What can kids pay for? Teaching kids about money is a life skill. One way to do this is to allow them to pay for certain things on their own. Of course, they need to have some money to do this, so you can use an allowance system or if they are of working age, maybe they can have a part-time job to earn some spending money.
Not only will they learn to budget their money and save for larger purchases but they will also feel more confident and proud when they pay for things themselves and make their own decisions with respect to their money management.
Although it is fun to buy your kids things, if you always get them what they want then it is not a treat for them when you do splurge a little. Furthermore, they will not learn the valuable lessons of buying on their own. Try balancing it out. Buy a little and let them buy a little.
Here are 10 things kids can pay for on their own.
1. Snack foods
Any extra snack foods that they want, they can buy. Of course, this does not include your regular groceries. This is simply extra food or coffee/tea with friends.
2. Extra clothing
This is not their standard clothing. That is your expense. However, if they want designer clothes or more than what you are willing to buy, they can buy their own. More than likely they will look at the price tag and decide how important it is to them to have it.
3. Electronics
We offered our kids basic electronics. If they wanted more than what we offered or gaming devices they saved their money and purchased them. In some cases, we matched them with money since these are expensive items. In addition to earning their money, they also learned how to research the best products to buy and what they really needed.
4. Games
This is something kids should definitely pay for. If they have a subscription, they learn to make sure they have enough money to pay the fee when it comes due or cancel before the automatic payment. Another valuable lesson I’m sure we’ve all had to endure.
5. Pets
If they want pets, let them help pay for at least part of them. This could be pitching in for food, toys, or other supplies. If they are asking for smaller pets such as fish, reptiles, or gerbils then they can pay for many of the supplies, and, depending on your kid’s age they can probably pay for all of it, including the pet.
6. Toys and hobbies
Kids should pay for toys and hobby supplies. When they buy their own they pick out what they want and again…they look at the price tag.
7. Replacement items
When we buy something for our kids we hope they will take care of it. If your kids lose or break something they should pay to replace it. Depending on the actual situation and cost you can probably help out. As heartbreaking as it can be, let them go through the process. They need to learn that it is not just going to the store and buying another one. The money must come from somewhere. Even if it is not their fault it is an opportunity for them to learn about risks.
8. Car insurance and gas
Kids of driving age can chip in for car insurance and gas. Depending on your home situation they can either pay for all of it or a portion of it. If they are responsible enough to drive, they are responsible enough to pay.
9. Gifts
Kids can chip in a little for gifts for others. My girls buy their friends birthday gifts. When they were younger I bought the gifts, but now that they are older they do it. Holidays and home birthdays are similar. We often give them some spending money and anything they want to spend above that is on them.
10. Cosmetics, jewelry, piercings, tattoos, etc
Cosmetics and jewelry are extras that they can pay for on their own. As far as piercings and tattoos are concerned, you may have to sign a waiver. If you approve then sign it, but you don’t have to pay for it. If they really want it to let them pay for it.
Summary of what can kids pay for
There are so many things that kids should pay for early in order to start learning about money and its value. Do them a favor and let them buy some of their own things. It is good for them and good for you too!
Thanks for reading!
Stay balanced,
Jill