Understanding the value of money does not usually come naturally to children – their parents often purchase all of life’s necessities as well as their wants. By encouraging your children to get their own weekend job, you can instill important values and skills in your child. Here are some tips and tricks to encourage your children to get a weekend job and to learn the value of money at the same time.
• Inform your child of the expenses that you are willing to cover. Let your child know that you will no longer be paying for certain expenses, such as entertainment, cell phone bill or a portion of the clothing budget. This will give your child a general sense of how much money he or she will need to make in order to pay for these items.
• Encourage your children to pursue a job that matches their talents and interests. For example, if your child likes sports, they may do well as a summer lifeguard or they may be able to clean up the minor league baseball field after games. A career assessment test can help find areas that your children are compatible with if they are not certain what type of job would interest them. This may also help open the door to a career path that your children can explore when they are older.
• Name common jobs that teenagers have to spark some ideas. Fast food work and grocery stores are the most common types of jobs for teenagers. Babysitting, waitressing and mowing lawns may be other possible options.
• Ensure that your child has enough time in his or her schedule. If your child is working, going to school and participating in extracurricular activities, grades may start to drop. Let your child know that if grades drop, he or she will need to develop better time management skills to handle multiple responsibilities. Your child may need to reduce work hours to ensure grades do not suffer as a consequence of having a job.
• Recognize the valuable benefits that your children can receive from having a job. They may become more responsible, they may develop a better work ethic and they may develop interpersonal social skills.
• Encourage your child to save. By instilling this basic strategy when your child is young, he or she can easily transition into an adult saver. Suggest an amount that can be saved every week, such as 15%. Knowing that this amount is coming off of a paycheck immediately will prevent your child from wasting all of the income.
• Work on a budget with your child. List the expenses and savings goal that your child has. Offer to pay for half of an item if your child pays for the other half to encourage commitment and long-term savings goals
• Teach your child about investing. Talk about stocks, bonds, compound interest and other related topics. A small amount of investment now can make a huge difference in your children’s lives years from now.
A weekend job can help your child develop important skills and values. It can also help your child save up for goals and to become independent.
Sarah writes on behalf of a number of successful businesses in the South West including Drummond LLP bookkeeper Plymouth, Drummond LLP strive to deliver excellence and their service extends to the South West region. If you need a bookkeeper in Devon or Cornwall – Trust Drummond LLP to take care of all of your accountancy needs.