Financial Wellness - Growing Up in Santa Cruz

From Tooth Fairy to Taxes: Debunking Money Myths for Kids and Teens

Bay Federal Credit Union — Fri, 15 Aug 2025 05:48:07 +0000

Not everything they believe about money is true—but that’s where the fun (and teaching) begins.“If we run out of money, can’t we just go to the ATM?” Sound familiar? Kids pick up all kinds of ideas about money—some adorable, some hilariously off-base, and some that could stick around a little too long if we’re not careful. Whether it’s cartoons, overheard conversations, or watching you swipe a card like magic, children and teens are constantly forming money beliefs. As parents and caregivers, it’s our job to gently unpack the myths and replace them with age-appropriate, empowering truths. Here are a few of the most common money misconceptions, plus tips for turning them into teachable moments. Myth #1: “ATMs Give You Free Money!” The Truth: Nope! ATMs only give you the money you already earned and deposited. Think of it like a snack machine—but the snacks are your dollars, and you can’t get them unless you’ve stocked it first. Try This: Next time you visit an ATM or mobile banking app, walk your child through how deposits show up, and how withdrawals lower the balance. Let them watch you check your balance first and explain what it means. Myth #2: “If You Have a Card, You Can Buy Whatever You Want.” The Truth: Cards look like magic wands, but they’re just tools. Debit cards draw from money you already have. Credit cards borrow money—money that has to be paid back (often with interest!). Try This: Start with a prepaid card or youth account with a debit card and help them track spending. Show how the balance goes down with each swipe—and why budgeting matters even in a cashless world. Myth #3: “Adults Don’t Have to Save—They Already Have Money.” The Truth: Most adults are still saving—for college, emergencies, car repairs, even retirement. Saving doesn’t stop just because you grow up—it becomes even more important. Try This: Create a “family goals board” where both kids and adults post what they’re saving for. It shows them that everyone is in the habit of planning and waiting for things that matter. Myth #4: “Taxes Are Just the Government Being Mean.” The Truth: Taxes fund the things we all use—roads, schools, parks, fire departments, and more. It’s a shared responsibility, not a punishment. Try This: Next time you drive over a new bridge or check out books at the library, connect it to taxes. Help them see taxes as part of a system that benefits the whole community. This could lead to a bonus conversation on civics and how communities decide how taxes are spent. Myth #5: “If I Want Something, I Just Ask for It.” The Truth: Wants vs. needs is a lifelong lesson. Helping kids learn to differentiate between the two builds patience, gratitude, and decision-making skills. Try This: Start a “wishlist window.” When they want something, write it down and wait 7 days before buying. If they still want it, talk through cost, value, and tradeoffs together. Bay Federal Credit Union proudly serves families in Santa Cruz County and along the Central Coast, offering savings and checking solutions that grow with your child. With just five dollars, you can open an account with no monthly fees and easy-to-use mobile banking, making it simple to teach financial wellness habits. Visit a local branch today to learn more about how we can help set your child on a path to a bright financial future.

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From Cap and Gown to Countdown

