My eight year old daughter has seen some pretty amazing financial things. I mean, I blog about how we go to many places for FREE, get to have things for FREE, eat FREE, play FREE and stay FREE. There’s been a lot of FREE throughout the years!

Point #1 – Realize that there is a cost to everything. Whether is it time, effort or money.

When we go into a toy store and she sees the cutest, fluffiest, softest stuffy in all the world #BOMBSHELL happens. She wants that stuffy and asks, “Mom, can I have it?” Immediately, as a parent, you’re hit with the “yes or no” button. And technically it could be a yes, but there is a cost.

Something my husband and I find so important, is to teach our children about finances and from all areas: the good, the bad and the hard work!

Point #2 – You might have to borrow money to start out. And that’s ok (as long as you pay it back, first). 

This past year we decided to teach all three of our children (ages 8, 3 and 1) about finances by getting a paper route. We taught them that because four people were doing the job, whatever we would get paid, we spilt the money between the four people. (I mean, really, I give them crackers and we talk about sharing equally so basically everything is finances and math)

But because the amount for doing a paper route is small and splitting money four ways on a paper route can be small, Mom to the rescue! We looked for the items we needed and bought them at the cheaper store (to save on start-up costs), then saved the receipts to show the amount she has to pay back (first). When kids don’t have start-up finances to use it can be discouraging and can cause a mindset of failure. I never want my kids to feel like they can’t do anything (“where there is a will there is a way”). So since my daughter showed a true desire to be responsible and commit to creating a product and following through with it, she moved ahead with the “Mom Loan”.

Point #3 – Make what you’re selling worth buying

My daughter really wants to sell “something”. For a few years my daughter has wanted to sell things, anything. She could easily be a saleslady because she is super energetic, and can tell you why you should get something (check out our blog post here about why she thinks its a good idea to buy the Ford Focus ).

About a year ago I got her a (free) table to use as her “table sale” (as she calls it). She gets her table and sign ready and heads outside to sell whatever she has created in her room. Now, some of these items are realistically just not worth anything (aka cut up pieces of paper the size of a loonie) thus she makes no sales. She often will say “it can cost a dollar or two or free if you want”. I really want to encourage her in the area of finances and show her that she has the right mind-set but her product has to be “worth buying”.

 

Point #4 – Love what you sell and believe in it

Behold my entrepreneur! “Lyla’s Lizards“ are $4 (plus shipping) and is taking orders WORLD WIDE. You can find previews of her work on our Facebook page @Saveymommygoodies I’m so proud of her!

“Check out Lyla’s Lizards” – Lyla (see below) #BuyLocal

“Get one for your backpack or even your purse!” – Lyla

**Have a Kid Entrepreneur in your family? I’d LOVE to hear about it! Share it in the comments below or tag me on social media @Saveymommy**