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May 25, 2017

Summer Jobs: More Than Just A Way For Teens To Earn Extra Cash

With summer break just around the corner, many teenagers have started hearing those three dreaded words: "Get a job!"

Summer jobs provide teens with more than just money in the bank—they also offer valuable skills and experiences that will last a lifetime. We’re talking more than just making new friends and learning how to operate a cash register.

Mastering cash flow

No matter the size of a paycheck or number of bills piled up, cash flow management is tricky for many adults. When you’re living paycheck to paycheck, figuring out which bills can come out of which paycheck can seem like solving a giant puzzle. Even though some teens might only have to worry about covering gas or their portion of the family’s cell phone bill, they’ll still have to figure out how to budget their paychecks so they can cover their responsibilities, set aside savings, and cover movie tickets and trips to the mall.

Saving toward a goal

Speaking of setting aside savings, summer jobs teach teens how to save up for pricier purchases. If they really want the latest tech gadgets, trendy shoes, and expensive concert tickets, they’ll find a way to set aside money. Forming these habits early on can mean a lifetime of self-discipline and good financial health.

Preparing taxes

This benefit might not present itself until a few months down the line, but a summer job can eventually teach teens the basics of preparing and filing taxes. Speaking of income tax, summer jobs can also open a teenager’s eyes to the hard reality of just how much Uncle Sam withholds from their pay.

Help teens celebrate their financial victories

Perhaps best of all, a teenager who works hard to earn a paycheck has extra reason to receive recognition from their parents and loved ones. Reward their work ethic and discipline and you’ll both reap the benefits of positive reinforcement!