6 Money Suggestions for Teens with Summer Jobs
With school out and summer in full swing, you may notice some familiar faces helping out around town. In the blink of an eye, those playful neighborhood kids have quickly grown into adolescents actively employed at your local movie theater, ice cream shop, and beyond.
They’re not alone. Between 2020 and 2021, summer employment rates for Michigan teens increased 8.4%1. 2022 numbers are predicted to be even higher, giving more young workers the opportunity to experience money management firsthand.
Know a teen in the workforce? Pass along these six suggestions for a successful summer on staff.
1. Have a plan
Before you start screaming, “show me the money,” you’ll want a place to store your earnings. With no monthly fee or minimum balance, and a 1.00% APY* on your first $500 in savings, you’ll find our MYChoice account a great place to start.
Open a Captain Choice or MyChoice account and we’ll match your first deposit up to $25.**
2. Prepare to get paid
Does your employer offer direct deposit? If so, your money can automatically appear in your account on payday instead of waiting to receive a paper check. You’ll just need your account number and the Community Choice routing number: 272079021
If a paper check is your only option, you can e-Deposit your money into your account by taking photos of the check in our mobile app.
3. Keep it real
If your paycheck seems a little light, don’t despair; We’ve all been there. While your job may pay a certain amount per hour, the money you actually receive (your take-home pay) may be less depending on how your employer withholds taxes and other deductions.
4. Save it
Now that you’re raking in the cash on a regular basis, your savings will start to grow. It may be tempting to spend money the moment you receive it. However, if you have your eye on an expensive purchase like a new phone, now’s the time to keep saving toward your goal.
5. Spend it
At some point, you’ll want to purchase something. With dollars coming in and going out, you’ll soon find that money management is just one big balancing act. Buy wisely, and make sure you’re only spending money you have in your account.
6. Beyond the summer
Summer love may fade away, but you might actually find this working thing is something to embrace — especially when payday rolls around. Year-round employment is certainly in your future for decades to come. Take some time to reflect on lessons you learned during your first experience so the next chapter of your career is even better.
Bonus tip!
Financial eduction never ends. Check out these great videos designed to help you learn more about you and your money.
*APY is designated as Annual Percentage Yield. APY is based on the assumption that the money is left on deposit during the dividend period. Dividend rates on share accounts will be declared monthly by the Board of Directors and posted on the last day of every month. All rates subject to change at any time without notice. Rates subject to change without notice and are for informational purposes only. For details or latest rate information, contact a Credit Union representative.
**Valid on new Youth Accounts, age 0-17, to qualify for $25 deposit match. Deposit match is only on initial account opening deposit amount. Match may take up to 48 hours to show in the account. Offer subject to change at any time. Promo code: YouthEducation25.