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Teaching Your Kids the Value of Money

As young ones headed back to school this month, there’s no greater time to start financial education for kids at home. Suggesting entrepreneurial ideas your children can relate to and have fun with can help turn awkward and mundane conversations around finances into interactive creation rooted in education. So, Greater NIagara Federal Credit Union is here to help with some financially savvy tips on how to teach your kids the value of money!

Encourage Kids to Organize a Garage Sale

Children’s tastes and interests are always evolving, and with technology changing even faster, odds are your child has recently asked for something they really really want. Instead of just giving in and buying the item, or immediately saying, “No”, encourage them to organize a garage sale to help pay for the things they don’t need, but really want. This helps create a situation in which kids can save up some of their own, earned money for new things by selling unused clothes, toys, and other items they no longer use! In addition to learning the value of money, organizing a garage sale also teaches children great project management skills.

Offer Neighborhood Services

Trusted neighbors are a great place to start when encouraging your children to get out there and make some of their own money. Many neighbors may want help clearing out their yard of all the dead leaves this fall. Encourage your child to offer their raking services to collect extra pocket money. In addition to raking leaves, assisting neighbors with their gardening needs can prove quite helpful. Kids can offer to water plants, dig holes for planting, and even weed the garden. Not only will this provide your child with some money of their own but they’ll learn the value of helping others along the way. And when the snow starts to fly, help those same neighbors out with shoveling duties.

Pet Care Services 

Dog washing, grooming, pet sitting, and dog walking are some great services to encourage your animal loving child to offer. Caring for another living thing like pets, is a huge responsibility and an important lesson to teach kids young. Plus, this is a great way for you and your child to get into the entrepreneurial spirit by helping them come up with advertisement materials to get the word out to friends, family, and locals. With the help of a furry friend, you’re on your way to teaching your child the value of money.

Turn Their Hobbies Into a Business 

Is your child an avid baker who loves making desserts and sweet treats for the whole family? Or, maybe they have an eye for detail and enjoy expressing themselves through creative crafting. Teaching your kids how to turn their hobbies into a business is a great way to elevate their passions while also teaching them financial values. Help give them the tools to sell their crafts online or organize local bake sales for their sweet treats and they’ll start learning the value and pride that comes from earning their own dollar.

School Is Out

Teaching your kids the value of money can go much further than your typical lemonade stand setup. Every child is unique, so it’s important to cater to their different interests in order to create an educational lesson that is both enjoyable and long-lasting. And after they’ve started to use what they’ve learned and earned some extra spending cash, point them towards the greater path of savings by bringing them into one of our two branch locations to open up a checking or savings account with Greater Niagara FCU!