Teaching kids about money is always an interesting and debatable topic. I know that my kids are blessed with an abundance of items. They get a plethora of gifts for birthdays, Christmas and just because from grandparents, aunties, uncles and so many others. Plus in addition, the fridge and pantry are always stocked, utilities running and they are clothed without them seeing or understanding the costs involved.
How do you teach them to appreciate the value of money? How do you give them guiding principles so that when they do become adults they thrive without money being a concern?
I believe a great way to teach kids the value of money is by them seeing what it takes to earn money. Hence next time they ask for Pokémon cards, new toys, clothes or the trending item they can earn and save to buy it. This will help them build the value of money.
Here are 5 ways children can earn an income to use to buy what they please
1. Sell Unwanted Items Online Marketplaces
A great way for kids to make some money and declutter is to sell unwanted items on online marketplaces such as eBay, Gumtree or Facebook Marketplace.
This is also a great way to teach them the value of money and depreciation. For example, a brand new toy to buy in the shops is $50 whereas when they sell it they get $15.
My daughter started selling online at the age of 4 and before she was 7 she was able to list items herself (initially I did spend a lot of time helping her and teaching her to take photos). However, this investment of time was well worth it. As they say:
“If you give a man a fish, you feed him for a day. If you teach a man to fish, you feed him for a lifetime.”
Lao Tzu
The best part is when the people come to collect the items she would be the one getting the money and handing over her items. She felt proud and independent.
2. Collect Cans and Bottles
All over Australia, you can collect cans and bottles and then take them to a recycling centre to get 10 cents back per bottle. For 100 bottles you get $10 (almost 2 Pokémon card packets according to what my son says).
This is a great and easy hobby as long as you don’t mind the bottles being stored at your place. My son does this hobby and when he sees a can or bottle he picks it up which gives the benefit of keeping our city clean and ensuring that bottles and cans are recycled as opposed to being put in the landfill. 😊
I have heard of kids getting creative where they went around to each of the neighbour’s houses asking them to collect cans for them, they gave them a box to keep separate from the recycle bin and then on bin night they put the box out next to the bin and the kids would go around collecting the boxes filled with bottles and cans.
Another child went to the local restaurants and asked them to collect cans and bottles for them and every near closing time would go to the restaurant to collect the items.
This is also a great way to build confidence and communication skills for the child as they go asking for what they want.
To find out what bottles/cans are accepted and drop-off location points in your state or territory in Australia visit here.
There are even companies now that will come to you to collect the cans such as Direct Collect.
3. Pet Care Services
According to Petkeen.com (10 Australia Pet Ownership Statistics to Know in 2023: How Many Australians Have Pets? | Pet Keen), there are over 29 million pets in Australia and 61% of pets in Australia are dogs (17.7 million).
Pet sitting or dog walking can be a fun way for kids to make extra money plus have some fun (a great way to play with animals without having to own them). Plus kids can get innovative and look at adding additional revenue streams to their services such as brushing or washing services.
There are great websites such as Mad Paws or Pawshake that can assist in finding potential clients or your child can ask around the neighbourhood.
4. Sell Homemade Items
Kids can sell anything that they make, Etsy or eBay are great online marketplaces to use. Other options could include selling at markets or even in front of the house or a busy interaction.
This is a great way for kids to learn how to develop a product and then how to market and sell (as well as identify what sells and what doesn’t).
I have heard of girls making and selling loom bands and then taking them to school to sell for between $1 and $3. The girls enjoyed seeing other kids wear their products plus spending the money at the school canteen.
Another group of kids organised a bake sale where a percentage of the money went to charity. They distributed leaflets in the mail, published the bake sale in the school newsletter and put signs around the neighbourhood. What an excellent learning experience.
What is something that your children can make and sell?
5. Host a Garage Sale
A garage sale is a great way to quickly make money, declutter the house and teach the kids how to project manage. To take it a step further kids can ask family or friends if they have any unwanted items to donate that they can then use to sell.
With the kids learning how to earn money it builds independence and confidence and gives them the freedom to buy what they want. This is also an opportunity for them to make mistakes when the stakes are low as opposed to when they are older.
Please share in the comments below any other ideas on how children can earn money or how your child went with the tips above.
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