How to Teach Teens About Work and Money
Make a list of the things your teen should be doing around the house or for school or for self-improvement that they struggle to complete, or that they whine about., Make a simple chart on your computer or hand drawn., Across the top label the...
Step-by-Step Guide
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Step 1: Make a list of the things your teen should be doing around the house or for school or for self-improvement that they struggle to complete
This could include things like clean their room, load the dishwasher, take out trash, get good grades in school, practice musical instrument, laundry, etc. -
Step 2: or that they whine about.
Nine columns wide, and 10-12 rows high. , Mon.
Tue.
Wed.
Thur.
Fri.
Sat.
Total. ,, If you don't want the job done each day
- don't put an underline in the box. , If your smart you will have: about 20 underlines for a 10 yr old, 30 or so for a 12 year old, 40 or so for a 14 yr old, 50 for a 16 yr old and up to 60 or so for an 18 yr old. , Psychologists and behavioral experts know that "intermittent reinforcement" is the strongest type of incentive for animals as well as humans so here is how the reward works.
In 2009 I paid about 20 cents per signature.
That means if your 12 year old has 30 jobs in the week and does them all they will receive $6.00 in allowance for their work.
But wait, if they do at least 90% or in this example 27 out of the 30 assignments I double their allowance meaning each signature is worth 40 cents with a possible of 12 dollars per week.
If they can do 85% then each signature is worth one and a half of normal value, or 30 cents.
If they do 80% then each signature is worth one and a quarter of normal value, or 25 cents.
Teens, if anything, are notoriously inconsistent they, therefore create their own intermittent reward schedule as they get motivated and get 90% and the bonus that provides, then slack of and have a $2 week and realize how much money they just threw away. , Go into their room at least every other night with the notebook and indicate that you are ready to approve their chart.
A deadline of 9:30pm on their chart meaning that if the work is not done by then there is no credit for it on the chart, can be helpful for 10-11 year olds.
For instance, "Teeth are Brushed before bedtime" may not get done in time to get credit on the chart but they may still be required to do it.
Life is filled with deadlines and penalties for being late.
Might as well learn that now.
My 14, 16, and 18 year old have a deadline of 10pm, mostly because I don't want to wait around all night for them to get their assignments completed.
These nightly visits are my opportunity to talk to each child about their day, their successes and their struggles, encourage them in completing the chart and the good progress they are making.
In my estimate this visit most nights is of more value to them, than the money. , I like the money to burn a hole in their mind, and in their pocket, to see if they can manage to have any money left for activities with friends and stuff on the following weekend.
It is a struggle they need to master.
Delayed gratification is the key to financial success. , Then they can go spend the rest on whatever they just have to have. , It is best to present it as an opportunity for them to get a little extra spending money and get us (their parents) off their back about the several assignments on the chart.
If they do it on time we will not bug them, but if they do not, they may still have to do it, we will bug them, and they won't get credit on the chart.
At first using the chart can/should be a purely voluntary option for them, but most teens will not turn it down, especially when you explain the doubling feature for doing 90% or more without reminders. ,, This means that you need to help pay for some things like your special shampoo, toothpaste, your toothbrush that keeps disappearing, that new hairbrush, or curling iron, etc.
Remember "help pay" means just that.
I like to work on percentages depending on how important I believe the item is.
For instance for department store shampoo I will happily pay 90%, but if they have to have premium salon shampoo and conditioner I might struggle to pay %50.
Same with clothes.
If they have 20 shirts but just have to have another one and it is kind of grungy, ugly or sends a bad message I might offer 0-25%, but if we are school shopping for things they really need I'm in it for 70-90% depending on the situation.
Generally for quality school clothes I'm in for 70%.
The older teens get the more we should expect them to contribute.
Helping them learn the value of money and how the choices them make impacts their spending money is an important life lesson.
Buying things on sale or generics where the value is comparable, is vital for their financial success.
Keeping track of how much they are making, how much they have saved and how much they have in their wallet, are also vital skills to help them better manage money.
Planning ahead for big events like summer camp, proms, going on tour with their performing group, etc. will help them understand how time and money work together. , For instance a 12 yr old with 20 jobs per week can make $600 in a year if they are in the %90 range each week.
Don't beat them over the head with this fact, but remind them how quickly they can make money if they work at it. -
Step 3: Make a simple chart on your computer or hand drawn.
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Step 4: Across the top label the columns: Assignment
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Step 5: Under assignments list the chores/work you want them to complete such as: Read 30 minutes
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Step 6: Develop Talent 30 Minutes
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Step 7: Room is Clean & Tidy
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Step 8: Daily Jurisdiction
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Step 9: Good Turn
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Step 10: See It - Do It
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Step 11: All Homework Completed
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Step 12: Sweat for 30 Minutes
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Step 13: Dishwasher Loaded and Turned On
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Step 14: Now in each box across the chart draw a short underline on which the teen can sign their initials when the job is completed.
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Step 15: Now count up the number of underlines on the whole chart for the week.
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Step 16: Now this is where it gets interesting.
