Last week I shared some money tips with journalist Kim Palmer of U.S. News & World Report.  Here is the full list she published to help families get off to a good start this school year.  Let me know what you think of these tips and some other things your family does to get off on the right foot each school year.

 “The Best Back-to-School Money Lessons for Kids” from U.S. News & World Report.

My youngest is a gifted young woman.  From a very early age she has been able to be that pal or friend of a special ed kid and not have that child think they are any different than any other kid.  She is also completely turned on by mission work.  Her idea of fun is to spend an entire summer going from one desperately in need town to another helping other high school kids paint houses, build porches, change out flashing on a double-wide and so on.  Her dream career is to work with special ed kids in some way.  We haven’t gotten that all worked out just yet, but we are definitely seeing a trend here.

As she applied to colleges this Spring, we discovered that her gifts were not measurable by ACT, SAT or GPA. There was no box for “tireless special ed volunteer”, or “youngest member of church council”. Continue reading

To reinforce putting money in “concrete” terms for kids (See Money Note Tip #1), giving them an opportunity to test their budgeting skills – with your help – at the right time is key. 

Tip #2 – Privilege, not punishment – it’s all about timing

Each spring and fall, my girls get a clothing budget in CASH. Cash and a budget are concrete. I started this when the girls were fairly young, and they saw this outlay of cash as a privilege. Waiting too long can make it feel more like punishment when you go from freely covering all expenses to putting them on a budget.

My cousin’s daughter headed to college a couple years ago.  To help her understand what it will be like to live on her own money and not her dad’s, I suggested he give her three months of cash to live on the summer before heading off to college. They had a conversation about her expenses and she got a lump sum at the beginning of June, then no more until the beginning of September. His daughter kept her receipts, and they reviewed her budget monthly. Then, they used that summer’s experience to determine how they would handle money during her first semester at college.

She saw the trial run that summer as a privilege since it was used to prepare her for the fall. If he had waited until the fall and then cut her off, she would likely have perceived this as a punishment. Timing is everything with kids, so remember to watch for the window of opportunity when they will view managing their own cash as a privilege.

I won’t bore you with the statistics.  They say what we already know.  Getting a job is hard.  More people want work than it seems there are jobs available.  To get a job this summer, kids need to play to their strong hand – and sell themselves and the services they can offer first.

Here’s how to get going:

Create a flyer showcasing what you have to offer.  Be clear about what you do, when you are available and what you charge for your services.  Break through the noise of all other flyers by highlighting that you are a local resource home from school and ready to work.  Letting people know that you are a hometown kid will get potential employers on your side and more willing to think about how they could use you.

Ring bells and make personal appearances at homes and places of business to explain what you can do for them.  In person visits sometimes uncover other work that you may not have on your flyer that you would be willing to do.  Never underestimate the personal touch of showing up, shaking a hand and looking a potential employer in the eye.

Be persistent – just short of stalking.  Drop by weekly and remind potential employers you are still ready, willing and able.  Many employers may not have needed you at the last visit when you introduced yourself but need you now at your second visit.  It’s all about making yourself available when they need you.

Network with other teens that have a job.  Find out if they know of any openings where they work and ask if they can introduce you to their employer.  Offer to job share with an employed teen when they cannot work due to vacation or sports practice responsibilities. 

Next up – Services that kids can offer.