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The Money Messenger -- Preteen Money Management
July 01, 2010
Welcome to Issue #032 of The Money Messenger!
The Money Messenger brings you the latest on your kids and money.
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Wow - can you believe the year is halfway over? The longest day of the year (at least in the Northern Hemisphere) has come and gone. Unlike the winter one where the days start getting longer and I can look for spring around the corner, I'm not ready for this one. Eeek! Where has the time gone?
We are into week 3 of our extended summer relocation and immensely enjoying ourselves. Ok, in truth, there have been some serious adjustments (mostly on the part of the parents!) but it has been worth it. The potentially oddest one is that I couldn't have imagined June and July without air conditioning. But, open air rooms, always-running ceiling fans and plenty of breezes sure can change your mind (not that there is an A/C option...).
There are other adjustments too. Prices can be much higher for some things - causing a relook at our family budget for all the budgeting categories especially food. We are also definitely using tips from June's newsletter articles on summer family fun on the cheap to help keep us on track!
A reader's question on the best way to encourage her preteen entrepreneur
Helpful links and resources
What's new and what's next?
We survived our 18 hour day to get to our summer paradise. Thankfully, that has been the most stress we've had since being here. Even more thankfully, my mom and grandmother (who is in her mid-80s) are joining us for a week. We hope they enjoy it as much as we have.
Yes, we've had some expenses that we didn't anticipate. But, we've also had a couple of personal budgeting categories that are way below what we thought they would be. So far, the mores and lesses are evening out!
Mixed into our family budget monitoring is my preteen daughter's focus on her own budget. She has a notebook in which she is writing down what she buys, how much it costs and where she got it.
Combine that with her list of ways to make money (even though we are thousands of miles from home) and I'm thinking about preteen money management more than ever. That makes this month's issue particularly timely. Here you'll find articles and other resources to help you with your own preteen and their money.
Preteen Money Management:
3 Tips To Earning Money On Their Own
Preteens can have even more challenges than teens when it comes to finding work that will pay. They don't have the same summer job for teens options that their older siblings and friends do even in a challenging economy.
This is largely due to their ages - not their desire to earn their own way. That leaves preteens to create their own money-making ventures whether it's summer or winter. Here are some great ways for them to get started right away - either as a tween allowance replacement or addition.
These three ideas are just the tip of what your tween can do to make money which can be a first big step in preteen money management skills. For even more ideas on how kids and tweens can make money, think about investing in Kids' Business Ideas which is an amazing and comprehensive resource for all ages (even into the teen years).
Money Savvy Tips for Preteens
Preteens are starting to come into their own personalities - including their money personality - and wanting more freedom. For everything that can happen socially, there is usually a money equivalent. Following these ideas can help you make sure your tween has the right foundation for the future.
Using these ideas along with others you have will give your tween a great setup and get them ready for teen money management!
Here's where I answer your questions. Connie has a very ambitious preteen who wants to start her own jewelry making business. This 12-year-old is already making items for friends and getting other requests that make this seem like a good idea. Is it - and what are the next steps?
Having a product that is already in demand is a wonderful start. Way too many businesses get started with an idea and then find out that no one really wants it. That happens to people of all ages - not just tweens. (In all honesty, it happens mostly to adults!)
In this case, your daughter has already done her market research and knows there is demand. It's a great start. Here are the next steps:
If you have any other ideas for Connie, send them to me here and I'll share them with all the readers. Or, if you need even more ideas, pick up your own copy of Kids' Business Ideas which is an amazing and comprehensive resource for all ages (even into the teen years) today!
While money-and-kids.com strives to provide all the information you need to help educate your kids, teens and family on money matters, there are other great resources to help you. This newer section of the newsletter highlights those that I've found that provide solid, understandable and usable information.
Preteen money management can present some unique challenges for parents. These resources from around the web can help.
Be sure to check out the latest blog posts at the site. With a new post nearly every day, there are lots of quick bits of information that might be just what you need.
If you are not a subscriber receiving the blog updates to your email each day, you can subscribe to the money-and-kids.com blog RSS feed here.
August and the dog days of summer...not to mention the start of school. Holy cow! Join me in next month's issue for an end-of-summer celebration...and a kick-off to a new school year. Make sure you and your friends have a subscription so you don't miss an issue!
If you have questions you'd like to see addressed for that issue, just use the Contact Form or email me at firstname.lastname@example.org.
Talk to you soon!
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