There are so many ways in which kids can earn some extra pocket money these days without having to wash mom’s car or open a lemonade stand. With mobile devices at the ready, the internet filled with knowledge and little entrepreneurial spirit, children can work towards their financial independence from a much younger age. Warren Buffett, the world's seventh-wealthiest person, often states that he owes most of his wealth to compound interest, while Einstein referred to it as “The Eighth Wonder of the World”. As an early teen, if you were to save as little as $20 dollars a month starting today, by the time you’re in your early sixties it could be worth approximately $150,000! The Covid-19 pandemic has posed some interesting challenges for kids wanting to make some extra pocket money, so we have come up with a few safe and fun ways to help kids get around this.
So without further ado, here are 10 ways in which kids can make money in 2020:
1. Get creative and sell things on Etsy
In light of the pandemic, online shopping has boomed. If you’re good at arts and crafts or building things, create and account with Esty and try your hand at selling goods online. You can do anything from printed T-Shirts or knitted socks to cool candles or painted frames. All you need to do is get creative!
2. Sell candy in your neighbourhood
Since many schools are closed and many people are working from home, why don’t you become the local candy store? Head down to your nearest wholesale store, like Walmart, and stock up on some popular candy. Some familiar favourites are Skittles, Cosmic Brownies, Reeses, KitKats and Hershey’s Chocolate bars. From here it’s simple: Control your profit margins and sell them for more than what you bought them!
3. Become an online tutor
Are you good at school, or good at a particular subject in school? You can use those skills to teach other kids! Even if you’re not, there are always children in younger grades that could use the extra help. With the CoronaVirus having temporarily closed many schools, children are left at home without guidance from their teachers. Parents are willing to pay anything from $20 an hour to help with homework assignments or test preparation for their children to prevent them from falling behind. Not only will you be making some extra cash, but you will be improving your own skills too.
4. Make use of your backyard
a. Collect and Sell Eggs
Do you have a big garden? Would your parents be willing to let you buy hens? Most people in the US pay around $4 for a dozen organic eggs, while the price of one laying hen could cost anything from $1-$6. If it costs approximately $1 in feed to raise your own hen, the profits become obvious. It’s a great way to not only learn financial responsibility, but also those that come with operating a small business.
b. Sell Flowers
If eggs don’t float your boat, why not use your backyard for a little gardening. Do some research to see which flowers grow well in your area, along with which flowers grow the fastest, and plant them according to their blooming season. For example, a sunflower is an annual flower that takes approximately two months to bloom from seed. According to Wholeblossoms.com, the prices for 25 stems are $80, while 300 stems cost as much as $450. That makes for a beautiful garden plus money in the bank!
5. Help Seniors with Chores, Errands and Technology
Offer up your time to help the elderly complete basic tasks, like grocery shopping, typing up emails and text messages or helping them set up a Netflix account. Especially during the Covid pandemic, many older people are concerned about leaving the house because of the higher risks associated with age, so they are even more likely to need some assistance with their outdoor errands. Dedicating an hour a day $5 could help you bring in an extra $150 per month - that’s $1800 per year!
6. Sell popcorn
The reason why lemonade stands are so popular for children is because it requires very little money upfront to make quite a big margin. Popcorn costs even less to make than lemonade and takes only a fraction of the time. If 1lb of popcorn kernels costs around $7, and 1 oz of kernels makes 4 cups of popcorn popped, then you can make approximately 16 big bags of popcorn. If you sell one bag for $4, you could make $64. Not bad considering that it only cost you $7 to start!
7. Become a dog walker
This might be one that you’ve thought of before, but dog walking is a great way to make money as a kid. With most people heading back to work since lockdown, suddenly having to abandon their pets during the day again, there’s a good chance their furry friends need to be let out of the house. You can organize to walk some of the neighborhood dogs either before or after school, which shouldn’t take you longer than 20 minutes per dog.
8. Help with social media accounts
It’s a skill which you have that many businesses lack, managing engaging social media accounts! Check out a few of your local businesses and see what their social media presence looks like. Once you find some that either don’t have a social media presence at all or a very weak social media presence, offer to take the challenge off their hands for a small fee. Businesses would be willing to pay you anything from $25/hour to help them with their social accounts.
9. Teach Adults About Electronics
When it comes to technology, kids are the ones that do the teaching. Because for youngsters technology is simply second nature, it is possible that you have already been asked to help an adult with their electronics; whether it’s setting up a new camera, figuring out basic iPhone functions or installing a new programme onto their computer. Make yourself the neighbourhood go-to tech support and charge and hourly rate.
10. Handing out flyers
Restaurants, small businesses and promotional companies will pay you a premium just to hand out flyers, or deliver them under doors or on car windows. Browse through promotional websites to see which ones are located in your area or approach small businesses to offer up your services. If you’re handy with design software, you could even add in the bonus services of designing and printing them!
This list only slightly scratches the surface when it comes to ways for kids to make money in 2020. Opportunities are everywhere if you’re looking hard enough and willing to put in the work. Regardless of what your intentions are for making money as a kid, whether you want to save it, spend it, or gift it - there is certainly no reason not to earn it!