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Is your child ready for life?

Dear parents,

As parents, we work hard to ensure our children have everything they need. But do they? Do they have the knowledge to fill out a job application or make out a check? How about budgeting? Do they have any training on managing a household and all of its expenses? The good news is that New Dimensions FCU has designed a Home Economic Program that is completely virtual and will help prepare your children for their financial future. From earning an income to budgeting and paying for their monthly expenses, we have a plan to show them what they will need to know. However, we need your help getting children through this program so they have a successful learning experience.

By investing just a small amount of your time to get your child(ren) involved in this program, you will see big gains later. In this easy-to-follow Home Economic program, we first start them on the road to getting a job (earning an income).  This portion of the program will show them what to do when filling out a job application and taking part in mock interviews will help your child feel comfortable when entering the workplace and showing up confident to that first job interview. Next, we show them how to manage their money. In this budgeting 101 section of the program, we give them examples of the types of jobs and income they could make. We tell them about the kinds of expenses they will incur such as rent, groceries, insurance, and more. The key to this section is having them cover all of their bills with the income they are allotted (this is an eye-opener for most young adults). We will even throw in some fun little twists like including Wheel of Life Cards which throw unexpected costs and expenses into their budgets, as well as Fun Cards which is added to demonstrate the importance of having a little bit of fun too.

This program also includes practicing check writing, working with deposit and w/d slips, and keeping a register to help keep track of your transactions. (something we know most young adults don’t do but in this program we show them the importance of knowing exactly what is being spent and making sure they will have enough money to pay their bills on time. )

We also included an expense tracker for parents to help keep track of expenses that are paid.

Instructions!

  1. Review the Monthly Expenses and Job Descriptions and Expectations with your child(ren). Let them choose the job they want.
  2. Have your child(ren) fill out a Job Application, there are 2 different ones. The older children can fill out the one similar to what they would fill out when they apply for a “real” job, and the other is for younger kids to write out why they want a particular job. Once the job applications are completed, review how they did and offer feedback on the applications. Note: these jobs can change weekly and can reinforce the application and interview process.
  3. Hold Mock Interviews. These interviews will help your child(ren) feel comfortable when in a real-life interview situation. Review the STAR technique with them. The STAR technique will help them organize their thoughts.
  4. Once a job has been selected and approved, review the Budget Sheet. Budgeting allows you to set funds aside each pay period to pay the monthly expenses.
  5. Have the child(ren) draw a Wheel of Life Card and a Fun Card to incorporate into their budget.
  6. Now it’s Payday! Uses the checks to pay your child(ren). Note: you can have the child(ren) write the checks out to themselves or each other to practice writing checks.
  7. Child(ren) can use the Deposit Tickets to deposit their paychecks into their “account” and fill out the Register to keep track of their transactions.
  8. Child(ren) can use the Withdrawal Tickets to withdrawal fun money or pay for expenses.
  9. Checks can also be used to pay expenses. Have your child(ren) practice writing out checks to pay for expenses. Explain that using checks, is a way to show proof that your expenses have been paid.
  10. Use the Expense Tracker to record the expenses your child(ren) paid.

Helping our children build their confidence is important in raising successful young adults. Therefore, by encouraging them to practice filling out job applications, taking part in mock interviews, and learning important financial skills, we are showing them how to build the skills and aptitude needed so that when an opportunity presents itself—they are well prepared.

If you have any questions, please contact Carrielyn Reynolds at creynolds@newdimensionsfcu.com or call her at (800) 326-6190.

The following PDF pages are the materials you will need to successfully complete the program.

Employment Application (15 years old and up)
Employment Application (Under 15)
Deposit Slips
Expense Tracker
Fun Cards
Interview Questions
Job Expectations and Monthly Expenses
Monthly Budget
Pay Checks
Register
Wheel of Life
Withdrawal Tickets

 

Be sure to ask your child(ren) the following questions. You may be surprised at their answers. Perhaps you may even want to go through the program again having them choose a different job/income. The opportunities to learn are endless.

Discussion Questions

  1. What did you like?
  2. What didn’t you like?
  3. What is 1 thing you learned?
  4. What is 1 thing you would like to learn?
  5. How do you think this will help you in the future?
  6. If you could change/add something to this program, what would it be?

Thoughts from Carrielyn Reynolds, Financial Education Coordinator, who piloted this program with her own high school-aged children. Here is what she had to say after working with them for 4 weeks.

“Having piloted this program with my children, I saw firsthand the growth and confidence they gained over the 4 weeks and I knew I had to share it with you. The growth they experienced in the mock interviews alone was exponential and watching their confidence grow from week to week made me realize how valuable these lessons really are. The important financial lessons they were able to walk away with were becoming familiar with writing checks, balancing a register, and effectively budgeting their money. They learned how to cover their expenses, contribute to their savings, and still enjoy a few fun things or items they wanted to purchase.”