How to Save for a Car and Insurance by Selling Lemonade
via: http://maddycakesmuse.blogspot.com/
Some of the oldest parenting advice is, “Start ‘em young!” This is especially true when it comes to learning the value of a dollar. To try and reduce the chance of your teenagers someday begging you to buy them a new car, consider helping your young children start selling lemonade from a homemade stand. This classic business idea for kids will help teach them responsibility as well as how to save the money they’ve earned. In the future, these lessons can translate into learning how to save money for a car.
Of course, you don’t have to choose lemonade. Get creative with your children, helping them figure out what to sell, where and when. (Also, check on any permit issues that could interfere with your plans.) Ultimately, if you all stick to it, you will hopefully teach them three important lessons that can someday help them save for a car (and insurance):
1. A strong work ethic
The first thing selling lemonade teaches your youngster is the importance of continuing to work hard at a job. He or she will see that dedication to the effort brings in more money than giving up. Whether it’s selling lemonade to neighbors or participating in a bake sale, a positive experience will set the stage for encouraging your teenager to get a part-time job someday and keep at it.
2. How to set a goal and save money
Once your children see that they can make a little bit of money, you can teach them how to decide what to do with it. Present options such as: “If you want to spend it now, you can buy a small toy or candy bar, but if you save it and reach a certain amount, then you can buy a bigger toy!” You’ll be surprised at how willing a young child is to save up to get what he really wants. Teaching this lesson early can help your future teenager stay focused on the goal of saving money for a car, which undoubtedly takes patience as that’s a substantial amount of money. But early success in saving for a goal lays the groundwork for efforts later in life.
3. How to consider all related costs
Finally, the seemingly simple act of running a lemonade stand is a great opportunity to see how much responsibility is involved. For example, you can teach children how to keep the money box safe as well as how to take care of the cups, the jugs of lemonade, the signage and even the table. How might this be helpful when they want to save money for a car? Well, they will also have to consider paying for gas, oil changes, maintenance and teenage car insurance. Learning to think more broadly about something as basic as selling lemonade can be a good foundation for teaching children how to be disciplined with their money.
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