Financial Literacy Tips for Your Little Entrepreneur

Not all children want something right then and there. Some kids have an astounding ability to be patient, save up, just to get the toy, or big ticket item they want most! They can’t figure it all out on their own however, so you’ll have to do a little research on how to help your little entrepreneur manage their money.

There’s never been a guidebook for being a parent. Sometimes it is difficult deciding how precisely you can, or should, help them with certain matters. But when it comes to finances, you need to get them off on the right track before letting them go it alone.

In order to help your children achieve their goals, we’ve put together a few tips and tricks to help your child earn and manage money! That way they can not only save for their futures, but you can help to feed their entrepreneurial spirit!

little entrepreneur
Source: Pixabay.com

How to Negotiate

Your child may be… well, a child, but that doesn’t mean they can’t learn how to live a little frugally. There are several things you can teach your child about how and where they can save a few dollars. Whether it’s a deal in a restaurant, a coupon in the grocery store, or waiting for a big sale.

It’s easy to explain to your child that they don’t necessarily HAVE to pay full price for something they may want. This helps to instill the value of a dollar, as well as how far you can stretch a certain amount. Show your child how to shop sale items and how to manage hot deals and coupons, and you’ll be teaching them how to save in the long run!

Setting Goals

Have your child set goals for their future. Then, once they’ve set up those goals, you can work with them on how they may want to achieve them! There are plenty of websites, like goalsetter.co, that will not only help you to set financial goals for your child, but to help you work out how to achieve them!

Setting goals and planning the many steps it may take to achieve them will help your child become a better decision maker, an efficient planner, and also teach them patience!

Starting a Little Business

Your child clearly has a drive to accomplish their goals, but sometimes the hardest part of achieving great things is finding the financial resources. So far, you’ve already instilled goal setting and living a frugal lifestyle into their minds. Once they know the value of their financial resources, it’s time to teach them how to pool them, and save for their futures.

When it comes to making money as a child, there are a LOT of ways you can help them to save up. Have them start from scratch with their own funds in order to start their business. Then do all of the marketing, branding, building, product creation, etc. This way they know all the details and hard work that goes into building a business from nothing!

Here are just a few “businesses” you can teach your determined and intelligent child so that they can make their own money to put aside for later!

  • Chores – Putting value on hard work is never a bad idea. If your child does chores around the home, such as taking the trash out, or cleaning their rooms and bathrooms, then it’s probably a great idea to reward that hard work financially.
  • Garage Sale – Have your child select a few items to sell at a family garage sale. This will not only get them money, but teach them how to value their belongings.
  • Lemonade – You can help your child set up their own summer business. From mowing neighbors’ lawns, to setting up a lemonade stand, there are a lot of ways to teach your child how to work hard and make their own money!

Helping your child to grow their own business will also be teaching them how to interact with other people. A big part of being a successful adult is learning how to understand and communicate well with others. Learning such a valuable lesson at such a young age may help to shape them into a future CEO, or successful entrepreneur!

Read more: Great Fall and Winter Jobs for Kids

More Tips for Your Young Entrepreneur!

If your child is motivated, then finding the financial resources to help them save for their future won’t be too difficult. Firstly, they should understand the value of a dollar and how far they can stretch it out! Secondly, they should be aware of their goals, as well as how to achieve them.

Thirdly, and perhaps most importantly, they should understand all of the major steps of building a business from the ground up. Saving up their funds to reinvest in themselves, build a business, and reap the rewards of their hard work! Once your child truly understands these ideas, then they will have no problem following their financial and entrepreneurial dreams!

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