Wednesday, March 28, 2012
Teens and Financial Responsibility: Should Your Teen have a Summer Job?
Teaching your teen how to be responsible with money is very important. So many teens enter adult hood unaware of the workings behind their finances, which leads them into a lot of financial hardships down the road.
Here are a five ways to start teaching your teen to be financially responsible:
1) Get a Job:Your child’s education should be first priority and their job second, so a job that requires a minimal schedule is best. Look at lifeguarding, restaurants, retail or babysitting. Even if the job doesn’t have epic responsibilities it will teach them about paychecks, pay periods, taxes and what to do once you get that pay check. Be sure to check your state’s legal working age; some differ from others anywhere from 13 to 16 years old.
2) Allowance: Your teen may be too active with school and extra circular activities to find a part time job, so make them earn an allowance. Chores around the home, dog walking or watching their younger sibling is a good way for them to earn their money. Pay them what you would normally pay someone to do that job. Just because they are your child doesn’t mean you should pay them less.