6 Ways your Kids can Make Money This Summer

It’s summer, and your children are no doubt looking for ways to spend their time. They may be saving up for a new video game, tech device, or vacation – so they are likely looking for ways to make a little cash too. Before you go emptying your wallet paying them to do every little thing in your home, have them consider working around the neighborhood for money.

Below are 6 ways that kids can make a little extra dough this summer!

6 Ways Kids Can Earn Money this Summer

Babysitting

This is perfect for a responsible teen that loves kids, especially those that have little siblings. Babysitters can offer their services for moms needing to run errands or who want a date night without their spouse. The job typically pays $10-$20/hour, depending on the number of kids being watched.

Washing cars

Everyone wants to drive a nice looking car, but most people don’t have the time to do anything more than run through a cash wash. Kids can set up their own washing service in their own driveway. Before allowing this, be sure to talk about investments (car soap, sponges, water usage) and how they will pay for these things. Many children will make enough to cover the expenses and still pocket some cash when washing cars.

Selling lemonade and other treats

It’s been around for decades, but this art of making a little money still works! If you live in a neighborhood with a decent amount of traffic, encourage your kids to get creative and sell something. Lemonade is the go to, but they could also sell pastries, cookies, or other goodies to go along with the drink. Investments would need to be considered for this type of money as well.

Walking Dogs

This is a daily job that could easily be done by a couple kids. Since it’s a constant need, those offering the service of dog walking could have a nice piggy bank by the end of the summer. Most dog walkers charge $2-$3 per walk, but you could always suggest your children negotiate a rate for a week or month worth of the service.

Mowing/Caring for lawns

This is yet another service that is needed regularly throughout the summer. Mowing is a hot and sweaty job – so most would gladly pay a kid to push the mower rather than having to do it themselves. Other services that could be offered include watering plants, pulling weeds, and trimming shrubs and hedges.

Hosting a yard sale

Most kids have toys, books, clothes, and other items they no longer want and need. Let them go through their things and set up a yard sale. This would likely be a one or two time deal only, but it could bring in a substantial amount of money for their summer savings.

How do your kids make money during the summer?

Avoid the Retail Therapy of Shopping

There are some people that use shopping as a therapy. They feel good by going out to buy things. They feel that the items make them feel happy. They may do this for all sorts of reasons. However, hhere are a lot of reasons why this may not be a good idea. These apply if you do not have much money, storage space or time and regret your purchases afterwards.

Cost

The cost of shopping is probably the main reason why it is not a good idea. There are very few people who can afford to do something like this these days and this is why it can be a big problem for some people. Sadly, there are a lot of people in debt and shopping can cause problems with store cards, credit cards, overdrafts and payday loans. If you can afford to shop then this is not a problem, but by using credit when you shop, you effectively massively increase the cost of the items. If you calculate how much they cost you once you pay off the loans, then you will be shocked at how much things might cost.

Storage

One problem of buying a lot of items is finding somewhere to store them. Houses can be quite small these days and if you are spending money on buying things, then you will not be able to afford to buy a bigger house to store the things that you buy. Consider whether you want a home that is stuffed to the brim with items or whether you would rather have fewer things to organise, clean and tidy away.

Time

Shopping can take a lot of time. You may be better off spending that time doing other things. If you shop because you are bored, then consider whether there are other things you could be doing. You could be working, seeing friends and family or doing volunteer work. There are many other things that you can do which could bring a lot of satisfaction and happiness.

Regret

Some people will look back on purchases with regret. Having regret in your life is not a good thing and moving forward from regret cannot be easy. Think hard before you make any purchases and then you should have no reason to regret them. Also do not be afraid to return items that you decide you do not want when you get them home. Some people even feel the need to lie to their partner about purchases that they have made and this can lead to even further regrets.

Will Early Retirement Satisfy You?

The idea of early retirement can be a really attractive one to some people. Not having to get up for work every day, especially on a Monday can feel like it will be a fantastic thing. However, early retirement can bring problems which are worth considering when you are thinking about whether you should choose it or not.

Standard of Living

Money is an important consideration when you are thinking about retirement. You may have a pension fund, but that is unlikely to pay out until you reach an older age. Sometimes you can draw on it early but you may find that if you do this then you will have to draw less money each month, which make it more difficult to manage as you get older. You may use a lump sum of money, but you may be better off keeping this for a bit longer in case you need it to fall back on when you get older. You do not want to have to contemplate selling your property, using credit cards or payday loans, retirement doesn’t like those type of invesments.

Boredom

Once you stop having to use your brain each day, seeing new things and people, you may find that you start to get bored. You may enjoy going out and about for a while, perhaps travelling and seeing family. You may want to do some work on the house or take time to do some hobbies. However, you cannot do these things forever and so you will need to consider whether you might regret early retirement and wish you had kept the work out for as long as you could have.

Social Factors

In most jobs people have a lot of social interaction. They will get a chance to meet other people and talk to them and maybe deal with new people on a regular basis. Once retired there will be no interaction with work colleagues or customers. This may be a relief to some people initially, but it can get lonely once you are not seeing different people each day.

Relationship with partner

The relationship that you have with your partner could change once you retire. You will see a lot more of them and this could be difficult. You may no longer have so many things to talk about as you will not be discussing what you were doing at work that day. You may find that you like seeing more of each other but it will bring a change to your relationship. You may find that it changes in an unexpected way.

Top five ways to improve your bank balance

If you’re knee-deep in debt it can be easy to bury your head in the sand, but this won’t make your problems go away. The only way to improve your finances is to address the situation head on and implement some money-saving strategies – so what should you be doing?

Speak to a financial advisor

Whether you want to consolidate credit cards or improve your credit score, it’s a good idea to talk to a professional. Financial advisors are there to help and can provide you with all the latest information regarding pensions, mortgages, loan repayments and much more. Personal information will be kept strictly confidential, so don’t hesitate to seek advice if you need it.

Pay off your credit cards

Credit cards make it easy to pay for things electronically. They’re a simple and efficient way to spend, but it’s important to use them wisely. Never buy things you can’t afford and always pay off the balance in time to avoid high interest charges. If you have already racked up a sizeable sum, try to pay off more than the minimal fee when you’re billed as this will help you get out of the red quicker.

Reduce your bills

These days, many of us have a mobile phone. If you have a contract agreement, however, you could be paying more than you need to. Call your provider to see how many text and minutes you use and ask if they can lower your tariff. As household bills are another big expense, it’s also worth comparing utility prices and switching companies if necessary.

Check your Direct Debits

Do you know what you’re paying out on a monthly, weekly or annual basis? If you’re not sure, it’s essential to check all Direct Debits. This might sound like an obvious thing to do, but it can be easy to sign up for internet movie rentals, magazine subscriptions and such like only to forget about them. Once you know the score, see if you can reduce you outgoings in any way.

Spend your money wisely

A pound here and a pound there soon add up, so spend your money wisely. Only buy the things you need and look for discounted products online. With the economy in a fragile state, many companies are offering promotions and deals over the internet and you might even find some great value items on the high street. To ensure you’re getting the most for your money, download a price comparison app and do some research before parting with your cash.

Improving your bank balance is easier than you might think, so why not give some of these tips a go?

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