Bay Federal Credit Union — Thu, 12 Jun 2025 02:11:08 +0000

This season brings feelings of pride, nostalgia, excitement, and, let’s be honest, financial worry to many. Whether your child is heading off to college, taking a gap year, or jumping straight into the workforce, the next chapter comes with some major money decisions. And while most curricula do not teach today’s youth how to manage real-world finances, Bay Federal can help. Here are some simple ways to set your grad up for success! Think big picture: Is student debt the only way? Student loans can feel like a rite of passage for college-bound students, but it’s worth asking: Are they the only option, or even the best one? The truth is, student debt can follow graduates for years, impacting everything from credit scores and housing choices to career flexibility. Before your grad signs on the dotted line, encourage an open conversation about what borrowing really means. How much will repayment cost each month? How long will it take to pay off? What kind of salary might they realistically earn in their field? Also, talk about alternatives that can reduce or even eliminate the need for loans: Scholarships and grants: These don’t need to be repaid, and thousands are available for all kinds of students. Community college and transfer paths: Locally for general ed classes can significantly lower costs without compromising education quality. Work-study and part-time jobs: These options build work experience and help cover everyday expenses. High-Yield and other savings accounts: If you’ve been able to save, now’s the time to make those dollars stretch. Location, location… tuition? The idea of going to your dream school, out-of-state or even abroad, can be exciting. But it can also be costly. Making well-informed choices about where to study can keep that number from multiplying. Having your grad compare in-state tuition costs to their dream schools can be eye-opening. That doesn’t mean settling, but it does mean choosing a financially sustainable path. Remind them: where you study matters less than what you do while you’re there. Internships: Worth their weight in gold (and paychecks) A degree is important, but so is experience. Finding employment without experience can be difficult, which is why internships are key. Internships can help grads dip their toes into potential careers, grow their network, and earn some extra money along the way. Internships often lead to job offers, making them not just a resume booster but a foot in the door. Even unpaid or short-term opportunities can open long-term possibilities. Encourage your grad to apply early and often—these positions tend to fill quickly. Budgeting 101: The best gift you can give Budgeting is tricky if you haven’t done it before, and even more challenging when you consider living with roommates. Ask your grad if they feel comfortable managing a budget. If not, walk them through the basics: planning, tracking spending, and preparing for emergencies. You will be thankful you did when you don’t get a panicked call asking for money. Here are a few essentials to cover: How to track income and expenses Why having an emergency fund matters What happens if you ignore your bank balance for too long Living independently, juggling classes or a new job, and managing finances all at once? It’s a lot. That’s why a crash course in budgeting is one of the best graduation gifts you can give. It’s not about perfection— It’s about preparation You can’t control every decision your grad will make, but you can set the tone. Financial wellness isn’t about having all the answers. It’s about asking the right questions and learning from each step forward. So, as you watch them cross the stage in their cap and gown, know that helping them navigate this next chapter isn’t about swooping in, but showing up with support, information, and maybe a little tough love when needed. And if you need backup? Bay Federal Credit Union is always here with tools and resources to help guide your grad toward a financially healthy future. Bay Federal Credit Union proudly serves families in Santa Cruz County and along the Central Coast, offering savings and checking solutions that grow with your child. With just five dollars, you can open an account with no monthly fees and easy-to-use mobile banking, making it simple to teach financial wellness habits. Visit a local branch today to learn more about how we can help set your child on a path to a bright financial future. Helping Your Grad Start Strong Financially

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5 Money Habits to Teach Your Kids in 2025

Bay Federal Credit Union — Wed, 04 Dec 2024 00:20:46 +0000

Good money habits start young, and teaching kids about finances doesn’t have to be complicated. Here are five simple, kid-friendly money habits that can set your children up for success in 2025 and beyond: 1. Saving a Part of Any Income Whether it’s allowance, birthday money, or earnings from small chores, teaching kids to save a portion of their money is a great habit to build early on. Help them understand the idea of “paying yourself first” by setting aside a percentage to save before spending on anything else. Using a clear jar or a savings account can help them see their savings grow, creating a sense of accomplishment. 2. Setting Short-Term and Long-Term Savings Goals Teach kids the difference between saving for something small, like a toy, versus something bigger, like a bike. Have them set one short-term and one long-term savings goal. Kids learn patience and the value of delayed gratification, which are essential skills for responsible money management. Setting realistic goals helps children see that saving pays off and encourages careful spending. 3. Understanding Needs vs. Wants Teaching kids to distinguish between needs and wants is foundational for making smart spending decisions. Use everyday examples, like food and clothing as needs and toys and treats as wants. This habit builds awareness, which can be further developed as they grow, helping them avoid impulsive spending and understand the importance of budgeting for essentials first. 4. Practicing Simple Budgeting Budgeting can be as simple as dividing money into categories like saving, spending, and giving. Kids can put their allowance or gift money into envelopes or jars marked for different purposes. You might encourage them to give a small portion to charity, reinforcing values like sharing and responsibility. Budgeting even small amounts of money gives children a sense of control and helps them learn financial planning from a young age. 5. Learning to Compare Prices Before making a purchase, encourage kids to compare prices on similar items with varying retailers. For example, if they’re saving up for a toy, they can check different stores or look online to see where it’s sold for the best price. This habit teaches kids about making informed choices and getting the most value for their money. It’s also a fun way to help them feel empowered by their spending decisions. Teaching kids good money habits doesn’t have to be complicated. By introducing simple concepts like saving, budgeting, and distinguishing needs from wants, you’re setting them up with skills that will soon become a habit. The new year is a perfect time to start practicing, so give these tips a try and enjoy seeing your kids become financially savvy young individuals!

