At one point in your child’s life at the very least, you will have to deal with him/her having a savings account. Some parents set up an account before the child is even born, but most parents’ wait until after. Find out ways to make your child’s saving accounts climb!
At one point in your child’s life at the very least, you will have to deal with him/her having a savings account. Some parents set up an account before the child is even born, but most parents’ wait until after.
Having a checking account for an adult is one thing, and having a savings account for a child is another thing. As tempting as it might be to use your child’s funds, I strongly advise that you leave it building for your child! Children are allowed to open an account these days with as little as 5$ and a parent.
Once you have an account opened up, this is a great opportunity to sit down with your child and have a talk about the account and what your child hopes to accomplish with it. Do they want to save money or withdraw money on a needed basis? This would be a great time to talk about how they can actually make money by having their money sit in the account. If they add in tooth fairy money, birthday money, chore money, and other money they get into their account every week, they will quickly see it begin to grow.
There are other ways for your child to add money to his or her account on a regular basis and watch their money grow. Here are some ways for your child to earn money and create a savings stash. All of these ideas will require parent permission and supervision.
- Have your child have a garage sale of his/her used toys.
- Do chores for a neighbor. Weed the garden, walk the dog, clean up the dog yard, rake the leaves, shovel snow, etc.
- Have a lemonade stand.
- If permission is gained, a child might be able to put all the change he/she finds in the sofa or laundry to his/her account.
- Start a newsletter or newspaper for the kids in the neighborhood and sell it.
- Return bottles or cans for money.
- Have a candy stand or ice cream stand.
- Start some seedlings and sell them to your neighbors.
- Have a bake sale.
- Organize a neighborhood garage sale and have each neighbor donate .50 cents for his/her efforts.
- Organize a kids fair with games and prizes for the neighborhood. Keep the profits.
- Make and sell bookmarks to your friends.
- Make a product and sell it. Birdhouses are fun, Christmas ornaments, etc.
- Baby-sit if your child is old enough.
- Write a children’s book and try to get it published in print or online. You must have parental permission.
- Mow lawns for profit, if your child is old enough. Must have parental permission.
- Start a newspaper route. Must have parental permission and supervision.
There are many other ways for kids to increase their own savings account, besides the several that we have shown you. With their parent’s help and supervision, kids can create their own enterprise system and it will add up fast in their savings account if they bank it! With a little creativity and imagination, there isn’t anything a child can’t do.