The first step is to look at your teen’s pay slips or a job advertisement they’re interested in that specifies the hourly rate available.
- If your teen doesn’t have a job, work out how many hours they would like to work per week and then multiply it by the hourly rate.
- If your teen does have a job, use their payslip to find out their hourly rate by dividing their earnings by the number of hours worked on that payslip.
- If they’re working “gig” work, like takeaway delivery, then you’ll need to work out what their average minimum hourly salary is.
Once you’ve got this information, get your teenager to map out their expected hours over the course of the next month, and multiply this to their hourly rate.
Finally, start creating a budget planner by factoring in expenses and outgoings. This will enable them to plan how to save and spend their earnings.