DubDub’s Savings & Pocket Money Ideas!

Pocket money ideas: ways to make pocket money!

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14 Pocket Money Ideas…

1. 1 )  Babysitting
2. 2 ) Yard work / lawn mowing
3. 3 )  Newspaper delivery
4. 4 )  Tutoring
5. 5 )  Sports lessons
6. 6 )  Garage Sales
7. 7 )  Chores around the house or a neighbour’s house
8. 8 )  Car washing
9. 9 )  Pet sitting
10. 10 )  Dog walking
11. 11 )  Make something and sell it to the neighbour’s
12. 12 )  Mother’s helper
13. 13 )  Sell items on Trademe
14. 14 )  Start your own website! It could be about cars, dancing, music or almost anything. Yes even kids can do it!

 

Savings Tips: For Kids!

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When you know what you want, but you haven’t got enough money to pay for it, it’s time to start saving. Putting money into a savings account, where it’s harder to get at, will stop you wasting it on a lot of little things you don’t really need. Plus the bank will pay you interest to help your savings grow. Here are some ideas to help you get started.

 

Successful saving tips

– Have a goal in mind, so you know what you’re saving for and how much you’ll need

– When you first start getting an allowance or money from an after school job, decide how much you’ll save each week

– Open a savings account so you can put the money into the bank, earn interest and be less tempted to spend it –  at most banks if you’re   under 13 years old you’ll need your parent’s help

– When you get extra cash on holidays or your birthday, always try to save at least half

– Keep saving and stay focussed on your goal so you’ll get to spend the money on something special

 

Kids Money Tips: For Parents!

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Encourage your kids to save for things they want

Try to make it fun – consider incentives and rewards, but do what you feel comfortable with and can afford.

Use everyday encounters to help kids learn about money

Make informal money lessons from visiting a money machine, or opening bank statements or bills. Don’t ever assume kids will pick up the most basic facts on their own.

Endless cash at money machines

Explain interest

Kids need to know that you can earn interest by saving, and that you pay interest when you borrow.

Be aware of money personalities

Encourage your kids to be aware of the relationship they are developing with money – are they more inclined to spend or save? Different personalities may require different approaches.

Talk about money with your kids

It’s from discussions about subjects like “How much money do you make?”, or “Why can’t I have one?”, that children learn their most lasting lessons about the value – and the values – of money.

When money’s gone, it’s gone

If your child’s spent all their money but still crave an expensive toy, don’t buy it for them. Children should understand that, when money is gone, it’s gone.

Be consistent

If you’ve made a rule or an agreement about money with your kids – be decisive and stick to it!

Keep records

Encourage your kids to keep written records of income and expenditure to get into the habit of account-keeping. Show them yours.

Find out what’s happening at school

Schools also have a key role to play in encouraging financial awareness