child’s spending including what they spend on each day. Some tools even let you see how their spending compares to their earnings! This can help you spot any areas where they might be lacking or where you need to make some extra efforts to help them develop better money management skills.
5. Search online for jobs
It’s never easy finding gainful employment for young people, especially when you’re looking for part-time or seasonal employment. That’s why it’s important to be flexible with regard to when and where you work. Many employers, especially those who want to keep their businesses small, are more than happy to hire a young person who is still in school. There are also plenty of opportunities available for your children to get involved in a side business which can help them develop important skills and prove their worth to a prospective employer. If you’re a freelance writer or designer, you can use your skills to find clients who want your unique voice and design aesthetic.
6. Try micro-lending
If you’re looking for ways for your children to learn about money, why not consider micro-lending? There are several companies that specialize in matching borrowers with lenders who are willing to provide small loans up to $500. The benefit of this type of borrowing is that it teaches your children about the importance of saving and how to become frugal. The loan is repaid with interest over a period of time — usually several weeks or months — and the lender will eventually ask your child to pay back the principal plus interest. The time at which the loan is repaid is up to you; however, it’s usually best for the child to settle their debt as soon as possible so they don’t accumulate too much credit card debt as an adult.
7. Get a job
If you want to teach your kids the importance of working hard and contributing to society, getting a job is the best way to do it. There are plenty of opportunities out there for your children to make some money online, as we’ve discussed, or even just to help you out around the house for a few hours a day. Even getting a part-time job as a teen can help teach them responsibility and earn them some extra spending money.
8. Join a workforce development program
A workforce development program is an initiative that provides training and education to those who are seeking employment in a specific field. If you are looking for part-time or seasonal work during summer break, joining a workforce development program can help get you the job you want while also providing you with additional training and education. Many workforce development programs will even match you with an employer who is willing to provide you with full-time or part-time employment once you’ve completed your studies. The biggest benefit of joining a workforce development program is that it can provide you with the skills and the training you need to get the job you want, while also helping you establish a professional network which can help you later in life. When you join a workforce development program, you’re not only getting a job, you’re also getting an education!
9. Start a blog
Blogs are an easy way for children to make money online. They can easily become a money-making machine if they follow a proven blogging strategy. You can teach your kids how to start a blog in under an hour. It’s a fantastic source of passive income which will pay for all their college expenses and maybe even some extra savings.
10. Set up a savings account
A savings account is a fantastic place for your children to save money. Not only does it provide them with an incentive to save, but it also serves as a security blanket for your family in case of emergency. A savings account is also a great source of passive income which will help your children establish their financial independence.
11. Pay for their lessons
One of the best ways for your children to learn about money is by seeing how you manage your own finances. Whether you’re paying for their lessons or not, establishing a good role model for your children is key to helping them develop good financial habits. Finishing school isn’t the only responsibility you have as a parent or grandparent — ensuring your children develop financially stable and independent adulthoods is an important role you must play. Creating a budget and sticking to it is only the first step — ensuring your children develop good savings habits and learn how to be responsible with their money is the key to helping them achieve their full potential.