Archive for Kids and Money

Top Summer Jobs for Teenagers

summer jobs, denver financial planner

I can’t believe it.  My niece, who was just an infant yesterday, is now lifeguarding at the neighborhood pool where I grew up!  The family is promising her lots of visits in our string bikinis to support her and she is thrilled at the prospect.

 

What else are kids doing for money this summer?  While many employers only want to hire year-round workers, there are plenty of seasonal opportunities out there.

Here are some ideas

 

  • Amusement Parks hire for ticket sellers, food prep, and ride monitors.
  • Summer Camps! A great way to play around for a job and not spend any money because you are too tired (or tucked away from civilization) to blow your paycheck at the mall.
  • Farms will hire younger folks for weeding, watering, and working local produce stands.
  • Sports venues need people to sell food, take tickets, answer questions, and clean up.
  • Jobs at resorts, such as housekeeping, gift shop clerk, bellman/woman, and kid camp helpers.
  • Start your own business mowing lawns, tutoring, washing cars, or babysitting.
  • Work for your town. Denver has a Summer Youth Employment Program (https://www.denvergov.org/content/denvergov/en/denver-office-of-economic-development/jobs-employers/for-youth.html) and a quick Google search will probably yield results in your town, too.
  • IT consultant. You know those annoying questions your parents are always asking about how to use their phones?  People without teenagers need help, too!  Make up some flyers and advertise around your neighborhood to offer phone and computer help to hapless middle-agers.

 

What to do with all that hard-earned cash?  Spend a little, save some for college, and ask your parents about helping you set up your first Roth IRA!

Kristi’s Quotes: Liz Weston Asks about Kids and Money

Financial Planner
Who was interviewed by Liz Weston with the Associated Press? Me, that’s who!

 

Financial planners and credit counselors see plenty of examples. The grown son who lost a job, moved home and stopped looking for work. The daughter who constantly mismanaged her checking account — and turned to payday lenders when parents stopped covering her overdrafts. The father working into his 70s to support spendthrift children in their 40s and 50s.

Kristi Sullivan, a certified financial planner in Denver, once worked with an elderly couple whose offspring constantly turned to them for help.

“The clients couldn’t understand why their grandchildren had all the latest iPads and phones, but when a car or home repair came up, their adult children always had to ask them for money,” Sullivan said….

Click here for more….

Are You Doing Allowance Right?

Ha! That was just an attention grabber.  There isn’t really a right or wrong way to manage allowance, as long as you are consistent and communicate the rules to your kids.

 

The big controversy is whether to tie allowance to chores.  Some say that allowance should be earned by doing specific work around the house.  Others maintain that allowance is a tool to kids about managing money and household chores should not be rewarded with pay.  After all, does Dad get paid for cooking dinner or Mom for cleaning the kitchen?  No!

 

My husband and I disagreed on this, so we came up with a hybrid system.  Some chores are required no matter what and that’s what your allowance pays you for.  In our house, those include making the bed, taking care of the cats, lawn mowing/shoveling snow, taking out trash, and setting the table for meals.  Other things above and beyond can be negotiated for extra pay.  My personal favorite is cleaning the baseboards which I HATE to do and am glad to pay minor a few bucks to do for me.

 

We also use the system of requiring part of allowance to go into a Save bank and a Give bank.  This hopefully gets in their minds that not every penny earned is to be spent on pleasure.

 

We’ve had hiccups.  My older son was raiding his Save bank for large purchases and I didn’t know for a while.  So I hid that bank from him because he can be sneaky.  A bank account would be a MUCH better learning tool, but frankly, I’ve been too lazy to start that because it means extra trips to the bank for me.  Plus with rates so low, it’s not like they get to see the beauty of compounding interest.

 

So you see, even a financial planner has holes in her allowance policy, but we are all doing the best we can with the time and patience allotted.  Keep trying, parents!  It’s worth it in the end.