Summer job season: What parents and teens should discuss before applying

(InvestigateTV) — Summer jobs for teens are a rite of passage, a first real paycheck and a first lesson in how hard it is to earn one.

John Kiernan, the managing editor at the personal finance company WalletHub, said before teens apply, they need to make a plan and know their goals. He said teens do not necessarily just want to run out and get the first job that will hire them.

“In some cases, maybe you just want to get as much spending money as possible, and so you kind of plan accordingly,” Kiernan explained. “But in other cases, maybe you want to do something that’ll give you some career applicable skills that you can kind of buildup, or things that you can transfer into your career. Maybe you want to go for an internship that doesn’t really pay anything versus something that gives you some money.”

Kiernan said the other key is once that money starts coming in, have a place to put it. A bank account can help keep earnings from disappearing immediately.

“Another thing you can look into is to get a good starter credit card. If you’re 18, and if you’re not 18, you can become an authorized user on a parent’s account. This will help you make it convenient to spend the money that you earn some of it, and it’ll also help you build credit for the future,” Kiernan said.

Kiernan said parents can also help instill lessons on how to save. Parents can make a deal to match any money their kids save up over the summer.