How kids can make money (legitimately, under adult supervision)

My parents used to fight over money all the time and that made me despise money and all it stood for. It took many years and countless painful lessons for me to finally realise that money isn’t to blame for my unhappy childhood. It was my parents’ lack of financial education primarily, closely followed by other socio-economic reasons that made them who they were. I believe that if I had been raised with a different perception of money, I'd be much better off financially than where I am today.

Thankfully, I'm also an incredibly positive person and believe in the saying, ‘Better late than never’. I’m playing catch up now and at the same time making sure that my kids develop a healthy relationship with money and see it for what it is – their key to unlocking more experiences in life. Here are some things I’ve tried or experienced so far on my financial wellness journey.

Put on a sell-out show

Most kids are naturally creative and energetic. I encourage mine to explore their amazing creativity and channel their boundless energy into staging their own show at family gatherings. So far, Christmas has been the best (and most profitable) time for them. We’ve done fashion shows, lip sync battles, a magic show, karaoke song contests and dance routines. I helped them to sell tickets (to those willing to pay!).

They came to realise that talent and hard work could translate into cold hard cash. In my opinion, the actual rewards are seeing my kids learn lessons on dedication, discipline, courage, perseverance, pride, confidence, etc. that no amount of money can buy. Plus, everyone loves a good show. We are looking forward to doing stand-up comedy and musicals next.

Get extra pay for doing extra chores

I can’t say the same for all parents and carers out there, but weekends (and public holidays) are the only chance I get to sleep in. These are great opportunities for my kids to make some money off me. They charge me $2/chore to perform my chores, like doing the laundry, tidying up the kitchen and cleaning out the fridge before I get out of bed.

They could also take on bigger chores, like washing the car and mowing the lawn and earn double from their dad. Sometimes, I come downstairs to find breakfast or brunch waiting for me – at a price I’m more than happy to pay. And 9 times out of ten, I get a freshly brewed coffee thrown in, on the house. Another bonus: Kids are motivated to wake up early. Ahhh...bliss.

Become an entrepreneur

A few years ago, my eldest who was in Year 6 started making slime. She learned it from watching YouTube videos. She brought some to school for her friends and they went mad over it. Other classmates started asking her to make it for them and even offered to pay for it. That gave her the courage to start her own online slime business, and she did. She started taking orders on her Instagram channel and got me to withdraw money from her savings account to buy ingredients in bulk (craft glue, paint, glitter, containers, stick-on labels, etc.).

Along the way, she learned about AusPost delivery processes, costs and return policies, and how to handle customer feedback and complaints. By the time she got bored of it about a year later, she had made around $600 in net profit. Whether it’s slime, clay figurines or greeting cards, the lessons are awesome and I hope all kids get a chance at being their own boss.

Tutor younger kids

Growing up, my parents worked hard to make ends meet. So as kids, my sibling and I didn’t have the luxury of pocket money. My older sister did very well academically and got top grades every year at school. One day whilst helping me with my homework, she asked me if any of my friends would like her to help with their homework as well – for a fee, of course. And I thought, that’s a great idea seeing that she’s not only smart, but she’s also nurturing, patient and kind as well.

Two friends of mine signed up and my sister tutored them for a year almost every day after school during her final year of high school. In hindsight, the money my sister earned paled in comparison to the look of pride on her face when she brought home her first paycheck…and bought me an ice-cream as a reward. If your child has the ability, capacity and interest to help other kids do better at school, why not give this a go?

Busk their way to riches (and fame?)

We haven’t tried this, but my kids and I toyed with the idea of busking a year before COVID-19 hit. We zoomed in on the city of Melbourne, where performers under the age of 16 must have parental or legal guardian consent to apply for a permit, and must have parental or legal guardian supervision at all times whilst performing*.

If your kids have lots of energy and it doesn’t intimidate them to perform in front of a crowd of strangers, they could make some money and learn a few valuable life lessons along the way. Once you’ve decided where to busk, visit the local government authority’s website for more information. Next steps? Preparation, preparation, preparation! Fact: Many famous performers started out as buskers. Don’t believe me? Google it.

Create their own online content

Our kids are growing up with social media platforms featuring infinite online content. Anyone can create content and post it online – you just need to have access to the internet, a mobile phone and lots of ideas! Young people take to anything digital like a duck to water. My kids are obsessed with TikTok and subscribe to a few YouTubers, mostly gamers who stream themselves playing Minecraft or Roblox. They’re thinking of becoming TikTok creators and because of that, I got myself on TikTok too to understand more and honestly, I’m liking the experience.

As long as I have visual of the videos my kids want to publish and the buck stops with me, I think it’s a fantastic way for them to potentially earn some money. I’ve learned that some of the ways are by livestreaming, donations, managing influencer campaigns, advertising, consulting, and offering advice (creative, strategy or business) to other creators. As a mum, I also make sure we’re all up to date with the latest cybersafety education and training - it’s the responsible thing to do.

I can’t stress enough the benefits of teaching my kids to make their own money: they learn the value of hard work, they develop stronger self-esteem and confidence, they’re more responsible with money and appreciate people (and things) more, and they don’t take things for granted. I look forward to seeing my financially savvy adult kids living their dreams - be it buying their own home, starting their own business, travelling the world, or simply just taking life easy, without having to worry too much about money.

* Source: Busking permit FAQs - City of Melbourne. (2021). Retrieved 21 September 2021, from https://www.melbourne.vic.gov.au/arts-and-culture/film-music-busking/street-entertainment-busking/busking-permits/pages/busking-permit-faqs.aspx