Helping Your Child Make and Save Money

Plan on starting a savings account for your child, but don’t know where to start?

Believe it or not, there are savings accounts out there created just for children. Since most kids under the age of 18 aren’t working and probably don’t have expendable income like adults do, savings accounts for kids can be a great way to help them learn to save money.

There are savings accounts that let you add money to them easily from paychecks, savings bonds from grandparents, a birthday check – anything a child can get their hands on and feel like they have real savings. The best part is there won’t be any temptation for kids to spend it all at once! While many savings accounts for kids have low savings interest rates, they are still a great way to start a savings account.

So what do you need to open a savings account for your child?

To open savings accounts for children, all it takes is their name and social security number. If you’re applying over the phone or online, you can open savings accounts for kids under 18 years old with just that.

If your child does not have a social security number but receives an income (like through babysitting or a paper route), you still may be able to start savings accounts for them. You will need to talk to the bank about that to see what other options may be available. If they receive Social Security benefits, Supplemental Security Income, or Disability Insurance benefits, you can use that to apply for savings accounts.

Teaching Your Child to Make and Save Money

“I want to save money as a child.” This is something that many people wish they could do, but often do not know how to. As saving money does not usually come naturally, nor is it easy for small children to understand the concept of saving and make saving an active part of their lives, there are several things you can do as a child to begin saving.

One of the first things that you can do as a child is realize that saving money does not mean depriving yourself of absolutely everything that you want. Saving does not mean you can never do anything fun, such as buying new toys and clothing. It DOES mean having enough money set aside for those items so that you can afford them when it comes time to purchase them.

One way that you can do this is by saving your allowances, birthday money, and any other income for which you are responsible. In order to have a lot of money set aside in the future, it is important for you to save as much as possible when it comes in. To do this, you should set up a place where you can put your money and make saving active.

Saving the money that comes in, whether it be from an allowance or a birthday, is one of the first things children can do to start saving for the future. There are many more things that you can do as a child to begin saving.

It is important to begin saving early because the longer you have until retirement, the more time your money will have to grow. If you start saving as a child, you can potentially retire very comfortably with only a small percentage of your income going towards your savings. On the other hand, if you start saving for retirement as an adult, you might find it harder to retire on a fixed income because there will not be as much time for your money to grow. This is one of the reasons why saving money is so important during childhood, so that you can set yourself up for success in the future.

If saving seems like too challenging of a task, do not worry. There are ways for children to make money as well as saving the money that they receive. Saving and making money as a child can be done simultaneously once you figure out how to go about it.

How Children Can Make Money

Children can make money by doing odd jobs around their neighborhood. Have children mow lawns, wash windows, rake leaves, etc. Charge a fee per task to give children the incentive to do the job well and on time. This is also a great opportunity for children to start practicing entrepreneur skills like marketing and customer relations management.

Children can create an income by selling homemade treats to their neighborhood. For children that can bake, this is a great way to make money and cook with children at the same time.

Children can create an income by designing and selling hand-made items like cards and bookmarks. This is a great way for children to express creativity while making money.

Children can earn an income by doing jobs for their parents, like helping to clear the dinner table and take out the trash. Parents can pay children per chore and children can use the money earned to save up or spend on something special.

Children can create income by doing chores around the house with Mom or Dad, such as dusting furniture and unloading groceries. For children that are too small to help around the house but old enough to follow simple directions, make a chart with pictures for children to show what needs to be done. When children complete 3 or more tasks, they can receive money which can be used as spending cash or saved up for bigger purchases.

These are a few ideas children can use to make their own income. Some children might find it easier to make money by saving up from their weekly allowance or doing extra chores around the house. The best way for children to have fun and earn money is to try out all the different methods of finding ways children can earn an income. Let them see their savings account growing to motivate them to work harder to earn money and get more excited about saving their hard-earned money.