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Meaningful Alternatives to Holiday Checks and Cash

Bay Federal Credit Union — Thu, 07 Nov 2024 04:04:08 +0000

Gifts of money are often received (and spent) with joy and appreciation that lasts about as long as it takes to get to the mall or log onto Amazon. But there are better ways to give that can provide valuable lessons about financial responsibility, stability, and charity—gifts that may improve your loved one’s quality of life for years to come. Here are some alternative ideas to add meaning to your holiday gift-giving: Experience Gifts Experiences are thoughtful gifts that can last a lifetime. Whether it’s a concert, theater performance, or sporting event, shared experiences create lasting memories. Enrolling your loved one in a cooking class, art workshop, or sports clinic shows support for their interests and encourages skill development. A membership to a zoo, museum, or science center provides endless exploration and learning opportunities throughout the year. Personalized Books or Subscriptions A personalized book featuring the child as the main character can be a delightful keepsake, often passed down through generations. Subscription services are another great option. A monthly book subscription encourages a love for reading and offers new adventures each month. You can also explore craft, science, or cooking subscription boxes to keep the excitement alive well beyond the holidays. Savings Account Contributions Contributing to a savings account helps children develop strong savings habits. Partner with a local credit union to open a youth savings account or contribute to an existing one. This teaches the value of saving and allows them to see their money grow over time. Contributing to a 529 Plan or Coverdell ESA These tax-free accounts can be used for education expenses, including vocational and graduate school. Coverdell ESAs also cover elementary and secondary education costs. To ensure the funds are used as intended (and to avoid financial aid complications), consider opening the account in your name with the recipient as the beneficiary. For more details, contact a financial advisor. Volunteer Together or Donate in Their Name For someone who has everything, donating on their behalf to a favorite charity can bring deeper meaning to the “season of giving.” Alternatively, plan a family volunteering day to teach the importance of giving back. This powerful experience might include serving at a food bank or animal shelter, teaching kids about community and helping those in need. Charity runs or walks also promote family bonding while supporting a cause that resonates with you. DIY Gift Kits Encourage creativity with do-it-yourself gift kits tailored to a child’s interests, like a craft or baking kit. Include materials for a fun DIY project or non-perishable ingredients for a favorite recipe, along with a handwritten note or family recipe card. By choosing meaningful alternatives, you can create lasting memories and teach valuable lessons that will stay with children into adulthood. With the support of your local credit union, you can explore options that enrich the holiday season and nurture a brighter financial future for the next generation. Happy holidays! Consult your investment advisor or tax professional regarding contribution limits and tax implications for education savings plans.

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Fall Financial Tips for Families

