HUNTSVILLE, Ala. (WAFF) – As kids head back to the classroom, it’s also a great time to give them a lesson on the value of money. Financial expert Justin Davenport from The Welch Group says you can take practical steps to help children begin their financial journey.
“I think a lot of children, whether in elementary school or high school, there are those seasons where you can work with the younger kids,” Davenport says. “Helping them set up either a lemonade stand, or doing items out in the yard, or helping around neighborhoods.”
He says younger kids can earn $5 to $10 at a time for extra chores, pet sitting, or helping out. He says pre-teens might do yard work, help their family, or sell crafts. At the same time, teenagers could potentially get a part-time job, such as being a lifeguard or babysitter.
“Well, what do you do with that [money]?” Davenport says. “The go-to answer is having buckets, and so you want to set up some for giving, and some for savings, whether short-term or long-term.”
He says if your child is paid cash, getting envelopes and jars are helpful. However, he says many payments might be digital now, and so you may want to consider opening up an account with a debit card. He says local credit unions are great places to open an account for them. Other apps like Acorns and Greenlight can also help you and your child monitor their finances, though there may be fees associated with the account.
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