At what age can children start earning their own money?
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LunchBreaker
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- Joined: July 8th, 2020, 2:46 pm
Back in the day, the answer would have been that they can start earning as soon as they become capable of doing some kind of work. But nowadays, it seems there are fewer earning opportunities for children. Still, it is good for children to have some practice earning and budgeting before they actually become responsible for their own finances.
It depends on what you consider to be earning money. Even a six-year-old can get an allowance for helping around the house. That can slowly transition over the years to earning the money for their own extras. A teenager can be expected to babysit to earn money to buy a camera and other non-essential items.
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LunchBreaker
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- Joined: July 8th, 2020, 2:46 pm
I think a common rule that some parents have is that they provide items for the child's use, but the child only owns what he or she purchases with earned money. So the parents might even provide extras, such as a camera for the child to use, but they still own it. The parents can donate outgrown toys that they purchased, but if the child purchased it, he or she owns it.
Is the question CAN or SHOULD. Children will always "earn" money on Chanukah and Purim...so they obviously CAN from any young age. Should they? I think children should feel confident that they have all their needs met and should earn "extras" directly until they are mature enough to handle money on their own. This will differ per child, but most children about 8 years old have some basic understanding. At that point, they can begin to earn an allowance or fee for certain chores or earn money by running a lemonade stand or carnival. Should they? I think a happy child will not feel a burning need to earn money until their teens, unless they are born entrepreneurs.