What's your take?

[wisdom]

Recently my kids (ages 4 and 6) have been asking me what they can do to earn some extra money, as we are on a tight budget and I'm concerned about being able to afford things for them this winter. Should I encourage them to get little jobs, such as mowing lawns/pet sitting etc - or is it better to wait until they're a bit older? Has anyone else's kids ever asked them to do something for pay?

 

[bananarama]

I'd say encourage them! My sister started pet sitting when she was around 8, and it's been a fantastic experience for her - not only financially but also in terms of learning responsibility and time management. She helped take care of our neighbors' dog and, as recently as last spring, took our family cat to the vet when we were on vacation.

Both children are super excited about mowing lawns too , but for now I think pet care would be more suitable. Just don't expect them to understand that just because they are helping someone else, it doesn't mean you'll automatically get the funds they want for themselves. They will probably insist on using what they earn to buy something right away, so have a talk about saving and being patient too'.

 

[sunflower]

We'll have to have another conversation with ours about how their earnings will be managed once they start pet sitting , which we're hoping to have set up by the summer' next year. Your input would be super helpful as it sounds they've started a little younger and learned good lessons from experience! Do you think it's better for kids to learn financial responsibility or some other life skill first?

 

[happyfeet]

I think teaching financial responsibility is a valuable life skill, but I don't know if it's necessarily something children should be expected to learn before other skills like empathy, time management, and conflict resolution. Those are all important for kids who will eventually take on roles as caregivers or pet sitters.

In fact, depending on the age at which they start pet sitting, they may not have developed a strong understanding of basic financial ideas yet. It might be more productive to focus on teaching them other life skills before diving into financial responsibility. Once they have some experience and maturity under their belt, then you could introduce them to concepts like saving, budgeting, and managing earnings.

What's your take?