100 Days of Christmas Savings: Day 66, Help Your Kids Start a Side Business

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100daysbusinessIt’s never too early to teach kids fiscal responsibility.

If your kids are old enough to do simple jobs around the neighborhood, they are old enough to start earning their own money for Christmas. To start, look at what your kids are good at and what they can do. If they are particularly smart, maybe they can tutor some kids around the neighborhood. If they are responsible and good with kids, they might be able to babysit. Other options include shoveling, raking, pet sitting, and lawn mowing.

This is not only an opportunity for your child to earn Christmas spending money, it is an opportunity to teach them the basics of entrepreneurism and financial responsibility. Help your child come up with a plan for getting customers—referrals, posters, and starting out working for neighbors are all good ways to start. Help her create a list where she can keep track of customers, contact information, the amount they owe her, and the date they paid.

After your child starts earning money, help her budget it. Get her used to setting aside a certain amount for Christmas, some for savings, and a small amount for fun money. This sets up the base for a great financial future. Plus they feel proud that they earned their own money for gifts!

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