Bay Federal Credit Union — Thu, 17 Oct 2024 17:30:11 +0000

As the leaves turn and the cool breeze sets in, fall brings a season of cozy gatherings and family fun. It’s also the time when holiday spending starts to creep in, with Halloween and Thanksgiving just around the corner. But don’t worry – this season is also a great time to teach your kids some valuable money lessons through fun fall activities, all while keeping your budget on track. Here are a few creative ways to help kids of all ages learn about money! For Young Kids (Ages 3-7) Fall is such a magical time for young children, with pumpkin patches and costume parades filling their imaginations. It’s also a great time to introduce them to basic money concepts in a playful, hands-on way. Try creating a “leaf store” where they can use leaves as pretend money to ‘buy’ toys or snacks. This is a fun, visual way to start teaching the idea of exchanging money for goods. You could also set up a fall-themed savings jar, where they can stash coins to save up for a special Halloween treat, like a small toy or extra candy. This helps show the importance of saving for something special – and they’ll love watching their jar fill up! For Tweens (Ages 8-12) Tweens are ready for more responsibility, and fall offers plenty of chances for hands-on learning. If your family celebrates Halloween, let them help budget for costumes and decorations. Give them a set amount of money and challenge them to get creative – maybe they’ll make their own DIY costume or hunt for bargains at a thrift store. Another idea is to encourage them to start earning their own money. Whether it’s doing extra chores or helping neighbors with fall yard work, they can save up for holiday gifts or something fun they’ve had their eye on. It’s a great way for them to learn the value of hard work and saving. For Teens (Ages 13+) As teens get older, the financial lessons become even more important. Fall is a great time to introduce them to budgeting – especially with gift-giving season approaching. Encourage your teen to set aside part of their allowance or earnings to cover holiday spending. This teaches them not only how to budget but also how to give thoughtfully without overspending. You could also talk to them about more advanced money topics, like managing a savings account or debit card. Show them how to track their spending on fun fall activities like pumpkin carving or movie nights, and how to plan ahead for bigger expenses. Fall on a Budget for the Whole Family There are plenty of ways to enjoy fall family time without splurging! Instead of throwing an elaborate Halloween party, consider a neighborhood potluck where everyone pitches in with a dish. For Thanksgiving, why not gather the family for some quality kitchen time to make delicious homemade dishes that won’t break the bank? You can also plan budget-friendly fall activities like nature walks to take in the beautiful colors, or get crafty with DIY projects using inexpensive materials. In the spirit of Thanksgiving, encourage your kids to help pick out items to donate to a local charity or food bank – teaching them that giving back is priceless. Remember, the most meaningful moments don’t have to cost a lot. This fall, focus on spending time with loved ones and creating memories – those are the things that truly matter.

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Smart Savings

Bay Federal Credit Union — Mon, 02 Sep 2024 05:48:23 +0000

Children enrich our lives in so many ways, but they sure don’t come cheap! Every parent knows that expenses related to child-rearing can feel endless. From covering essential needs like diapers, food, and clothing to managing their many wants and must-haves, and planning for their future, the financial demands can quickly add up. Fortunately, there are many convenient and accessible ways to save up for your child’s future to make these demands more manageable. Let’s take a look at several popular savings options you can open for your kids, and the benefits and factors to consider for each one. 1. 529 Savings Plans A 529 plan is a tax-advantaged account designed to encourage saving for future educational costs. These plans are sponsored by states, state agencies, or educational institutions and offer significant tax benefits. Benefits: Considerations: 2. Custodial Accounts Custodial accounts allow an adult, or “custodian,” to transfer assets to a minor without the need for a trust. These accounts are a flexible way to save and invest on behalf of your child. Benefits: Considerations: 3. Money Market Accounts Money market accounts combine features of savings accounts and checking accounts, offering higher interest rates along with more access to your funds, often through debit cards and check-writing privileges. Many, but not all, money market accounts have higher minimum balance requirements. At Bay Federal Credit Union, the Money Market Advantage has no minimum balance requirements and actually pays its highest dividends on the first $2,500 in deposits, making it an attractive option for growing your child’s savings. Benefits: Considerations: 4. High-Yield Savings Accounts High-yield savings accounts offer higher interest rates than traditional savings accounts, making them an excellent option for growing your child’s savings with minimal risk. Benefits: Considerations: 5. Share Certificates or Certificates of Deposit (CDs) Banks call these accounts Certificates of Deposit (CDs), while credit unions refer to them as Share Certificates. However, both are accounts that offer a fixed dividend rate for a specified term, ranging from a few months to several years. If you’re looking for a place to keep your child’s savings, a share certificate or CD can be a fantastic option. These accounts offer the best of both worlds when it comes to savings — blending the growth you’d expect from a stock with the security of a savings account. Benefits: Considerations: Opening a savings account for your child is a smart way to secure their financial future and instill good money management habits early on. Use this guide to make an informed decision about choosing the perfect savings account for your child. Not all financial institutions offer the same range of products, so it’s important to explore your options before making a decision. To ensure you find the best fit for your child’s savings goals, take the time to compare options or consult with a local banking representative. They can help you navigate the various products available and recommend solutions that align with your financial goals, helping you make the most informed choice for your child’s future. Tax implications will vary by individual and financial product. Please consult a certified tax professional or financial advisor to review your unique situation and understand the potential tax benefits and obligations.

