With summer fast approaching, so are those long, lovely summer days of summer vacation. With the kids out of school, those lazy hazy days of summer can become very expensive in a hurry.
What about if you use this coming summer as an opportunity to teach your kids some real life lessons about work and money? Ok kids. You’re old enough to help pay for some of your own stuff. It’s time to get a job.
Although your younger kids may not be quite ready to go work at your local fast food restaurant, you can get them to work right at home.
Start with chores and housework, for which you’ll grant them a wage. Encourage their inner entrepreneur with lemonade stands, dog walking, yard work for neighbours etc.
This will help them attach meaning to money- they will be able to define the relationship between hours of work and salary paid. It may help add a little perspective during your future trips to the store, where you are frequently greeted with choruses of “I want! I want!”
For your teen
It’s time to get on that summer job hunt, even though school is still in session. Help your teen put together a resume and assist them with the process of finding a job. Introduce them to resources that can help them land a job (employment centres, internet and good, old-fashioned networking). This will come in handy in a few years when they are looking for a full time job.
When the pay comes in
Regardless of your child’s age or amount of “income”, instill good money management habits right from the get go. Have your child set a goal. Is there a big ticket toy they have their eye on? Does your teen love to go shopping with their friends?
From their earnings, help them split three ways: spending money, savings to help them reach their defined goal and allocate some money to charity as well.