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Step 17: Keeping score is a big part of this game.
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Step 18: Hand them a new chart on Saturday
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Step 19: and pay them on Saturday night.
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Step 20: This payday experience is also a good opportunity to discuss paying a tithe
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Step 21: paying themselves for long-term savings
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Step 22: paying themselves for mid-term savings
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Step 23: and paying themselves for short-term savings
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Step 24: often 10% in each category.
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Step 25: Presenting this plan to your older teens is a delicate matter and should be handled with great care.
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Step 26: The first few weeks will be a learning experience for everyone as you clarify what a Clean & Tidy Room really means
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Step 27: and how much 90% really is.
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Step 28: After a couple of months
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Step 29: (or when they start getting good or bad at doing the chart) you can start adding other incentives to the mix such as: Now that you seem to have
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Step 30: (or the opportunity to have) a bit of spending money we need you to take charge of some of your personal needs a bit more...
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Step 31: When they start feeling the pinch of scarce money
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Step 32: be encouraging and gently remind them how much money is in the plan IF they do their part.
Detailed Guide
This could include things like clean their room, load the dishwasher, take out trash, get good grades in school, practice musical instrument, laundry, etc.
Nine columns wide, and 10-12 rows high. , Mon.
Tue.
Wed.
Thur.
Fri.
Sat.
Total. ,, If you don't want the job done each day
- don't put an underline in the box. , If your smart you will have: about 20 underlines for a 10 yr old, 30 or so for a 12 year old, 40 or so for a 14 yr old, 50 for a 16 yr old and up to 60 or so for an 18 yr old. , Psychologists and behavioral experts know that "intermittent reinforcement" is the strongest type of incentive for animals as well as humans so here is how the reward works.
In 2009 I paid about 20 cents per signature.
That means if your 12 year old has 30 jobs in the week and does them all they will receive $6.00 in allowance for their work.
But wait, if they do at least 90% or in this example 27 out of the 30 assignments I double their allowance meaning each signature is worth 40 cents with a possible of 12 dollars per week.
If they can do 85% then each signature is worth one and a half of normal value, or 30 cents.
If they do 80% then each signature is worth one and a quarter of normal value, or 25 cents.
Teens, if anything, are notoriously inconsistent they, therefore create their own intermittent reward schedule as they get motivated and get 90% and the bonus that provides, then slack of and have a $2 week and realize how much money they just threw away. , Go into their room at least every other night with the notebook and indicate that you are ready to approve their chart.
A deadline of 9:30pm on their chart meaning that if the work is not done by then there is no credit for it on the chart, can be helpful for 10-11 year olds.
For instance, "Teeth are Brushed before bedtime" may not get done in time to get credit on the chart but they may still be required to do it.
Life is filled with deadlines and penalties for being late.
Might as well learn that now.
My 14, 16, and 18 year old have a deadline of 10pm, mostly because I don't want to wait around all night for them to get their assignments completed.
These nightly visits are my opportunity to talk to each child about their day, their successes and their struggles, encourage them in completing the chart and the good progress they are making.
In my estimate this visit most nights is of more value to them, than the money. , I like the money to burn a hole in their mind, and in their pocket, to see if they can manage to have any money left for activities with friends and stuff on the following weekend.
It is a struggle they need to master.
Delayed gratification is the key to financial success. , Then they can go spend the rest on whatever they just have to have. , It is best to present it as an opportunity for them to get a little extra spending money and get us (their parents) off their back about the several assignments on the chart.
If they do it on time we will not bug them, but if they do not, they may still have to do it, we will bug them, and they won't get credit on the chart.
At first using the chart can/should be a purely voluntary option for them, but most teens will not turn it down, especially when you explain the doubling feature for doing 90% or more without reminders. ,, This means that you need to help pay for some things like your special shampoo, toothpaste, your toothbrush that keeps disappearing, that new hairbrush, or curling iron, etc.
Remember "help pay" means just that.
I like to work on percentages depending on how important I believe the item is.
For instance for department store shampoo I will happily pay 90%, but if they have to have premium salon shampoo and conditioner I might struggle to pay %50.
Same with clothes.
If they have 20 shirts but just have to have another one and it is kind of grungy, ugly or sends a bad message I might offer 0-25%, but if we are school shopping for things they really need I'm in it for 70-90% depending on the situation.
Generally for quality school clothes I'm in for 70%.
The older teens get the more we should expect them to contribute.
Helping them learn the value of money and how the choices them make impacts their spending money is an important life lesson.
Buying things on sale or generics where the value is comparable, is vital for their financial success.
Keeping track of how much they are making, how much they have saved and how much they have in their wallet, are also vital skills to help them better manage money.
Planning ahead for big events like summer camp, proms, going on tour with their performing group, etc. will help them understand how time and money work together. , For instance a 12 yr old with 20 jobs per week can make $600 in a year if they are in the %90 range each week.
Don't beat them over the head with this fact, but remind them how quickly they can make money if they work at it.
About the Author
Grace Cook
Dedicated to helping readers learn new skills in crafts and beyond.
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