School holiday money lessons for your kids

School holiday money lessons for your kids

Veronica Howarth  ●   07 April 2015

Simple ideas for encouraging your kids to earn and save money in their spare time.

The school holidays are always fun for kids, full of free time and opportunities to try new things. As a parent, it makes sense to use this time to your advantage when teaching your children about money. 

If you’re keen to get your children thinking about earning and saving during their break, here are a few tips on how you can do it.

Holiday money lessons for primary school-aged kids

The promise of doing something they love and earning a bit of extra pocket money in the process is often all you’ll need to motivate your primary school-aged child. Get them excited by talking to them about the possible outcomes of their earnings – such as a toy or game they’ve been wanting. 

Earning tips for primary school kids:

  • Find a way to incorporate their passions, because if they enjoy the earning activity, they’ll be more motivated. 
  • If it’s an activity you’re paying them for, consider what amount you’re willing to pay, what is appropriate for their age and how long the activity will take them. 
  • Help them earn smaller amounts more often rather than large sums of money infrequently so their efforts become habitual. Aim for one small money-earning endeavour each week if you can.

Earning activity ideas for primary school kids:

  • Cooking and selling food to family and relatives.
  • Fun household projects, like growing a vege patch.
  • Minding the neighbours’ pets while they’re away on holidays.

Holiday money lessons for high school-aged kids

By the time your children are in high school they’ll probably know that the holidays are a great time to earn money. Just like primary schoolers, most teens will be open to earning a few extra dollars in their spare time. As their parent or guardian, show them why earning can be beneficial and help them develop their entrepreneurial ideas.

Earning tips for high school kids:

  • Decide whether your teen is ready for their first proper job or whether you’re happy to pay them to help you out with odd jobs until they reach working-age.  
  • If they’re keen to get external work, go through some tips for looking for their first job with them.
  • If you’d prefer to pay them for doing jobs around the house, consider how much they would get for a similar task in the ‘real world’. For example, if you’re paying them to wash dishes, find out how much they’d get for washing dishes in a café. This will help them understand the value of what they’re doing. 
  • Foster your teen’s entrepreneurial spirit by discussing their passions with them and seeing if the two of you can find a way for them to earn money through activities they’re passionate about. 

Earning activity ideas for teens:

  • External work, such as doing the paper run, washing dishes and retail work.
  • Everyday chores around the house.
  • Entrepreneurial endeavors such as selling homemade wares at the local market.

Visit The Beanstalk for more helpful tips on teaching your kids about money.

Veronica Howarth
Veronica Howarth

Head of School Banking and Youth

Veronica is responsible for Youth at the Commonwealth Bank. With over 20 years in the business, her passion is leadership, coaching and business transformation. She understands and appreciates the value of early financial management skills.