Summer Money Math – Earning

Summer Money Math – Earning

A great way for children to practice their money math skills this summer is though earning, saving, and spending. Money can be earned by completing chores around the house, helping out neighbors, or even working a part time summer job.

When children earn a reward like an allowance for a job well done, they take accountability for their actions and want to do the best that they can in order to complete the task provided.  Typical chores to complete around the house could be as simple as cleaning their room, bathroom, or the family room, or it could be mowing the lawn, washing the family car, or watering the plants.  The possibilities are really endless.  Here is a list of home chore ideas perfect for a variety of ages.

If your child wishes to help neighbors, then they can combine their entrepreneurial skills of asking  neighbors if they have any tasks they can do well as setting prices for their time.  When they are paid by the neighbor, they may need to use their counting and change making skills

Another way children could earn money within the neighborhood is by setting up a lemonade stand, or as my neighborhood girls did, a brownie stand.  I have also seen neighborhood children set up a stand to sell the extra garden produce grown in their backyard. They had to promote their “business” as well as make the baked goods (also using math), and then sold their goods and had to be able to count money and provide change.  The kids with the produce stand sold tomatoes by the pound and learned how to weigh and multiple by the cost per pound.

When your child is old enough to have a part-time summer job within a business, this is an opportunity for them also to learn how to read a paycheck and how to calculate taxes and any other items that make be taken out of their check.

After earning money, you can practice the math skills with them including recognizing the values of each of the coins and bills, counting up how much they earned, swapping coins for dollars, or making change.

Check back tomorrow for our continuation of Summer Money Math with how to teach your child to save.

Photo by sean dreilinger