Last post I began sharing with you some simple steps you can take to teachyour student how to be more budget-conscious by discussing how to educate yourchild by including him orher in your personal budgeting habits.
Today, in Part 2, I want to encourage you to take the next step. If you wantto help your child learn to manage money on his own, (s)he will need to havesome to work with. That’s why my second tip is to:
Let Them Work.
In an effort to help their students focus on other pursuits–grades,athletics, and other extra-curricular activities–many parents have begundiscouraging their children from working a part-time job until college (or evenafter!). While these things are important, it is also crucial to your child’sfuture that he or she learn how to balance work and play, as well asinterpersonal and fiscal responsibility.
Working a part-time job–even just during summer or on the weekends–can helpstudents do just that. A new video game or pair of jeans will seem morevaluable when students realizes how many hours of work they have to engage into pay for it.
(This will not only help students understand the value of a dollar, but willhopefully encourage them to be more mindful about taking care of theirbelongings because their worth–and what it costs to replace them–will be easierto comprehend.)
Preparing the Way
Before your student starts a part-time job, you’ll want to have aconversation or two about what you both expect out of this new experience. Youmay want to lay ground rules about what happens to the money, such as setting apredetermined amount or percentage to go toward spending and another portiongoing into savings.
You may also wish to discuss the practical side of things, for example:
How will your child get to work (car, public transportation, bike)? Whatconsequence will he or she face if grades or other activities are affected byhaving a job? How should your child dress and behave in the job he or shewants? How many hours per week can he or she handle working (I recommend 15 orless)?Understanding the importance of responsibility is a happy side-effect ofworking, as well. Having to report on-time, doing the job well, and facing theconsequences of failing at these tasks is a healthy experience that can helpprepare your child for more important jobs in the future.
Putting it into PracticeOnce your child has decided to get a job, heor she may need help figuring out what to do next. You can help yourstudent:
Search for a job in the paper, online, or by word-of-mouth, Apply forand obtain a work-permit if he or she is under 18, Create a basic resume (ifnecessary), Fill out a job application, Practice interview questions,etc.And remember, first jobs are exciting–especially cashing that firstpaycheck! Help your child enjoy this step into adulthood andindependence!
All the best,Deborah Fox
Deborah Fox is the founder of Fox CollegeFunding®, a nationwide company that helps families findcreative ways to reduce their college costs.