Kids and Jobs

When kids begin to approach the middle-school to teen-aged years, they may start thinking about getting a part-time job. Whether or not your financial situation requires that your child get a job, it can be an educational experience and help your child gain valuable personal financial literacy skills.

By helping your teen make good decisions about employment and teaching her or him necessary financial skills, you can make sure that he is prepared to enter the workforce and begin making smart financial choices.

 
Save, Share, Spend: When your child gets a job, sit down with him and decide on a percentage of his wages he will put into a savings account, and a percentage he will donate. Starting this early will help him remember to save and give in the future.
Help Your Child Open a Bank Account: Explain the difference between a checking account and a savings account. If you set up direct deposit, help your child pay attention to the way the balance changes on payday.

Create a Balance: Remind your kids that even though working and earning money is important, so are family, school, and friends. Creating a balance among these different parts of life is one of the most effective ways that part-time jobs teach kids about money and time management.

Let Them Make Their Own Decisions: You can make observations and suggestions, but remember that allowing older teenagers to manage their own money is one of the best ways that you can teach your kids about money management.

The Younger the Better! If younger children want to earn money, recommend that they do jobs around your home or the community (raking leaves, washing windows, or babysitting) to earn some extra cash. In this way, they’ll be able to make money as well as learn the value of working for income without having to get a part-time job.