Summer break for most Beijing students is just around the corner, which means kids will have to decide how they will spend those hot, sticky days. Some will while them away at the water parks, but others may find that they can’t afford the recreation fee, as their savings are nothing but linty pockets. If parents refrain from simply handing over money, they can teach kids how to manage their finances in a world of economic uncertainties.
The New York Times gives a few handy tips for helping teens earn and learn through having a part-time job.
For daughters and sons who plan on staying in Beijing during the holiday, opportunities for part-time work might be limited. Still, parents should consider alternatives to allow their children a taste of the working world, such as providing an allowance in exchange for running errands or doing chores, reviewing the family budget or discussing career paths with them. Moms and dads can also outline some ground rules for spending that will lead to a path of financial independence.
“It’s financial help that hurts,” Brad Klontz, a financial psychologist, told the New York Times. “You condition them that there will always be enough money — whatever my needs are, they will always be taken care of.”
For more advice, see Teaching Your Kids to Manage Money here.