Rather than always relying on their parents to give them money, many young people want to find their own ways to earn extra cash. For more than 70% of kids, earning their own money is very important, according to GoHenry's latest Youth Economy Report and 4% of kids have already started their own business.
If your kids are still too young for a traditional job, there are plenty of ways to start earning their own money online to save up for the things they want. Learning how to make their own money is a great skill for kids to develop that will benefit them for their entire life. It helps them learn the value of a hard day's work and empowers them to make responsible decisions about saving and spending their money. If they have a GoHenry prepaid debit card, they can use it just like a standard Visa debit card, giving them a sense of independence while also helping them get used to paying with a card rather than cash.
There are plenty of ways young people can make money online. Read on to find out how to make money online for a kid.
How much money can kids make online?
How much kids can earn online will typically depend on what they do, how much time they put into it and how successful they are. For example, you need to reach 1,000 subscribers and 4,000 watch hours on YouTube before monetising your channel. Some YouTubers are enormously successful and make millions, while for smaller channels, you can expect to earn around £1 for every 1,000 channel views. Likewise, with blogging, how much people earn can vary hugely. Bloggers like Zoella reportedly earn £50,000 a month, while other full-time bloggers make just enough to live on. However, this isn’t typical – most bloggers use it as a hobby and can make anything up to a few thousand pounds a year.
How old do I have to be to start making money online?
How old kids have to be to start earning money online again depends on what they want to do. For instance, to start a YouTube channel, kids need to be at least 13 years old and cannot monetise it until 18. However, parents may help set up the channel on their behalf and enable them to start sooner. Meanwhile, some paid survey sites want the opinions of young people aged 12 or younger.
5 ways to make money online
Fortunately, with technology at their fingertips, today's young people have a world of opportunities available to them. While they might not be old enough to get a traditional nine to five just yet, there are plenty of ways they can make money online.
Most platforms let kids start a blog from the age of 13, and it's fairly easy to get started. Many of the top blogging platforms like WordPress, Wix and Weebly offer helpful tutorials to get your kids started. Children can write about any topic they like, whether it's music, photography, clothing, book reviews or their favourite football club. Once kids have created their blog and started posting regular content, they can start monetising it. This is done through affiliate marketing (they'll get paid if someone clicks on a link and buys something), adverts (if someone clicks on them) and sponsored posts (a company pays for a post).
GoHenry's research found that 14% of young people earn money online as content creators, working an average of six hours a month. Children can start their own YouTube channel at 13, with parental permission, but can only begin earning money at 18 unless parents help them. Around two billion people use YouTube, and there are always people looking for fresh new content. Kids can do and talk about anything on their channel and build up enough views and subscribers to earn money.
3. Paid surveys
Some companies use paid surveys to find out the likes and opinions of consumers and give advertisers an understanding of demographics. While many surveys are aimed at adults, some sites such as Survey Junkie and Swagbucks also want the opinions of kids aged 12 and younger. All kids need to do is answer a series of questions in return for cash, gift cards or points.
4. Video game streaming
Kids getting paid to play video games? It sounds like a dream, but video streaming has made it a very lucrative reality for many people. As many as 18% of kids earn money through online gaming. Youngsters aged 13 and over can record themselves and upload to video sharing sites like YouTube or stream live on platforms like Twitch. Streamers typically make their money by displaying adverts, working with brands, selling subscriptions and viewer donations.
5. Selling skills
Children that have graphic design skills or are talented at making crafts can sell their skills online. For example, youngsters aged 13 and over can sell freelance ‘gigs’ on Fiverr, including designing logos, creating GIFs, or recording voiceovers. Some people even make money by coaching people on playing online games. Alternatively, parents can open an Etsy shop through which their children can sell handmade crafts
Should kids talk to their parents about making money online?
Before kids start making money online, it's a good idea for them to talk to their parents about it first. Some online money-making opportunities may require parental permission, so parents will need to be involved at the start anyway. However, parents need to be aware of what information their children are sharing online and who they're in contact with. Most online jobs will involve strangers contacting your children, so it's important that children understand the correct way to conduct themselves online and what to do if they receive messages that are either inappropriate or make them uncomfortable.
Get paid into your GoHenry account
Once your children start earning money, it's a good idea to set them up with a GoHenry account. It's quick and easy to open an account – simply click on the Join for free button – and it offers plenty of benefits for both parents and kids.
A GoHenry account is a safe place for kids to keep their hard-earned money and is ideal for entrepreneurial kids and teenagers. You can set up weekly pocket money payments and set housework tasks for them, with the money paid into their account once the tasks are marked as complete. Family and friends can also add to their accounts with Giftlinks. They can then use their GoHenry prepaid debit card to purchase things online or in-store. While kids can learn to take responsibility for their money, parents can help them make good financial decisions by setting limits, blocking and unblocking their cards and receiving real-time spending notifications.