This is a contributed post from Gregg Murset, co-founder and CEO of BusyKid.
The summer months are traditionally a time when teenagers get their first part time job. According to the Labor Department, teen employment reached a 14-year high last year. While most teens are under the impression that working will lead to big bucks, that’s not always the case, especially when taxes are involved. We’ve all seen the videos of parents filming their excited kids opening their first paycheck when suddenly that excitement turns into horror when they see just how much was taken out in taxes, social security, and other fees.
Learning what, exactly, their paycheck will look like as well as the value of hard work and investing some of their newfound income are great lessons for teens—but they have to land the job first.
4 Tips to Help Teens Succeed at their First Summer Job
Certified Financial Planner and CEO of BusyKid, Gregg Murset shares 4 tips for helping prepare kids for a summer job as well as their first paycheck.
1. Secure the Job
The first step is helping to guide your child to successfully landing their first job. Amusement parks, restaurants, local pools, and golf courses are just some places to start your search. These places tend to hire teens and often have openings for working the concession stands, golf caddying, and bussing tables. It’s also worth skimming the local newspaper, social media, or NextDoor app to see if any businesses have put out ads looking for workers.
Another option is having kids create their own summer business as a babysitter, dog walker / pet sitter, or lawn mower. Or, they can offer to just do tasks or errands for neighbors, family members, or friends for cash.
2. Be Prepared for the Interview
Nothing is ever in the bag and kids shouldn’t walk into any interview with that mentality. Along with making sure they present themselves well, it’s also important kids present their answers well too. Run through a mock interview with your child before they head out to the real thing and offer constructive criticism where necessary. Whether it’s working as a lifeguard, camp counselor, or tutor, being prepared ahead of time is key.
Many teen summer jobs require customer service, so showing your potential employer you can interact with others, look people in the eye, and speak clearly and respectfully will go a long way.
3. Be Transparent with Teens
The best way to prepare kids for working and what their paycheck will look like when they receive it, is to show them yours. Explain what each deduction from the paycheck means and where the money is going. This is also the perfect time to discuss having to do taxes and what that process entails. There’s no point of sugar coating it and setting up kids for disappointment. Seeing it visually can help the information stick in their minds.
Related: Why Teens Don’t Have Time for Part-Time Jobs Anymore
4. Don’t Earn It and Burn It
Kids getting their first job is the perfect opportunity to practice a balanced financial approach and teach teens the value of money. Don’t let the money burn a hole in their pocket and allow them to just spend it on frivolous things they don’t actually need or want. It should be discussed and set in stone what the child needs to do with their paycheck each week or bi-weekly. Set a percentage they need to save from each check as well as how much they are able to spend.
Investing is another option that kids have with the money they make and can have long term benefits. Teach your teens that working retail or at the movie theaters doesn’t mean they should blow their their entire paycheck on the clothes at the store or buying all their friends movie tickets! Investing some of it means they’ll have a lot more in the bank down the line.
Related: Teens Should Begin Their Investment Journey Now—Here’s How to Get Them Started
Bonus Tip!
If your child is under the legal working age, you can still provide them with hands-on job experience by hiring them at home to do tasks around the house that you tend to hire professionals to do such as washing the cars, cleaning the pool or patio furniture, and yard work. They won’t have taxes taken out of their checks, but they still get the experience of the responsibility and hard work it takes to accomplish a job as well as what to do with the money they make.
Looking for more resources to help you raise financially literate kids? Check out BusyKid.
BusyKid helps children develop a healthy financial routine they can carry into adulthood. With the help of parents, children use BusyKid to get the hands-on experience in making various money decisions, including how much to save, share, spend and invest.
With pre-loaded chores and allowance based on children’s ages, parents can easily set up any kid account, and in minutes, and kids can be earning money. Payday is each Friday after parents check the work to verify that it was completed and approve a notification on the phone to ok the transfer of funds. After getting paid, children can save some money, donate some and use the rest to get cash, or learn how to invest in real stock. Every child also has a personal debit card to use while parents can follow all transactions.
BusyKid is available via Apple Store and Google Play. For more information about BusyKid, visit busykid.com.
Parenting teens is a tough job, but you’re not alone. These posts might help:
When you are in the thick of raising teens and tweens, we recommend Loving Hard When They’re Hard to Love by Whitney Fleming. In Loving Hard When They’re Hard to Love, blogger Whitney Fleming shares her favorite essays about raising three teenagers in today’s chaotic world. Written from the perspective of a fellow parent, each story will leave you with tears in your eyes and hope in your heart because someone else is saying exactly what’s been going through your mind.
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