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Shop Smart and Save This Back-to-School Season

Bay Federal Credit Union — Tue, 06 Aug 2024 05:28:42 +0000

Did you know the average American parent will spend about $700 per child this back-to-school season? If that’s likely to put a damper on your summer, take a deep breath and relax.You don’t need to spend yourself into debt just because everyone else seems to be doing it. Instead, take a proactive approach when shopping for the new school year and spend much less than the national average. Budget Back-to-School Shopping Expenses When compiling your household budget for the year, make sure to include back-to-school as a line item. Calculate what each of your children might need during the entire school year for different categories, such as clothing and supplies. Divide that amount by 12 and begin adding that amount into a special savings account every month. When back-to-school time rolls around, you’ll be ready with the funds you need. Take Stock Before hitting the stores, inventory what you already have at home. Check your kids’ closets, drawers, and study areas for supplies and clothing that can be reused or repurposed for the coming school year. Then, make a list of what your kids truly need; this will help avoid impulse buys. Avoid Fancier Supplies Instead of spending money on the shiniest supplies with a licensed logo that just adds to the cost, don’t hesitate to reach for generic brands when purchasing school supplies for your kids. Store brands, like Costco’s Kirkland Signature or Target’s Up & Up, are usually cheaper than name brands without compromising on quality. Consider purchasing used textbooks, clothing, and electronics. You can find gently used items at much lower prices on secondhand websites like ThredUp and at your local thrift store. Use Technology You can search for coupons online or install a browser extension like Honey that automatically pulls discount codes and applies them at checkout. You can also monitor your favorite stores’ social media accounts and sign up for coupon links and advance notice of sales. Stock Up Start shopping early and take advantage of sales throughout the summer. Watch for clearance sales, promotions, and discounts. If you see a good deal on supplies you know will be an ongoing need, stock up so you’re ready when something runs out, gets lost, or breaks. By planning ahead, you can secure better deals and avoid the rush and price hikes closer to the start of the school year. Shop Without Your Kids Shopping with kids is an easy budget-killer. Kids have their own ideas of what’s best to spend money on, and their opinions may not always align with your budget. Leave your kids home for at least some of your shopping trips this season. It’s important to approach this time of year with careful planning and strategic financial management. By promoting early planning and prudent financial habits, families can avoid last-minute financial stress and set a positive example for responsible money management. At Bay Federal we’re more than just a financial institution—we’re your partner in achieving financial wellness. Together, we can make this back-to-school season a seamless and affordable experience for every member. Join us in embracing smart shopping practices and enjoy the peace of mind that comes with financial preparedness. For more financial tips and resources, visit www.bayfed.com.

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Kids and Allowance

Bay Federal Credit Union — Sun, 07 Jul 2024 04:06:34 +0000

Learning a new skill takes practice. For instance, if you want to teach a child how to ride a bike, they will need a bike to practice on. The same is true of money skills. If you want your child to learn how to save money and spend it wisely, giving them an allowance will help them practice.Here are some ideas to help you and your child get the most out of their allowance. Timing is everythingWhen your child starts to understand the concept of money and its purchasing power (usually around age 5 or 6), it might be a good time to consider introducing an allowance. If they can’t get to their piggy bank without losing the quarter you just gave them, you may want to wait a bit. Calculating the right amountA common way to settle on an amount is to multiply the child’s age by $0.50. For instance, a 7-year-old would receive $3.50 a week, an 8-year-old would get $4 a week, and so on. This system, coupled with an automatic pay raise on the child’s birthday, also helps younger children understand the concept of earning more as they grow older. Before deciding on the amount, consider how you expect your child to use the money. If they’re expected to save for their own toys, they’ll need less than if they’re responsible for buying their own clothes. Setting guidelinesIf your child is getting $5, give it to them in five $1 bills instead of one $5 bill. When you show them their weekly earnings like that, it’s visually easier to comprehend taking 20% of it to put into savings. Saving can mean putting away a little money each week to pay for a large-ticket item (bicycle, computer, Legos), or so that they will have spending money of their own to use on the family vacation. Encourage your children to save up for a larger purchase so they can experience the pleasure of buying something on their own and resisting the desire to impulsively spend. What about chores?Some parents tie allowance to household chores; others prefer to separate lessons about money from lessons about being part of a family. If you are unsure which way to go, try option #3: pay your child a commission based on the chore they perform. For example, emptying the dishwasher might earn 50 cents, while pulling the weeds in the yard could earn more than that since it’s a bigger time commitment. The idea is that they earn money for successfully completing a job – not simply because you bugged them to clean their room all week long. Earning a weekly commission based on work completed sets kids up for the real world. After all, if you don’t perform your own job duties, you don’t get paid. When you teach your child about financial matters, do so in bite-sized pieces. Your goal should be to teach your child just enough to stimulate a genuine desire to learn more. Allowance is just one great teaching tool that helps kids understand that money (yours and theirs) is not an unlimited resource, and this knowledge will help them to build responsible money management skills for the future. For more financial tips and resources, visit www.bayfed.com. Bay Federal Credit Union is a local, not-for-profit financial institution with banking solutions for the whole family. (bayfed.com)

