4 Ways to Keep Kids Busy (and Financially Responsible) This Summer
School may be over, but the learning doesn’t have to end. Summer is the perfect time to teach your children how to earn, save and spend money wisely. Here are four age-appropriate ideas that are a win-win for kids and parents alike.


Keeping kids active and out of trouble during summer is always a challenge. As parents, we need to strike a delicate balance between keeping them occupied and making sure they enjoy their break. On top of that, each age group comes with their own set of challenges.
As the end of the school year arrives, consider the following ideas to keep your kids busy and teach them financial responsibility and money management this summer.

For the Younger Kids: Lemonade Stands
One of my friends told me she was setting up a lemonade stand with her 4-year-old daughter. The best part was that the money earned would be applied to her surf camp lessons. I love this idea!
Lemonade stands are always fun for kids and will give them some money in their pockets and piggy banks. Other ideas for younger kids include bracelet sales, collecting shells at the beach and painting them to sell, and book sales. Also consider an allowance for household chores or cleaning the attic or garage. This can then turn into a garage sale where the kids can keep the money earned. It is never too early to establish a work ethic and introduce lessons on saving.
Money tip: Have kids save their hard-earned money in a clear mason jar so they can track their progress. Once they have enough saved to put toward their surf lessons (or whatever activity they’re saving for), count up the coins and bills with them. Explain the difference between the coins and bills and what each one is worth and show how every little bit adds up. Go to the bank together so they can experience the entire savings journey!

For the Tweens: Mother’s Helpers
As any parent would agree, keeping your children active while staying sane during summer break is borderline impossible. One way to keep tweens busy while also earning a little bit of money is for them to help families as a “mother’s helper” (or “father’s helper,” for that matter). This is a great learning experience for kids who are not quite ready to babysit on their own. They can help keep their brothers and sisters entertained so Mom or Dad can take care of things around the house. Other odd jobs for the tweens include dog walking, mowing lawns and car washes.
Money tip: To encourage saving, open a joint bank account for them (which would also have to be in the parent’s name). Offer to match their savings – I like 50%, but every little bit helps! When they reach certain milestones, say $200, take $100 and open an investment account, also in the parent’s name. Invest this portion of their hard-earned money in a well-diversified index fund or mutual fund. Time is the most important asset when it comes to investing, and they’ll get to reap the benefits of compound interest for years to come!

For the Teens: Summer Jobs
In certain states, teenagers as young as 14 are eligible to work several hours a week. Since we live in a beach community, lifeguarding over the summers was a natural fit for my daughters. They had to get their certifications and pass certain agility tests to qualify. It is a great way for them to learn responsibility and gain financial independence. And as an added bonus, it gets them out of the house and keeps them active!
Other ideas for teen jobs could include mowing yards, babysitting or working at your local grocery store, restaurant, country club or ice cream parlor.
Money tip: Once they have earned some income, you can open a Roth IRA in their name. If they are under age 18 (or 21 in some states), it would have to be a Custodial Roth. This is a great way to have them understand the concept of saving for retirement, especially because the growth is tax-free. Plus, it is never too early to start saving for retirement! You can also open a bank account for them (if under 18 it would have to be a joint account with a parent) and have them set up direct deposit with their paychecks. Make sure to review their debits with them monthly and encourage budgeting. If you see their spending is getting out of control, review how their debits are influencing their account balances. Make it sink in by discussing how many hours of work those new shoes cost them.

For All: Giving Back
Try getting your kids involved in their communities by giving back. This may be delivering meals or running errands for the elderly, volunteering at a food pantry or fundraising for your place of worship. Encourage your little ones to bring in the trash cans for your older neighbors or help them carry in their groceries. Assisting those less fortunate is a great way to teach our children humility and have them be thankful for their quality of life. You may get some complaints at first, but most kids find it so rewarding seeing how grateful people are for their help.
Regardless of your plans for the summer, these tips should help keep your kids engaged while also teaching and reinforcing positive financial habits. As parents, we have the opportunity to make learning about finances fun while also setting our children up for success. Plus, your wallet will thank you later!
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Gina Grippo-Martinez is a wealth adviser at ALINE Wealth. Her Wall Street days behind her, Gina currently holds her Series 7, 63 and 66 licenses, and helps her clients plan for their futures. She lives with her husband and their two daughters in Point Lookout, Long Island. For more information, please visit www.ALINEWealth.com.
-
Kiplinger News Quiz, Sept 12 — What is the Taylor Swift Tax?
Quiz A multi-million-dollar Google lawsuit and "Taylor Swift tax" made Kiplinger headlines this week — but why? Test your knowledge of this week's financial news.
-
Back to Golf School — for Adults and Retirees
Elevate your game at these golf schools around the country. You'll learn from pros on top golf courses and with the latest tech. You may even make a new friend.
-
I'm an Investment Strategist: This Is How the Fed's Next Rate Move Could Impact Your Wallet
Interest rate cuts might be coming, which could affect everything from your credit card debt to your mortgage. It's smart to prepare now — here's how.
-
I'm a Retirement Planner: These Are Three Common Tax Mistakes You Could Be Making With Your Investments
Don't pay more tax on your investments than you need to. You can keep more money in your pocket (or for retirement) by avoiding these three common mistakes.
-
Want to Shave 10 Hours Off Your Workweek? A Startup Expert Shows How AI Can Help
Artificial intelligence is overhauling how companies operate, freeing up entrepreneurs and their workers to skip the menial stuff and get down to business.
-
Four Clever and Tax-Efficient Ways to Ditch Concentrated Stock Holdings, From a Financial Planner
Holding too much of one company's stock can put your financial future at risk. Here are four ways you can strategically unwind such positions without triggering a massive tax bill.
-
Beyond Banking: How Credit Unions Serve Their Communities
Credit unions differentiate themselves from traditional banks by operating as member-owned financial cooperatives focused on community support and service rather than shareholder profit.
-
Answers to Every Early Retiree's Questions This Year, From a Wealth Adviser
From how to retire in a crazy market to how much to withdraw and how to spend without feeling guilty, a financial pro shares the advice he's given this year.
-
The Risks of Forced DST-to-UPREIT Conversions, From a Real Estate Expert
Some new Delaware statutory trust offerings are forcing investors into 721 UPREIT conversions at the end of the hold period, raising concerns about loss of control, limited liquidity, opaque valuations and unexpected tax liabilities.
-
I'm a Financial Adviser: You've Built Your Wealth, Now Make Sure Your Family Keeps It
The Great Wealth Transfer is well underway, yet too many families aren't ready. Here's how to bridge the generation gap that could threaten your legacy.