Joy Newhouse

Jun 10 2015

Where Does Money Come From? (Part 1 of 5)


Hills Bank Savings Plan for Kids
Sometimes it’s hard to know how to get your child off to the right start saving money, so as parents, grandparents, and mentors to youth, we at Hills Bank have brought together our experiences and financial knowledge to share with you. This is part 1 of a 5 part savings plan for kids series. 

As a kid just starting out, you may not know where money comes from and how to get it. You can get money from a lot of places. Some of it you earn and some is just a gift for being a great person. We’ll focus on three ways you can earn money: allowance, chores and jobs, and gifts.

  1. Ways to make money.Allowance
    One way to earn money is for your parents to provide an allowance. This is an amount of money they give you at a set time. You’ll have to decide together how much and how often this happens. If you spend all your money on movies, popcorn, and pop, you might run out before the next pay day. Your allowance is a way for you to learn what you can and can’t do with your money. Will you use it only for fun stuff like the latest movie release or an afternoon at the swimming pool? Or, will you also need to buy your lunch in the school cafeteria and food for your pet hamster? You’ll all be happier if you decide on these things in the beginning.
  2. Chores and Jobs
    You can earn money by doing work such as chores around the house or jobs for neighbors and family. Ask your parents if there are jobs around the house that you could do to earn some money, such as taking out the garbage and recycling, mowing the lawn, or cleaning bathrooms. You might ask a neighbor if they need to have their dog walked or maybe you could babysit their young child. Whatever the job, show that you’re responsible by doing the job well and on time.
  3. Gifts 
    One more way to earn money is…drum roll, please…as a gift! Yes, that is right, a present given to you, and only you, to be used however you like. This might be when you have a birthday and your grandparents send a card in the mail with some cash inside. Or, maybe you get a perfect score on your weekly spelling test and your dad rewards you with some green. You want to be sure to say thank you! It is so important to make sure the giver knows you appreciate the gift.

say thank you savings plan for kids

Please visit our blog, HillsHelps.com, next Monday for part 2 of our 5 part series, “Save, Spend, Share – The 3-Chamber Method”. You’ll learn what to do with that money you just earned!
savings-plan-for-kidsDownload our Savings Plan for Kids that has many great ideas for managing money.
View the complete 5-Part Savings Plan for Kids Series

Joy Newhouse

About Joy Newhouse

Joy Newhouse is Vice President and Branch Manager at Hills Bank’s Cedar Rapids location on Blairs Ferry Road. She has been at Hills Bank since 2002 helping customers with deposit and loan needs. Joy has three active, school-aged children and spends most her weekends at basketball, baseball, and softball tournaments throughout Eastern Iowa. Joy can be reached at joy_newhouse@hillsbank.com.


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