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Key to success Income Saving Spending Investing Donating Spending plan Resources Income To develop a spending plan, the first thing to consider is your income. Income is the name for all the different types of money that you receive. Before you decide what to spend, you should know how much you have. How much income do you receive each month? Consider all of your sources. Many students receive income through allowances and gifts. An allowance may be provided by parents or grandparents. Sometimes an allowance is given based on work done around the home. In some families, allowances aren’t based on work. They’re given as a set amount of income. Students also may receive gifts from parents and relatives. These gifts may be for holidays or special occasions. In addition to an allowance and gifts, you can earn money through a job. Depending on where you live, you might need to be at least 16 years old to get a part-time job. Your school counseling office will know the employment laws in your state. They also will know the limits for how many hours you can work. If you’re too young for a job, here are some ways to make income: Do extra chores. Your parents might pay you for helping out around the house. Work in your neighborhood. You could provide a service in exchange for a fee. Sell a product. What products interest you? You could create these and sell them. Henry Ford, who invented the car, started this way. Ford was fascinated by wrist watches. He saw his first one when he was just a boy. He figured out how to make watches and sold them for $1 each. That may not seem like much now, but at the time, many adults made $1 for a whole day’s work! Neighborhood services Your neighbors might benefit from having you provide services. What tasks do you enjoy? Think about turning these into part-time jobs: Yard work—mowing lawns, shoveling snow, pulling weeds, raking leaves. House help—painting fences, washing windows, buying groceries, running errands. Child or pet care—baby-sitting, tutoring, dog walking, feeding pets. RETURN TO TOP INSTRUCTIONS | YOUR MONEY | YOUR COMMUNITY | NONPROFIT | FAMILY GIVING | RESOURCES PRINTER FRIENDLY | TELL A FRIEND ©2006 Learning to Give