Teach Kids Money Management With Lemonade Stand Learning
Sweeten your kids' summer with valuable life lessons
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When your kids ask you if they can have a lemonade stand, do you sigh in anticipation of all the work required? Me, too. Especially because I never did a lemonade stand when I was a kid. Instead, my best friend and I went door-to-door in her neighborhood attempting to sell “must-have” summer items like rocks and pamphlets. So when my kids suggested doing a lemonade stand in our yard, I first blamed television for putting the idea in their heads. I soon reluctantly agreed, and we were on our way to several days of fun and (don’t tell my kids this part) learning.
To start, I told the kids to hunt down a small table, folding table or stable cardboard box. Then we went to the store for cups, ice and powdered lemonade mix. The kids made signs to put on their table and on sticks stuck in the ground. One of the kids held up a sign and yelled, “Lemonade!” to attract business.
My money-obsessed 10-year-old son started the first day by charging a big fat buck for each medium-sized glass of lemonade. He actually had a few takers, but the next day he decided to cut the prices in half and ended up earning much more. On some days, the kids would put up a sign that said all the proceeds from the day would be going to a specific cause, like to a cat shelter or to the Red Cross. Those were the days I didn’t gripe about having to sit outside in the heat acting as Lemonade Stand Manager.
As summer wore on, the kids enjoyed coming up with bigger and better ideas—like their big hit, Kool-Aid mixed with clear soda. They were like mini businesspeople sitting around the dining room table discussing the next Big Idea. They started getting repeat business from people who drove down our street every day. They even made labels for the cups with their business name: Summer Kids Drink Stand.
See how this summer project turned into a lesson on money management -->