Friday, June 12, 2009

Money tips for teens and their parents

Editor's note: We give out a daily financial tip on Twitter @family_finances. Recently, our tips have centered around teens and summer jobs. Here's a list of all of those tips in one place.

- Teens learn discipline and the value of a dollar in summer jobs. Encourage your teen to work.
- Teens too young to work in a real job can find babysitting, lawn mowing work to give them extra money.
- Children too young for any kind of outside work can help around the house and earn money for chores.
- What was your first summer job? What did it teach you? Those lessons now available for your teenage kids.
- Teens who have a form of income should contribute to cost of operating a family car, clothes, spending money.
- Teens will learn a lot from saving up for a goal, such as a car. Even if you have the $, make them pay for some things on their own.
- Ask older teens to contribute in some way towards college. Scholarships, money saved are 2 ways to help. Will mean more to them.
- Summer jobs are a great way for college students to learn a business. If you have a business, give them a small job to teach them.
- Teens can approach those working in field they like and ask for help securing summer job/internship. Good experience.
- Prepare teens for summer jobs by talking through value of work & why you have to put up with some things. Also teach them when to walk.
- Set a monetary goal with your teen for the summer, even if not working for anything specific. Offer incentive if they meet it.
- Help teens set up a budget with their summer job money. Include some saving and some spending.
- Educate your teens now about the danger of credit cards. Make sure they know the risks.
- Help your teen open their first checking account. Teach them how to balance it against the statement.
- Children too young for any kind of outside work can help around the house and earn money for chores.

1 comment:

  1. Keep posting latest updates i like your blog with the great information.

    ReplyDelete

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