Living

Kids Earning & Saving Money this Summer

This post is done in partnership with the Florida Prepaid. All opinion are my own.

Kids are home from school. Summer camp, while great to get them out of the house, gets costly. Why not take these 8 weeks having the kids earn some money rather than spend so much? Kids earning money can be fun and as their Smarty Pants Mama, you can even instill some basic save vs. spending skills from an early age. You can also discuss how that cute ceramic pig which will likely be the go-to for the kids for saving the coins and bucks they’ve made, isn’t the only or best way to save and grow those funds like in a trusted plan like the Florida 529 Savings Plan.

Onto earning the money…

How Kids Can Earn Money Over Summer

No homework and no after-school activities to tie them up. Encourage your kids to use their extra time this summer to earn extra money. It may not be hundreds or the thousands they think they will earn, but it will be something.  Something more than they had before.

Here are some ways kids can earn money this summer:

  • Lemonade stand
  • Selling old toys and clothes at consignment shop. You could do a great lesson comparing different consignment shops to determine which is the best for his/her items.
  • Making something to sell. Yes, slime sells! Just make sure the margins are decent enough from him/her to actually earn something!
  • Babysitting or being a mother’s helper if still too young. You could start off with a babysitting course or the like that may be offered at your local library. If your child is old enough, consider getting them CPR and First Aid certified.
  • Chores around the house. I’ll pay my kids a few bucks to organize a drawer for me!
  • Dog walking. Check with a neighbor who might have a dog needing exercise.
  • Looking after neighbor’s home when they are away. I used to get paid to collect mail and water the garden when my neighbors would travel.

How Kids Can Save the Money They Earn This Summer

Got Money! Now what?

Now that their piggy banks are filling up, it’s the perfect time to segue into deciding what to do with all that money.

To Save? To Spend? To Give?

All three are important. Discuss what portion they should save versus what they should spend and what they should give. I certainly understand if they want to spend some of that money on something they’ve been eying. In my home, we also try to instill charitable behaviors so I certainly encourage my girls to set a portion of the funds to give away. Families often use a 25-25-50 plan, with 50% of the money saved and the rest divided up between spending and saving.

For the savings, share with them the different savings options. While the painted piggybank is a safe place to store their funds, there are better ways, including one which will have an impact of their future. Yes, it’s a great time to share how you are saving every month with a Florida 529 Savings Plan for their college future. It’s a savings plan that you created for them. It is certainly a plan where they can contribute, as well.

Florida 529 Savings Plan accounts can be opened at any time. There is no application fee or minimum monthly contribution. Families can save as their budgets allow. So, if your child has an extra $10 that they earned this summer, they can contribute to their own 529. What a great feeling to know that they are actively helping in their own future!

Incentive to Start a Florida 529 Savings Plan

If you do not have a Florida 529 Savings Plan set up yet, it’s not too late! Click here to learn the details on this savings plan and how it is a great way for families to save for future education expenses. Did you know that if you enroll in a new Florida 529 Savings Plan by June 30, 2018 on MyFloridaPrepaid.com you will earn a $25 contribution into your new college savings account? Great incentive to save! Additionally, families who set up an automatic monthly contribution of $25 or more, will get another $25 seeded to their accounts by Florida Prepaid. Make sure you don’t miss out on this incredible opportunity to get a jump-start on saving this summer!

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