One of kids’ potential revenue sources is declining, as the tooth fairy becomes less generous. But there are still plenty of opportunities for enterprising youngsters to earn some cash.
Kids ages 4 to 14 received an average $454 in allowance over the course of 2017, or $8.74 per week, according to a recent survey from allowance tracker RoosterMoney. The site polled 10,000 users.
The app collects data when parents assign a chore and its dollar value, and kids mark that they’ve completed that task.
The most lucrative ones include babysitting, gardening and caring for pets, RoosterMoney found. (See list below.) The top-paying gig, washing cars, earned kids an average $12.49 each time.
“The bigger, more physical jobs — like washing the car and gardening — top the list because those aren’t things you do every day,” said RoosterMoney CEO Will Carmichael.
Chores that make kids accountable tend to pay well, too.
“Babysitting is popular with older kids,” Carmichael said. “Parents see that as an extra level of responsibility, and they will pay more for that.”
When kids work hard for their money, they will think hard about how to spend it. That prepares them for the real world, said money coach Mary Hunt, founder and CEO of Debt-Proof Living.
“Teach them to be financially independent and confident by requiring them to make their own independent financial decisions from a very young age,” Hunt said.
Parents tend to offer kids the most for these 10 chores:
