Your fiscal responsibility provides a good model of financial planning for your children but there are times when you not only have to lead by example, you also have to take decisive action. If you feel that your teen should get a job this summer to augment either the family finances or your teen’s personal finances, you may need act as a financial advisor to help your teen figure it all out.
Back in March, The Huffington Post published, “Need a Summer Job? Start Looking Now” with tips for teens in search for employment and here are some suggestions:
Set goals. Is your teen saving up for a large purchase like a computer or saving for college? Or does you teen want to earn spending money for movies and fun activities? Either way, sitting down to set financial goals for money earned through a summer job will help.
Your teen should also set goals that have nothing to do with finances. It will be good to remind your child and yourself that in addition to earning money, work offers opportunities to learn and meet interesting people. Impress upon your teen that establishing connections with supervisors and co-workers is important for his or her future.
Dream big but don’t overlook the small stuff. A job or paid internship in the field your teen thinks he or she wants to pursue is great and you should certainly encourage your child to apply for these opportunities. However, if those don’t come through your teen can still gain valuable work experience by working as a cashier or doing some other job that doesn’t seem like a it lines up with his or her long-term career goals.
Embrace entrepreneurship. Your teen may not be able to get summer job from someone else but that doesn’t mean he or she should sit home passively. If your teen can cut grass or babysit or fix computers, he or she can earn money without being hired.
As you help your teen, you may decide to get help from a Fee-Only financial advisor to review your own financial goals.