Parenting My Teen

When it comes to summer jobs for teens, a little creativity can go a long way. This is especially true this year, when the job market looks a bit dismal. With some creativity, you may be able to help your teen carve out an employment niche for him or herself.  It is important that during the summer months that our teens stay busy and productive.

Here are some ideas for creative summer jobs for teens.

1. Deliveries

Do you have a bike? You may find summer work making deliveries for local businesses. As businesses seek to keep costs down, a teen on a bicycle is a more affordable option than a delivery company. It also helps businesses avoid sending one of their own employees out of the office to make deliveries.

2. Pet Sitting

During the summer, a lot of pet owners are looking for an affordable way to have their pets cared for while they’re out of town. Boarding pets can be expensive, and some pet owners opt out of conventional vaccination schedules, making boarding impossible (boarding kennels generally require updated vaccinations). So you could potentially make money while savings other people money – a win-win! The more experience and references you have, the better; if you have horse-keeping experience, for instance, that can help expand your employment opportunities.

3. Look No Further Than Yourself

If you can’t work at a traditional company this summer, go into business for yourself instead. There are so many possibilities! Here are some thoughts for your own creative business this summer:

• Website designer
• Lawn and garden care
• Mother’s helper (you babysit in the children’s home with their mother or a parent present)
• Visiting shut-ins or those in nursing homes (family members would hire you to visit with their elderly relatives; no professional healthcare involved – just visiting and cheering them up)
• House cleaning
• Car washing
• Portrait drawing

4. Farming

Okay, you probably don’t have a farm (if you do, even better!). But if you can find a piece of land, you can grow your own produce and sell it at your local farmers’ market. If you don’t have the land at your own home, some people who do have farms are willing to rent you a piece of land or let you farm a piece for a fee.

So, there you have it.  Some great creative summer jobs for teens that can help to bring in some cash during the summer months.  Think about what you’re good at and see if you can get someone to pay you for doing it. Find a way to make your skills useful to others.

Sometimes, it’s hard as parents to watch your teens squander their allowance or money they’ve earned from a job. You want them to do better, but how do you teach them? Or maybe you are just beginning with the basics of money management, and you want to make sure they get off to a good start. Wherever you are in the financial training process, it’s good to have some tips on how to begin teaching teens money management.

Teaching teens money management isn’t extremely difficult, but it will involve a little willpower on your part as a parent.

Implement an Allowance

You may already be doing this, but need some tips on how to help your teen save and control his or her money. (If so, read on for more tips.) If you’re not giving your teen an allowance, go ahead and start. There’s no better way to learn how to handle money than handling money!  Come up with a set amount that your child can earn for particular chores in and around the house.

Family Meetings

As you begin the allowance – or if you’ve already started one and need to get a handle on things – sit down with your teen and make your expectations clear. One possibility is to require the first 10% of the allowance or income to be donated to charitable cause(s) of your/their choice, 40% saved, and 50% for spending (always with an option to save).

Of course, this will depend on the amount and frequency of the allowance, and also on your personal family dynamic. The point is to give your teen money on a regular basis, while requiring specific discipline about handling it. This sets the stage for responsible budgeting later in life and really works well in teaching teens money management.  In fact, you might want to create a budget along with your teen to help manage his or her allowance “income” (or actual job income).

Let Consequences Happen

We parents often want our kids to be happy no matter what, and out of sympathy we might be tempted to bail them out if they’ve been irresponsible and spent their money too fast. But consequences are powerful learning tools, and it’s better that they learn about the consequences of mishandling money while living under your roof than when they’re out on their own with more at stake.

So within reason, let your kids take the consequences for their spending habits – once the money’s gone, it’s gone until next allowance or payday.

Teen Business Web Sites

There are sites springing up all over the internet for teens who want to earn money. These sites often have financial advice as well, and message boards and forums. Your teen can sign up with one of these and learn a lot about entrepreneurship, what jobs are currently available.  What better way to begin teaching teens money management than to have them manage his or her money. Such sites can be invaluable resources for teens who want to start earning.

