Money Tips for Teens who have Landed First Summer Jobs

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Money tips for teens who have landed first summer jobs. Manley offers a few tips on how teenagers can manage their first summer paychecks or even monetary gifts from family at upcoming graduation
celebrations.

Submitted: May 29, 2018

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Submitted: May 29, 2018

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Your teenager has just landed their first summer job. Congratulations! Summer jobs provide youth the opportunity to learn about responsibility and the confidence that comes with self-reliance. And, a paycheck can provide teens a great opportunity for lessons in money management.

“A teens first source of income isn’t just about money, it is also about freedom,” said Mick Manley. “If your teen can learn how to manage their own money, they will be on the way to earning the freedom to choose their path without worrying about student loans, car payments, or credit card debt.”

Manley offers a few tips on how teenagers can manage their first summer paychecks or even monetary gifts from family at upcoming graduation celebrations:

  • You’re never too young to start saving. From the very first birthday card with cash in it, making a habit of saving a percentage is a good practice that can foster lifelong financial responsibility.
  • Make a budget. Even though your first budget will be small, learning how to make and stick to a realistic spending and saving plan is a skill that will serve well for the rest of your life.  
  • Take advantage of not paying rent. If you’re a teenager who has just landed that first summer job, the very first budget plan should include a significant percentage of your paychecks earmarked for your savings account. Never again will you enjoy rent-free living, so take advantage of it now so you have built up an emergency savings when you leave home.
  • Learn to distinguish between a need (paying for gas and car insurance, for example) and a want (going out to eat or buying those new shoes that you really don’t need) is an important start when you are deciding how to make a budget.
  • Start the giving habit. It’s also never too early to start giving to charities and causes you support. Include in your budget a percentage of your earnings to go to nonprofits, your church or other causes you support.


© Copyright 2018 Mick Manley. All rights reserved.

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