You helped them with their firsts. First words, first steps, first day at school. Now they’re ready for their next first: job. Here are some tips on how you can help your teen handle getting their first gig and set them up for financial success.

Preparation

Preparing your teen for their first job will help ensure their entry into the working world as smooth and successful as possible. Here’s how to help your teen get ready.

Talk about their goals

Help your teen hash out their goals before looking for their first gig. Sit down with them and ask what they hope to achieve with their job. Defining their goals and expectations will help your teen find and keep the job that suits them best.

Find out if they’re eligible

Depending on your teen’s age and the protocols of local businesses, your teen may not be able to work at an official position just yet. If your teen is under 18, a potential employer may require a work permit which would allow them to work at an age-appropriate job, like an ice cream shop, garden nursery, or caddying for a local golf course.

Polish their resume

Draft a resume with your teen. Ensure it provides info on their education as well as their professional goals and aspirations. Include special skills they possess, along with any extracurricular projects they’ve been involved in and organizations they volunteer for in their free time.

Job hunt

Once you’ve narrowed down your teen’s skills and work goals, talk to them about effective job-search strategies, such as checking online job boards, visiting local businesses, and networking with friends and family. Encourage them to explore part-time, seasonal or entry-level positions that match their interests. Once they’ve found a few possible job options, guide them through the application process, including sending their resume and follow-up calls or emails.

Interview prep

To help your teen prepare for their first job interview, review some of these common interview questions they can expect and practice responses.

Establishing good money habits

Once your teen has landed a job, it’s time to talk about their new income. Here are some steps to follow even before they have their first paycheck in hand.

Explain taxes.

Now that your teen is earning money, they may need some help understanding what taxes are and why they are coming out of their paycheck.

Open a debit and savings account.

Help your teen open their own debit and savings accounts at your bank or credit union so that they have a place to store their own money.

MSGCU offers the Achieve Student Debit Account for students ages 16-23. It’s designed to help your teen manage their money wisely with features like daily spending and withdrawal limits, roll up the change, and access to online banking and the mobile app.

MSGCU also offers MyMoney.club, a savings account designed for teens. It teaches teens the basics of money management and provides a foundation for financial independence. Teens can attend free workshops on credit, savings, and budgeting, receive exclusive information on student loans and financial aid, access scholarship opportunities, and get cash rewards from quarterly contests.

If your teen is saving up for a goal and doesn’t need the money right away, the MSGCU 12-month Youth Flex CD is a great option. Unlike traditional CDs, the Youth Flex CD allows unlimited deposits up to $15,000, and members can withdraw from the account up to two times, penalty-free, per term. For more information or to open an account, contact us.

Set up direct deposits.

Once your teen has opened their own debit account, talk to them about having their paycheck directly deposited into it.

Budget wisely with automatic transfers.

Revisit the financial goals your teen established when they were job hunting, like saving up for a car or college. They can work with their bank or credit union to designate a specific amount from every paycheck to automatically go into a savings account, making it easier to budget and faster to achieve their goals.

Stay vigilant

Scammers don’t care if the money they are trying to get is coming from a teen. Don’t let yourself or your teen fall for scams that ask your teen for their online banking username and password. Have your teen work directly with their new employer and bank or credit union to set up any special account preferences, like direct deposit, roll up the change, and automatic transfers. For more ways to protect yourself and your teen from scams, check out our security center.

For more ways you can help them establish good money habits with their first job, check out the video below.

MSGCU champions your family’s financial wellbeing. For more ways we can champion your teen’s financial success, check out our student and young adult resources page for products and our student interactive financial education, our YouTube page for helpful videos, or visit us at any one of our 24 branches to meet one-on-one with a financial counselor to discuss goals.

Category: Youth