A summer gig that helps your teen bring in their own hard-earned dollars is full of life lessons, as long as they are open to them. Kids on the cusp of adulthood may learn about:
- The benefits of being financially independent
- How to advocate for yourself in the workplace
- How to negotiate a raise
- Navigating conflict resolution
- Not going to Mom and Dad for cash requests
- On-the-job tasks like managing small business finances
Most youngsters dream of being less beholden to their parents for the things they need and want in life. While some decisions are probably best left to them, parents and older role models can be of great service when it comes to the nitty gritty of dealing with cash as a young person.
Some free and low-cost services can make the kid’s life easier, too:
Easy Access to Check Cashing at CFSCs
Now that they are working, they need to figure out how they will cash those checks. CFSC locations in many parts of the country make this happen sooner and faster than your local bank can. Make sure your now-employed child knows about check cashing at the CFSC near you so they will know where to go when the dough starts rolling in.
While there is no age limit for check cashing, there are a few things they should know:
- Check cashers need to show a valid state ID.
- Teenagers can generally use a school ID, driver’s license or REAL ID.
- Also have a second ID with your social security number (like a passport or social security card).
- DON’T sign the check in advance! Checks must be signed in person at the CFSC.
- Call first to be sure of hours and requirements.
Yes! Debit Card or Netspend Prepaid Account for Everyday Expenses
Teens new to the job scene will need a way to store and spend their money. They may not be emotionally ready for a credit card, but if they are 18 they can get their own Yes! Debit™ Account. Prepaid debit cards associated with the accounts are a safe and convenient way to help young people make purchases responsibly.
If they are under 18, money they make can be deposited directly into a Netspend Prepaid Account. Kids 13 to 17 can carry Netspend debit cards as long as there is also an adult on the account. Additionally, funds can be transferred between Yes! Debit and Netspend accounts if parents want to divert funds to a younger family member using Netspend.
Prepaid Phone Service to Avoid Big Phone Bills
They will need a way to contact their boss and keep in touch with their new work friends. Most teenagers have their own smartphone, often included on their parents’ account. If Mom or Dad is facing tight times financially, or if your child wants a phone but not the pricey phone plan, prepaid phone services are a simple, lower-cost option.
They work just like a regular phone, except you only pay for a certain number of minutes or months, depending on the plan. This can be a great way for a young person to transition to having their own cell phone. Find out about the different types of plans at your local CFSC before heading over to get one.
Transportation Needs: From E-ZPass to Transit Cards for the Non-Drivers
Kids need a reliable way to get to that summer job, as well. Their commute may require using public transportation for the first time. Or their bike. Or your car. Either way, CFSC has you covered (well – except for the bike). You’ll want to make sure everything is in order with your car or public transit card, as the case may be.
What we have:
- E-ZPass for drivers in 17 different states
- Weekly, monthly, and pay-per-ride MetroCards and Transit cards for the bus or subway
- License plate stickers and other auto services so they’re driving legally
- OMNY for New Yorkers
Talk to Teenagers About Smart Money Management
Every household situation is different. Some kids are more prudent than their parents when it comes to money management. But one thing that families have in common is the need to talk openly about money – especially if you want to pass common sense money advice down to the next generation.
Your child making their own money, even if it is a temporary, low-wage position, is a good opportunity to broach the subject. The lessons they learn now about spending and saving will still apply later in life.
Bring Your Teenager to the CFSC Currency Exchange Nearest to You
There are countless CFSC Currency Exchanges operating in many states. Call or stop by with your child so that both of you get answers to all of your questions.