It’s the first step on the road to a dream career – your kid’s first job. It will help them to experience the real world, find out about the true value of money, and instil good working habits that will allow them to succeed wherever they go and whatever they do (fingers crossed).
For a teenager with a lot going on in their lives already, getting a job adds to the mountain they have to deal with. That’s where you, as parents, can help. Prepare them for the struggle of applying and maybe being rejected, help them to be mentally prepared for the slog of doing tasks they might not want to do, and set them up with suitable bank accounts.
How can you help your kids with their first job?
A teenager’s first step into the workforce is terrifying – they have no idea what to expect, and they’re likely filled with all sorts of doubts about how well they’ll perform and if people will like them. As a parent, you can help to ease some of their stresses.
Walk them through the process of applying for a job in a cafe, for example. Waiting tables is a great place to start, and can teach kids about conversation with strangers, plus it’s a transferrable skill all over the world. Some of the best part-time jobs for teenagers include working in a cafe or at a clothing store. These types of jobs can give them experience they can take into their next job, and teaches them skills they can use in their chosen career. Don’t worry, the most your child can legally work before the age of 18 is 16 hours per week so they won’t be totally exhausted by the extra workload.
Prepare them for the life changes
Of course, with many job applications will likely come many failures. It might be the first time your child is rejected for anything in their lives, but make sure they don’t dwell on the fact. Everyone gets rejected from a job at some point in their lives – help them to see it as something they can learn from.
To help your teenager get into the swing of things with their new routine (say over the summer holidays), try to change their schedule before the first day rolls around. If they’re notorious for sleeping in during the week, wake them around the time they’ll need to start getting ready for work. When the big day comes, they’ll be used to waking up earlier and might not be so miserable about starting work!
What’s so important about banking for your children?
You can help your kids to succeed in their jobs, but you can take it a step further and make sure they’ll succeed financially as well. Start them young with the right savings account at BOQ – a Kids Savings Account is ideal for anyone up to the age of 14. After that, an appropriate youth account is a Day2Day Plus Account or a Bonus Interest Savings Account. Whatever money they’re earning when they’re young will be accruing interest without the need to deposit regularly. That first pay slip will have a lot more value if your child saves half and it accrues bonus interest for 10 years.
Kids cannot have their own debit card until they’re at least 16 years old, which will hopefully be around the time they start working anyway. As soon as they have their first job, they can start using their own money and (ideally) not spending it on silly purchases!
When you open a Day2Day Plus Account, there are some things parents need to be aware of. The account must be opened with your teenager as the sole account holder, and it cannot be held for any other reason than to benefit the minor. If you meet those criteria, your kid will be set up as well as possible to grow what they earn and start down the path to a secure financial future.
For more information about helping your kids to succeed financially, get in touch with BOQ today.