Let Your Teen Pay for Certain Things Him/Herself

As you create your teen’s budget and lay down your expectations for his or her spending, it’s a good idea to make it clear what you will pay for and what your teen will pay for. For instance, you might make up a list with two columns – things parents are responsible for and things your teen is responsible for funding.

Parents may pay for necessary clothes, school supplies, and food, while teens may be responsible for paying for movies, video games, and “accessories” (such as special t-shirts and jewelry).

The above tips will really put you on the right path when it comes to teaching teens money management.  It is important to protect your child from graduating  book smart but money dumb  to help them avoid debt, financial stress and paycheck-to-paycheck living. Give your child the gift of MoneySmarts for a lifetime of financial Intelligence, Independence, Security and Success!

Why is it that so many parents read everything they can about how to raise “smart” teens, but don’t take an interest in practical parenting tips for raising financially responsible teenagers? While it is important that our children graduate high school with good grades, it’s arguably more important that we raise financially responsible teens. Why? If teens go off to college without a clue about managing money, then the chances of them living a life without financial worry is slim. Therefore, if you are one of the wise parents out there who want their teens to be financially responsible upon graduation read the practical parenting tips listed below.

Make Your Teen Earn Spending Money: One of the biggest financial mistakes parents make with their teenagers is buying them everything. It’s perfectly fine if you want to help your teenagers out financially, but do so in a way where they are earning their money. After all, this is how it is in the real world. Your boss doesn’t just give you money, right? No, you have to do the work first. Therefore, teach your teens this.

You can do this by having your teen do odd jobs around the house, or you can require that they go get a job for their “fun” money. When you make your teen earn his or her spending money, you will not only be teaching them about the “real world,” but you’ll also be teaching them the value of money as well.

Help Your Teen to Bargain Shop: Now that your teens are working for their spending money, they will begin to see how fast money can go. See, it’s no big deal when it’s mom and dad’s money because there’s always more where that came from. However, teens think differently when they had to spend 30 hours a week working for that money. So, this is the perfect opportunity to teach your teens how to look for bargains.

Obviously, most teens want the name brand clothing and high-tech gadgets that all their friends have, but they don’t have to pay as much for them. Hard-working teens will most likely jump on the chance to buy these things cheaper. Therefore, help them locate the best deals by teaching them about internet shopping, eBay and other online auction sites as well as taking them to outlet malls where name-brand clothing is often found cheaper.

Set Up a Checking/Savings Account: There are many more practical parenting tips for raising financially responsible teenagers than the two listed above. One of them is teaching teens how to manage their own checking and savings account. The only way to do this successfully is by actually setting up a checking/savings account for your teen. While it’s important to teach your teens how to write checks, it’s probably going to be more beneficial to teach your teens how to balance their account while using a debit card.

It’s also a good idea to talk to your teen about saving money. Discuss the benefits of saving money and how depositing just $25 a paycheck will help them build a good savings account for the future.

Practice What You Preach: You can’t teach your teen about financial responsibility if you aren’t being financially responsible yourself. Therefore, make sure that you are leading by example – and that your teen is able to see it. Talk to your teen about your finances and how you got where you are.

As parents, it’s our job to follow practical parenting tips that will help our kids become the best they can be. Therefore, try to incorporate the above tips into your parenting style. Your teens may not like it now, but they will be grateful later!

Almost everyone wants to contribute financially to their children’s or grandchildren’s education, according to The Hartford’s fifth annual college savings survey. However, only 64 percent of respondents are aware of tax-efficient ways to save. With many college saving options available, determining which ones are best for you and your family can be confusing.

529 education savings plans are a great option for tax-advantaged savings. A 529 plan allows you to make investments with earnings that are tax-exempt when they are applied toward eligible higher education expenses.

