household budget worksheet pdf suze orman

This is an excellent time to expand + shift your child’s thinking about the taxes being taken out of their paycheck. Some have gone so far as to call the government greedy. Taxes Deducted from Paycheck: Whenever I work with kids, the overwhelming response I get when I tell them the government takes money out of their paycheck for taxes is a row of bug-eyes and repulsion.Here are some conversation pointers around this topic: And yes, filing taxes for the first time can feel really intimidating as a teenager! Your teen will likely need to both a) file taxes by the April deadline, and b) pay taxes. There are two different sub-topics to cover having to do with “taxes.” Conversation #2: You Will Be Paying Taxes Here are 50 banking activities for kids and free banking worksheets (PDFs) to help them understand things better. If they don’t allow it? Then there are no fees…but the transaction gets denied). Credit cards? Well, they’re a whole different story.īonus Tip: Make them aware of the consequences when over-withdrawing on their new banking system, such as an overdraft fee (they’ll choose whether to allow overdrafts or not when the account is first opened. Point out the pros and cons, such as when you write a check, it takes several days to process before it’ll show up on your account, so it’s possible the balance you see is not accurate, versus a debit card transaction almost instantaneously updates. Take one transaction that they want to make, and walk them through the three different ways in a conversation. This means teaching them the difference between writing checks versus using a debit card, versus using a credit card. Discuss the Differences in Ways to Pay: You want your teen to be fluent in spending their money (though, of course, hopefully they won’t spend it all!).This way they can do automatic/manual withdrawals from each other. Associate the Accounts: You’ll want to make saving money (and, consequently, covering checking account shortage oopsies) easy by having your teen link their two accounts together.Open a Savings Account: A savings account is a safe place (FDIC-insured, plus not in their mattress or mason jar where it could get stolen) for them to save money – or at least put it when it’s not going to be spent in the near future.Will they use direct deposit from their employer? Or will they manually deposit the check into this account (in which case, you should set up a banking schedule for when you take them to the bank if your child doesn’t drive themselves). Open a Checking Account: A checking account is the primary way kids can spend their money, and a place to hold it when they intend to spend it soon.Since income is going to be a bit more consistent going forward, it’s time to get clear on your teen’s banking system (and to help them understand how it all works).Īs in, how does money come into it? How does money leave it? And how can they set aside money in a safe location? Maybe they have a checking account, maybe they don’t. Maybe they have a savings account, maybe they don’t.

It’s likely that before this first paycheck, your child just had money here and there to use. Conversation #1: What’s Your Banking System? Other topics you might want to check out? Here are 25 online jobs for teenagers, 11 teen job apps, and here's what to do if your teen needs a job but doesn't have a driver's license. This will help you in figuring out how you want to address the following topics with your own teenager.

How much did you make each paycheck, and how often were you paid?.What teen financial responsibilities did you have at that point in time?.This was a small fortune to a 15-year old! There were several raises along the way, but it tapped out at $98/week. With the help of my Dad, I had gotten a job at a local horse farm to muck out horse stalls. Remember alllll the Way Back to YOUR First Jobĭo you remember the awesomeness of getting that first paycheck as a person still living under your parents’ roof ( pssst: that’s right, I’m not talking about the first paycheck from a job-job where you realized you’d have hardly anything left at the end of the month)? Today I want to help guide you through the money conversations to have with your teenager once they start earning their first paycheck. Whatever it looks like, it’s ending with a beautiful (albeit, small) paycheck in their name.

Maybe they work on weekends, or only just a few days a month. Maybe they’re hitting you up for transportation. They may have even gotten their first paycheck.

Household budget worksheet pdf suze orman