My oldest has suddenly gotten interested in money, earning money, and (especially) spending money. While she doesn't get the concept of SAVING money (we're working on that) and she doesn't exactly spend her money on the best stuff (mainly just gum), she sure is focused on finding ways to earn it.
If you have a child like that, summer is a great time to put up a lemonade stand. Sure, we've all stopped at one or held one as a child, or maybe as a parent you've helped your child do one in the past. But take a look at where your kids are this summer and see if one of your kids is itching to give a lemonade stand a try. You definitely don't want to force it on an uninterested child, since no one wants to buy lemonade from a mom. But if you have a kid who is into earning money and you're ready to teach the values of dedication, focus, and responsibility, give it a go!
All you need is a table, a sign, lemonade, cups, change, and a bank. Most communities don't require a permit for a lemonade stand, but check just to make sure. Find a good location in your neighborhood (near corners are great, but if you do it AT the corner, you'll hold up traffic). Then put up a couple signs, set out your table, pop your lemonade in a cooler, and let your kids start earning money. People love supporting kids and you'll find they'll attract a lot of business. Keep your price at 25 cents so change is simple. Just go to the bank and get a roll of quarters ($10) and you're set.
One of the best parts of the lemonade stand is helping your child understand that they will not have a constant line of customers. There will be dead times. And not everyone who passes will buy from them. But they need to sit tight, be patient, and keep trying to attract customers. There are valuable lessons to be learned about not giving up and quitting just because it is hot or boring.
If you can coordinate your lemonade stand with a yard sale or neighborhood event, your child will have even greater success. And we've found that trash day is a good day, too, because those hard working garbage men are thirsty and enjoy supporting lemonade stands.
Once your lemonade stand is over, sit down with your child and talk about saving, donating, and spending. I really like the break down of 10% donate, 50% save, and 40% spend. Depending on their age, you can discuss wise spending and how to save up for something they want to spend on later. They can have a "save for college" and "save for spending" category.
Oh, and one last thing. You can get Minute Maid lemonade for a buck at Walmart in regular, pink, limeade, and cherry limeade. We found that was easier than trying to make our own. Just a word to the wise, stock up on pink...its everyone's favorite.
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