If you are in the process of developing a college savings plan for your children or grandchildren, it’s always a good idea to talk to your financial advisor. If you’re confused about college savings options, particularly about 529 education savings plans you are not alone. The Hartford survey found that 43 percent of parents and grandparents don’t fully understand this investment tool. Before you talk to your advisor, here are the answers to some frequently asked questions about 529 plans.

How much can you contribute to a 529 education savings plan?

Many states allow the account owner to take a state income tax deduction for contributions made to their plan each year. The amount of the deduction varies by state, and if you roll the funds to another 529 plan not sponsored by that state, your deduction may be subject to recapture.

Under federal gift tax rules, you can contribute up to $13,000 per year for each beneficiary of a 529 account without gift tax consequences. You can also make a tax-exempt contribution of $65,000, or $130,000 for married couples, per beneficiary, once every five years. If you treat the gift as being made over five years, and die before the end of the five year period, the portion of the gift allocatable to the period after your death will be included in your estate. Any additional gifts given by you to the same Designated Beneficiary in the five year period will be subject to federal gift tax. You should consult with your tax advisor for more information.

The account owner has complete control over how contributions are invested and when withdrawals are made.

Who can contribute?

Most plans allow anyone, including friends and relatives to contribute. A 529 contribution is a great way to give the gift of education to a friend or relative who is planning on attending college.

Financial Aid Information Site:  One-stop shop for anything about college financial aid. Learn how you can quickly and easily get more Financial Aid without having to apply for thousands of scholarships!

Send Your Child To College Free:  Or Close to it! — A money back guarantee. This is a guide for people who have a low to moderate income to a practically free college education, even if you have excessive credit card debt.

We all know parents who have dedicated their lives to giving their children anything and everything they want. While it is normal for us to want to provide for our children, we shouldn’t just give them everything. If you do, they will not learn the value of money and will make poor financial decisions when they leave your home.

Teaching teens money management isn’t extremely difficult, but it will involve a little willpower on your part as a parent. While it may be hard at first, it will get easier so don’t give up. Just remember that in the long run, you’ll be helping your teen substantially. Below are a few tips to help you teach your teens the value of money.

Allowance: If you choose to give your teen an allowance, it shouldn’t be just given. You should base your teen’s allowance on the chores he or she does around the house each week. What this does is teach your teen that money isn’t just given, but earned.

Encourage Your Teen to Get a Job: One of the best ways for teens to really learn the value of money is by getting an actual job. Once your teen has a part-time job, then drop the allowance. Your teen needs to understand the correlation between hours worked and money made. This is something that will help him in the long run.

Don’t Pay for Everything: It is reasonable for parents to take their teens shopping for clothes at the beginning of the school year. However, you need to set a budget for what you’re going to spend on your teen and don’t go over it. Then, once the initial school shopping is done, it’s wise for you to make your teen pay for extra articles of clothing she wants throughout the year. This will teach her to prioritize her wants, save money accordingly and pay attention to how much things cost. This principle can be applied to more than just clothing by the way. For example, your teen is capable of saving money to go to the movies, out to eat with a friend, buy makeup and much more.

Attach Responsibility to the Car: Many parents buy their children a car when they turn 16 and don’t require them to pay a dime for, not only the car, but the insurance and gas money as well. There are a couple things you can do when it comes time to purchase a car for your teen. One of the cool things many parents are doing is bargaining with their teens starting when they’re 13 or so. They tell them they’ll match whatever money they have saved up for a car to help them buy a car when they are able to drive. What this does is teaches your teens that the type of car they get depends on how hard they save their money. Other parents buy the car, but require their teens to pay for the insurance and gas. Whatever you do, make sure your teens have some responsibility involving their car.

If you’re looking for great information on ways to fully understand your teen, you can get it right now…any time of the day, any day of the week. Real Life Guidance to Understanding Your Teen is available for easy and instant download to your computer.