Kids Money Issues

Does it always seem like there's lots you want to buy, but you don't get enough allowance to pay for it all? Keep reading to learn about how you can budget your spending money while still saving some for a rainy day!

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Every day we are exposed to many great toys, games, and treats through television commercials and Internet advertisements. Do you ever crave the items you see? If you are like most other kids and teens, then you probably want to buy a lot of the stuff that you see--the only problem is, you don't have the money to get everything.

Budgeting Money

Many kids get a limited allowance each week or month. The whole point of allowances are to help teach you how to save and budget your money so you are able to purchase the items that you want without wasting on unnecessary items.

Budgeting and saving are two very important skills for people to have when they live on their own as adults. If your parents give you an allowance but it never seems like it is big enough, it may be because you need to learn these important skills!

One way to stretch your allowance so it lasts long enough is to make a list of everything that you want to buy. Write down the price for each item, then decide which items are most important. Did you realize you just created a budget?

Saving Money

Some things on your list might cost more than your allowance; this means you'll have to save your money to buy these items.

Many banks will offer free savings accounts for kids. A great way to use your savings account is to deposit a specific amount of your allowance each month. Did you know banks pay people for their money? Banks deposit a small amount of money into each savings account every month. This amount, known as interest, is not much but it can add up as time goes by.

A lot of banks that offer kids accounts require a parent's signature in order to withdraw money from their savings. This means the bank account might be a little inconvenient when it comes to purchasing your wanted items.

If you would rather have full authority over your money, or if you cannot find a kids bank plan that you like, there are ways for you to save money at your home as long as you can resist the temptation to spend the money you've been saving on something insignificant like soda or candy.

Put a certain amount of your allowance in a jar or a piggy bank in your room. Another way of saving money is putting all of your coins in that piggy bank. Coins collect fast and can add up to a lot of money!

Earning Money

If your parents don't give you an allowance, there are ways you can earn money. Many kids babysit for relatives and neighbors. Babysitters get paid to look after children when their parents must work or run errands in town. The amount you'll make when babysitting varies but it can be a fun job, especially if you love kids.

Another way of making money is mowing people's lawns and doing other basic yard work such as pulling weeds or raking leaves. Many kids earn money doing this for their neighbors. This job doesn't take up too much time and it's a great reason to get some exercise outside instead of sitting around indoors. This job tends to be seasonal as lawns don't need too much work in the winter - although you could always shovel snow, if you live in a place with enough snow, that is!

Other jobs include pet sitting, walking dogs, and house cleaning for neighbors. All of these are jobs that are easy for kids to complete and which can be done after school and on weekends. When you start to earn money from these jobs be sure to follow the tips that were outlined above for allowances. Budgeting and saving your money is important no matter how you got it.

Spending Money

In time you'll be able to purchase more of the fun stuff you've been desiring. You'll be spending your money on items you really want instead of just wasting it on junk. The items on your budget list will probably change often, so it is important to take time each week to reevaluate what you have listed and the order of importance of each item. Have fun earning and spending your money!

Did you find this useful? If so, please let others know!

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