Summer is here at last! Are you looking for ways to get your kids off the couch (and the computer) during summer break? Use these ideas and tips from Peoples Bank for helping your kids earn and save money this summer.
Research shows that when children start to learn about money early in life, they become more financially stable as adults. While it may be difficult to talk to your children about money, a summer job can give them a great deal of hands-on experience. As they earn income through hard work, they’ll begin to learn the value of a dollar. Ultimately, they’ll see how to effectively set goals and manage their own money.
Work Opportunities for Kids
There are plenty of work opportunities for today’s young people. As you’ll see here, not much has changed since you were a kid yourself. To be successful in a summer job, be sure that the work is age appropriate, safe, and that they can maintain a consistent schedule. Let’s explore a few ideas!
It’s true – this classic summer job is still around! If your neighborhood is relatively active and safe, children can still set up lemonade stands in the front yard. This job is a great way for kids to foster an entrepreneurial spirit. Running a successful lemonade stand will teach them about many business principles, including: supply and demand, pricing, marketing, staffing, and customer service. Keep in mind that consumers have changed a bit since you were a child. Today’s customers may request less-sugary drinks with fresh-squeezed lemons that are locally sourced.
Starting a neighborhood lawn service is another classic way for kids to earn money through the summer. If your child is old enough to use a lawn mower safely, they can offer to cut grass. If not, there are plenty of other lawn services they can provide. Services such as pet clean-up, watering plants, or even skimming pools are also in high demand this time of year.
If your child loves animals, they can offer to help neighbors care for their pets. If you don’t want extra animals in your home this summer, children can offer to walk the neighborhood dogs, take care of feeding or even help with bath time.
Babysitting services are also in high demand. And while today’s moms prefer to hire older and more qualified help to watch the kids while they’re away, your child could make a great mother’s helper. A mother’s helper is there to help with the children while mom or dad is still at the home. Parents may need your child to keep younger ones entertained while mom or dad cleans the house, does some work at the computer or has coffee with a friend in the next room.
The Family Business
If you are self-employed, don’t underestimate the ability of older children to help out with the family business! Consider taking your kids to work to help out with any number of tasks from data entry and filing to cleaning and other handiwork around the office.
Managing their Earnings
Once your child begins to earn money over the summer, it’s important to spend time teaching them how to manage their earnings. Introduce them to the concept of budgeting and how to set savings and spending goals.
Peoples Bank is happy to offer a Youth Savings Account for customers below 18 years of age. There is no minimum balance required and account holders may debit money from the account six times each quarter. Account holders also have free access to our online portal to track their progress. Once the minor reaches 18 years of age, the account will transition to a regular savings account.
Reach out to the People That You Know at your local branch to learn more about opening a Youth Savings Account today!