Part-Time and Temporary jobs are a great way for kids and teens to earn money but time should always be set aside for studies, leisure, and recreational activities. The value of studing and the pursuit of knowledge cannot be overemphasized, nor can leisure and recreational activities.
In some cases the reason for doing odd jobs may be to help ones family during difficult times but a young person should always value an education over any kind of a job, be it temporary or permanent. A healthy balance of time between work, play, and studies is always best. Never quit school or use your study time for working. There will always be plenty of time for better and higher paying jobs after you’ve finished your schooling.
Another important aspect of earning money is to always strive to save a certain amount of every dollar earned. Many kids don’t know or appreciate the value of saving but its one of the most important lessons of life. Its an easy habit to form at an early age and one of the best you will ever learn. Learn to save and you will be rewarded many times over during your lifetime.
Kids should learn good money skills early in life. Things such as high and low interest rates and how they are computed, as well as the difference between local banks, federal banks and credit unions are just a few of the many things to learn.
When you first begin saving money you will want to know the difference between regular saving accounts, CD savings, and checking accounts. You will also want to learn how interest is accrued and compounded to increase your savings. All of this is easy to learn on the internet and many kids reading this will already know it but for the few who may not I urge you to learn as soon as possible. In fact, all kids, tweens, and teens should know these things even if they never have an odd job for making extra money.
Working to make money is only the first part of the plan, making money work for you is the second and perhaps the more important part. Always strive to make the most interest on your money but at the same time always choose the safest place to keep it. Accrued and compounded interest on your savings will pay you a great deal of money over time.
Here is a simple way of learning how fast your savings will grow by using the “Rule Of 72″. Divide the interest rate your savings are earning into 72 and the result is the number of years it will take before your original savings double in value if left alone to accumulate. Never forget this valuable information, it will serve you well in later life.