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Summer Fun On a Budget

Bay Federal Credit Union — Thu, 30 May 2024 21:41:48 +0000

Keeping the kids entertained while on summer break can be an expensive endeavor. Registrations for summer camps, daycare, and recreation programs are only the tip of the iceberg. You also need to consider transportation costs to and from these programs you don’t normally attend during the school year. However, summer break doesn’t have to break your budget. You can still take some quality family time and you can do it all on a dime. Here are some great ideas to keep your children entertained while you are at work, and some fun family activities, all of which are economical or free! Camp out in your yard If you can’t take time off work this summer, take advantage of the great Santa Cruz County weather and go camping in your backyard. Put away the electronics and enjoy nature with the convenience of your own bathroom just a few feet away. Don’t have a backyard? No problem! For a donation of just five dollars, you can camp under the stars at the Santa Cruz Beach Boardwalk on September 27. Enjoy free movies June 14 through August 9, the Santa Cruz Beach Boardwalk will offer free movies on the beach every Friday at 9pm. Check out the schedule and get there early. Seats fill quickly! Go to a movie or concert in the park Esplanade Park in the Capitola Village and Santa Cruz County Parks offer free movies and concerts featuring area musicians. Be sure to check their websites or social media sites for more information. Be a tourist in your hometown Get to know your town a little bit more by visiting the local museums and other attractions. Santa Cruz County is rich in museums, including the Santa Cruz Museum of Natural History, Monterey Bay National Marine Sanctuary Exploration Center, and many more! Take a trip down memory lane and visit the Santa Cruz Mission State Historic Park or visit the famous Mystery Spot. Being a tourist, you might be surprised by what you find, like Wednesday night sailboat races at the harbor! Many of these activities are free of charge, and none of them will break the bank. Have a family boot camp Exercise isn’t just good for your body, it’s also good for your soul. Agree on an exercise as a family, whether it’s kayaking, yoga, or hiking. These serve as great opportunities to get outside and move your body. No need for expensive classes either; YouTube has instructional videos for any activity and applications like All Trails are great for exploring new hikes. Take turns hosting a kids craft day Work out an arrangement with another parent or two. Each household sponsors a craft day once a week for a month. One week, all the children visit your house and complete a craft you developed. The next week, it’s another parent’s turn. If you aren’t exactly the crafty type, that’s okay! The first Saturday of every month, Home Depot offers a free in-person kids workshop. Visit the library Free to residents, the Santa Cruz Public Library system offers a variety of toddler and preschool storytime programs to help keep kids busy. If you’ve outgrown the toddler programs, there are plenty of activities for older kids, too! Between a Game Zone at the Scotts Valley branch, Afterschool STEAM programs in Aptos and La Selva Beach, and Make and Explore in Felton, there’s sure to be an activity your child will love. Take a morning to appreciate one of our five incredible farmers markets The Santa Cruz Farmers Markets are a great opportunity to teach your kids about where their food comes from or challenge them to pick out a meal. Don’t feel the need to spend money at all, as they often feature free live music and entertainment. Make your own water park If you have grass available to you, set up sprinklers, fill up some squirt bottles and water balloons, lay out the camping tarp, and get the hose ready. Channel that inner child and create your very own slip and slide. The memories will be priceless! Summer doesn’t have to take a lot out of your pocketbook, it just takes a little bit of creativity and a little effort to find activities that the whole family can enjoy while parents enjoy a little budget relief. Have a great summer. Bay Federal Credit Union is a local, not-for-profit financial institution with banking solutions for the whole family. (bayfed.com)

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How Do I Prepare My Teen for His or Her First Job?

