Kids and Jobs

Most kids, when they reach a certain age—usually around the middle teen years—will start thinking about getting a part-time job. Whether or not your financial situation requires that they earn money, teenagers can improve their personal financial literacy and gain valuable experience in the working world by getting a job. It also encourages your child to learn good financial habits as well as develop a sense of responsibility. In addition, it gives you a great opportunity to teach your kids about money management.

Jobs, Money, and Teenagers

• Teaching kids about money management includes saving, sharing, and spending, so 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.
• If you haven’t yet, 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.
• 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.
• Although it’s good to provide help and direction in financial matters for your older children, it’s also important to 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.

• When it comes to money, teenagers aren’t the only ones interested. 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.

Getting a job is a big step in a child’s life, and it’s a great introduction to personal financial literacy for teens. And 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 choices when it comes to finances.