Whether your children aspire to go to university in the next few years or are looking forward to turning over a new leaf of independence by moving out and following a career path, knowing how to budget effectively is an important aspect of growing up that is likely to hit them sooner rather than later.
In this blog post, therefore, we’re covering the topic of part-time summer jobs and offering up our top reasons why we believe them to be a crucial part of your child’s development into adulthood, as well as detailing prime examples of the summer jobs your teens can get stuck into.
Why should teens have a summer job?
With the recent news that 55% fewer 24 to 34-year-olds are homeowners in 2019 than a decade ago, the difficulty young people face when looking to get onto the housing ladder is becoming increasingly apparent. As such, knowing how to budget money properly and efficiently at a young age could be the difference between putting down a deposit on a home within the 24 to 34 year old age bracket and struggling to buy a property until later on in life.
As a result, making sure you play an active part in teaching your children the importance of budgeting and independent financial responsibility is crucial in their personal development and future endeavours. Ultimately, we understand the difficulty that presents itself when trying to talk to teenagers about money and financial priorities – particularly when the bank of mum and dad has funded them their whole life thus far.
Therefore, by encouraging an open and honest conversation about money, starting with the exciting prospect of getting a part-time summer job, this tricky topic can be transformed into a fun and exciting new venture. Not only will this open their eyes a little more to the working world, but it will teach them new skills and how to manage their time with the added pressure of handling their own responsibilities.
Helping them manage their money
Arguably the most important way you can help your children manage their finances is helping them to understand the value of money. As such, when it comes to them receiving their first paycheck, be sure to give them the freedom to manage it how they see fit – this way, they’ll understand how much things cost, how quickly money can be spent and the pitfalls of unexpected expenses.
Additionally, consider helping them open up their own bank account. Many banks offer youth accounts – specifically for those aged between 11 and 17 – created with certain withdrawal limits, no arranged overdraft (with limits to penalty charges) and even interest rates to help them identify and better understand how interest works. What’s more, many banks will offer savings accounts within their youth account – helping put your kids in good stead for future financial endeavours and prompting them into beginning to think with a savings mentality.
Ideas to get you started:
- Lifeguard at a local pool
- Dog walking
- Outdoor concert/venue assistant
- Garden care
- House sitting
- Paid internship
- Local tourism
Getting your teenagers stuck into the world of work and financial responsibility is a daunting task. However, it’s one they’ll have to face at some point in their life, so what better time to learn than when you’re around and able to give them a guiding hand, support and an array of experienced budgeting tools and advice? After all, when it comes to understanding money, it’s never too early to start.