Bay Federal Credit Union — Sat, 04 May 2024 22:18:22 +0000

Q: My teen started looking for their first official job and, as their parent, I’d love to help them through this process. How can I prepare my teen for their first job? A: You sound like an involved, responsible and caring parent. Preparing your teen for their first job will help ensure their foray into the working world is as smooth and successful as possible. Here’s how to prepare your teen for their first job. Talk about their goals Help your teen hash out their goals before looking for their first job. Sit down with them and ask what they hope to achieve with their job. Do they want to join the crowd working at the local coffee house on the weekends, or are they more in it for the money? Are they saving up for something specific, or just looking for a way to increase their casual spending? Is their objective to get some real work experience that can help them land a more lucrative position in the future? Defining their goals will help your teen find and keep the job that suits them best. Find out if they’re eligible Depending on your teen’s age and the protocols of local businesses, your teen may not be able to work at an official position just yet. Many companies only hire employees who are age 18 and above. If your teen is underage, you can guide them towards jobs that accept a work permit for younger employees, or an unofficial position such as mowing lawns, walking dogs, or babysitting for neighbors. Share salary expectations It’s important for your teen to know what kind of paycheck they can expect to receive at their first real job. According to ZipRecruiter, teens earn an average of $16.74 an hour. Explain to your teen that people working for 10 or 20 years will earn more than someone working their first job. Talk to them about work experience and how they can anticipate their earning potential growing with the passage of time. Resume polishing As their parent, you are in the unique position to help your teen prepare for their first job application and interview. Together, draft a resume that provides information on their education to date, as well as their professional goals and aspirations. Include special skills they possess, along with any extracurricular projects they’ve been involved in and any organizations they volunteer for during their free time. Job hunt and application process Once you’ve narrowed down your teen’s skills and work goals, talk to them about effective job-search strategies, such as checking online job boards, visiting local businesses to ask about possible openings and networking with friends and family. Encourage them to explore part-time, seasonal, or entry-level positions that match their interests. Once they’ve found a few possible job options, guide them through the application process, including sending their resume, as well as follow-up calls and emails. Interview prep Next, help your teen gear up for their first job interview. Review common interview questions they can expect to get and come up with responses that will leave the best impression while still being truthful. Role-play an interview so they can practice for the real thing and lose any nerves they may be feeling. Share some tips about proper professional wear and stress the importance of being polite throughout the conversation. Finally, make sure they get a good night’s sleep and eat a healthy breakfast before the big day. Talk about finances Once your teen has landed a job, it’s time to talk about finances. Here are some work-related money topics you may want to cover: Tax implications. If your teen is earning money, they may need to pay taxes. If they are self-employed and earning over $400, they’ll likely file a 1099-MISC. Direct deposits. If your teen already has their own checking account, talk to them about having their paycheck directly deposited. This saves time and often clears for availability sooner than a paper check. If they don’t have their own account, consider opening one for them now. An account in your teen’s name will help them feel more responsible toward the money they earn and manage it more responsibly. Saving and investing. Your teen’s first job presents a perfect opportunity to discuss saving and investing. Talk to your child about setting aside a percentage of their earnings toward saving, or even getting started on investing. Help them create short- and long-term financial goals and set smaller goals along the way to keep them motivated. Time management As your teen adjusts to their new responsibilities, you can help them develop a healthy work-life balance and learn to manage their time effectively. Help them create a schedule that allows time for keeping up with their schoolwork, hanging out with friends and meeting all their work requirements You’ve taught them how to ride a bike, held their hand through cavity fillings and coached them through soccer and piano lessons. Now, it’s time to guide your child in their foray into the workplace. Bay Federal Credit Union is a local, not-for-profit financial institution with banking solutions for the whole family. (bayfed.com)

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