It’s summertime! And that means the end of the school year. Your teen is probably looking forward to a summer spent sleeping in as late as humanly possible.
We understand that a summer job isn’t for every teen. Your child might be involved in a rigorous sports program, or prefer to volunteer or do other personal development during the summer. However, for many teens, summer jobs are a great way to get practical experience and plan their future.
Some Tips For Parents Helping Working Teens:
Find options inside their field of interest. Does your child love films and filmmaking? A movie theater might be the most fun for them. Have a teen with a green thumb? They can work in a nursery or flower shop. Have a girl that simply loves shopping? Emphasize the employee discount at her favorite clothing store. For animal lovers, there’s petsitting, dogwalking, and grooming.
Take time to hold their hand. Your kid probably doesn’t have a resume. After all, they’ve never done this before. They’ll need your help and input learning how to apply for jobs, and talk about their strengths during an interview.
Utilize your connections, but don’t be overbearing. Many teens get their first job thanks to a family member or friend. In a competitive market, it’s hard to get a top-choice job without experience. However, if their first choice didn’t hire them, let them know how a more accessible job can be a stepping-stone for the future. On the other hand, teens can feel frustrated being forced to work somwhere they didn’t choose and don’t enjoy. Allow them options.
Encourage investment and savings. Now that they’re earning their own money, they probably have some different ideas about what to do with their paycheck. Illustrate the advantages of compound interest. If you need help explaining, check out Dave Ramsey’s site, and Business Insider. But realize that they’re allowed some freedom with their income. That’s what makes a job rewarding, after all.
Respect their work. Sure, it might be a grunt job, and they might be clocking in a lot less hours than you are. However, menial tasks and customer service are more taxing than you might remember, and your teen is just getting used to it. So respect their hard work and let them know that you’re proud of them.
Does Your Teen’s Job Raise Some Questions About Taxes?
One thing that most parents don’t consider when their teen gets a job is whether or not this will impact their taxes. Will your child have to file? Will there be a difference in your own taxes when you claim them as a dependent? Do you still get that Child Tax Credit?
We can help you sort out any confusion. Additionally, if you managed to talk your child into saving some of those summer wages, talk with us about ways that they can make the most of that investment. We’re eager to see you thrive and to teach the next generation smart money management.