Motivate your child to keep up their savings habits during the summer

Are you looking for ways to keep your child busy during the summer and help them manage their money responsibly?

 

Here are a few ideas for how you can motivate them to keep up their savings habits. Keep reading for suggestions to help them become more confident, save up for outings and activities, and allow them to continue to make regular deposits. A project in itself!

 

• Collecting empty cans
  Some containers have refundable deposits. This means they're still worth something when they're empty, so your child can receive money in exchange for them. Your child will probably find lots of cans around the house or by asking family, friends and neighbours (who may be quite eager to get rid of the cans anyway). By collecting empty cans, your child is not only saving money, but also doing a good deed for the environment!
   
• Making, reusing and selling various items
  Your child can set up a stand where they sell items they've made. Or, they can have a garage sale to sell toys or clothes that they no longer use or have outgrown. Who knows? Your child may help someone out while earning a few extra dollars.
  
  These ideas are all the more valuable because they allow your child to reach a larger goal, build on their strengths, practice new skills and adopt environmentally responsible behaviours.
   
• Doing chores while enjoying the outdoors
  Another option is for your child to enjoy the outdoors while doing simple tasks for family and friends or around the neighbourhood. Depending on your child's interests and abilities, there are a couple of chores they can do such as weeding and watering plants and vegetable gardens.
  
  If you have older children, you can also ask them to take out the garbage and recycling, do yardwork, paint a fence or wash a car. In addition to enjoying the sunshine, your child will feel an immediate sense of accomplishment from all their hard work.
   
• Taking care of animals
  Does your child love taking care of animals? Here's another activity that they can do! Your child probably knows someone who needs to have their dog walked or their cat fed. By helping out this way, your child will develop their sense of responsibility and their self-esteem.
   
• Looking after young children
  For older children only (11+), babysitting can be a good way to earn some extra money. More importantly, it's an experience that requires and develops maturity. One thing is for sure, babysitting can allow an older child to develop a wide range of skills. The Canadian Red Cross Babysitting course is very useful and relevant for learning first aid. 

 

For each of the above suggestions, be there for your child throughout the process. Even though one of the goals is to teach them independence, they'll need guidance. Whether it involves planning, building contacts, pricing, staying on task or anything else, remain attentive to what your child needs help with. Answering their questions isn't the same as doing the work for them.
 

 

Explaining the law to your child

Have you heard about the minimum working age bill? To have the right information and the right words to explain it to your child, here are 2 interesting articles that will answer questions that you or your child may have.

 

• Bientôt une nouvelle loi sur le travail des enfants? | Articles | Les as de l'info (lesasdelinfo.com) (in French only)
• Pas de boulot avant 14 ans ! | Articles | Les as de l'info (lesasdelinfo.com) (in French only)

 

Working together to accomplish a common project - another good idea!

Working together with allows you to harness the individual strengths of each person involved. By teaming up with your child and involving other family members or a few friends, you could take your project to greater heights. Here is a simple process on how to do so.

 

1. Watch this video to explain to your child what cooperating with others is all about!
    
2. Find a common project to do with family or friends.
   
   Discuss your common needs, gather ideas and confirm everyone's interest. Choose the idea that most team members are passionate about. You can all vote on it.
    
3. Define the objectives of the project.
   
   Define what you want to achieve and why. Discuss what you want to get out of it (both in terms of finances and personal values).
    
4. Organize the project.
   
   Plan the sequence of activities necessary to accomplish the project. Make a plan and define who on the team does what.
    
5. Carry out the actions of the plan developed together.
    
6. Celebrate your success.
    
7. Discuss good practices and possible improvements for another project.

 

By working together, it will be possible for you and your child to accomplish a larger project that is shared with others. This will also allow your child to save money independently, and it will give you a chance to witness your child's development throughout the process.