Summer is just a few weeks away, and that means teenagers will be striking out to earn a little spending money.
Before plunging ahead into the workforce, there are a few things to keep in mind.
The first thing is to have a plan for the money.
Teenagers often get their paycheck and rush to spend it. It may be important for parents to talk with them about the value of savings.
Show them what saving, say, 10 percent of a paycheck looks like and how saving money can help them work toward a goal of making a purchase.
Another discussion to have is about the paperwork that goes into getting a job. Cherry Dale with the Virginia Credit Union said the W-4 can be daunting for first-time workers, but it doesn't have to be complicated.
"You want to walk them through and let them know when they ask you and walk through the process of this is what you need to claim," Dale said. "For most teenagers it's 0 because their parents are still claiming them (as a dependent)."
Also make sure they know their Social Security number. It's a good time to discuss the importance of that number and why it's used for identity throughout their life.
The number needs to be memorized and their Social Security card should not be carried with them in a purse or wallet.
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