Kids learn some valuable lessons from running a lemonade stand. They discover how money management and serving customers well—and that’s just the start! Check out the things your child can also learn from serving up lemonade:
1. Smart spending.
Have your child be responsible for the money that comes in and goes out of their lemonade stand. If they are in charge of buying the items to create the stand, they’ll learn creative ways to cut expenses—such as buying lemonade mix in bulk or using coupons.
2. Hard work and accountability.
When a child knows the success of the business is totally up to them, it motivates them to work hard to earn more. They also know if any problems arise, the buck stops with them. How awesome is it to have a child with that kind of work ethic and accountability?
Your child is staying with the booth instead of running off to play. They must be careful about how they spend money. They learn how to talk to customers and serve them well. That sense of responsibility will help them grow into a responsible adult.
Like any business, there are busy times and idle times. Remind your child that a slow afternoon behind the lemonade stand may not be their cup of tea, but it’s a great chance to learn patience. That attribute will serve them well when they pursue long-term goals like saving for a car or getting a college education.
5. Create savings goals.
After your child has earned a decent profit, let them keep a portion to spend now but also show them the importance of stashing a percentage into a Kids Savings Account. Explain how interest works the money they save will actually grow over time. Go over their monthly statements together so they can see the increase first hand.
BONUS LESSON: The importance of giving.
Have them set aside some of their income to give to a charity of their choosing. Encourage them to find additional ways to give such as offering free lemonade to customers who serve in the military or advertise a portion of the profits will be going to a good cause (maybe they like helping animals). It’s a great way to teach your child the power of generosity.
If your kids wants to open a lemonade stand, feel pride in knowing it’s a big responsibility that will bring big rewards. They won’t just make money, they’ll also pick up good habits and behaviors. Those lessons will help your child make the most of the good times in life and help carry them through the tough times—you know, when life seems to be handing them lemons.