Save Up For A Home: Financial Literacy For Kids
You might not believe it now, but making and saving money are two of the most important (and sometimes most difficult) tasks adults have to deal with every day. For adults, making enough money to pay their bills is usually not enough. They also have to save money so that if they get sick and miss work or their car breaks down they have a little extra put aside that will help them make it through. Want to know more about saving money? You’ve come to the right place! On this page you will learn how you can make and spend money as a kid, and maybe this knowledge will help your adult life be a bit easier.
How to Earn Money
Earning money is something you will have to do your entire adult life, and it is pretty rare that earning enough money is ever easy. Just because it isn’t easy, though, doesn’t mean it can’t be fun! The trick to earning money in a fun way is to find something that interests you, that you can picture yourself doing for a long time, and finding out how to make money doing that thing.
Depending on your age, this might be a tough decision. If you are a teenager, you might have an idea of something that interests you already, something you might want to go to college for. Why wait to pursue your passion? A lot of industries have positions open for people without degrees, and while these positions might not be the most fun a person can have, they are in the same building as the people who have the career you might like to have. So if you would like to work in a science laboratory, why not find out what positions they have open? Take anything you can and literally get your foot in the door. After all, the worst thing that could happen is you find out you don’t like the job.
If you are a little younger than a teenager, you might not have thought a whole lot about how you would like to make money in the future. That’s fine! Finding out what interests you and what you would like to do for the rest of your life is something that usually requires experience, experience you might not have yet. Here are a few suggestions based on what you like to do in your free time that might help you make money.
If you like to be outdoors in your spare time, you’re in luck, there are plenty of jobs that require outdoor work. You might consider mowing lawns for people. All you have to do for that is know how to run a lawnmower! Figure out how much gas will cost you and how much you would like to make for the work. It might be a good idea to find out what other kids are charging too, so you can compete with them. Another good idea for someone who likes the outdoors is to offer to walk people’s dogs. If you love dogs, just make a nice flyer that says you would be willing to walk your neighbors’ dogs for a price and hand the flyers out around your neighborhood.
If curling up with a good book sounds like more fun to you, there’s plenty for you as well. You might be able to make some money tutoring neighborhood kids in the subjects you get good marks in. Since you can charge less than a professional, there might be plenty of demand for someone like you. Also, especially during the holiday season, send out flyers that tell people you will wrap their gifts for them. The holidays are very stressful for adults and they will usually take any opportunity to get rid of some of that stress, which is where you come in.
- FedVille – Sign up for this fun game and learn how to make money and save smart!
- H.I.P. Pocket Change – Games, cartoons, and history all rolled up into one website.
- Learn about Money with Zing – The alien Zing is going to help you understand money.
- Stay Safe at Work – Learn how you can stay safe at your job.
- On the Money Magazine – Learn how to save with this money magazine for young adults.
- Games and Information – Games, videos, and information about money from the US Treasury Department.
- Seasonal Jobs Pointers – Looking for a seasonal job? Here are some tips to help you get one.
- A Kid's Guide to Money – Learn all you can about money!
- Making Change Game – Learn how to make change.
- Finances in the Classroom – Games to teach you about responsible money management.
Saving Money
This part is less about how old you are and more about how willing you are to save your money. It’s pretty easy to get a nice crisp 20 dollar bill and go out and find something for 20 dollars, but it’s probably not the smartest way to go about things. With a parent, find out how much money is enough to put into savings and stick to that plan. If you decide 10 percent is enough, 2 dollars of that 20 will go into a savings account or a piggy bank. If you’re too young to get a savings account, ask a parent if they can help you.
The tough part of saving is sticking to a savings plan and knowing when taking from savings is smart. The decisions you make with a parent are entirely up to you, but the trick is that no matter what, you save what you said you were going to save. That extra money could sure come in handy in the future.
- Saving Tricks – Saving isn’t always easy, so here are 5 tips to help.
- Explore Planet Orange – Discover money on Planet Orange!
- High School Financial Planning – Information to help you keep your money.
- Children's Financial Network – An organization dedicated to teaching kids about financial literacy.
Spending Money
Believe it or not, making money is the easiest part of keeping it. All it takes is showing up to work and doing your job. No matter what, if you do those things, you will have a certain amount of money coming to you. Of course, it is easy to spend money, but doing it responsibly, that’s the tough part. Spending money responsibly is usually a matter of making a budget, or a spending plan that will show you exactly the best way to spend for your situation. Ask a parent to help you come up with this budget. If you have 20 dollars and you make a budget, it might look like this:
- 2 dollars goes into savings
- 2 dollars – Charity
- 10 dollars – Fun
- 6 dollars – Replacing old clothes
Of course, hopefully you make more than 20 dollars! Either way, stick to your plan and you’ll have money in your pocket in no time!
- Cut Spending, Not Fun – 5 Ways to spend less while still having fun.
- Donating to Charity – Donating money can make you feel so much better than spending it.
- Bad Credit Hotel – Visit the bad credit hotel and you’ll never want to go back!
- Berenstain Bears – Learning about money with the Berenstain Bears.
More Helpful Links
- Families Matter! – Help your child become a good money manager.
- Money Lessons for Life – Colorado State University gives you tips on how to give money lessons.
- Teaching Kids about Money – It’s not just fun and games.
- Financial Literacy for Parents and Students –Teach your kids about money before they leave for college.
- Teaching Taxes – Help your students understand the rates at which they will be taxed, and why paying these taxes is important.
