Things you need
- Pay slips or a job advertisement with an hourly rate
- Excel spreadsheet (optional).
When your child is looking at part-time jobs, encourage them to view or ask what the hourly rate is. They can start using this to calculate a budget of how much they can save and still have enough to buy what they want.
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.
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.
This activity can and probably will spark all kinds of questions or thoughts. Rest assured, this is a good thing and an opportunity for your teenager to make some informed decisions about their future and the value of their time.
You’ll be needing this skill if you’re in charge of almost any work budget, but it’s vital to know if you’re self-employed, freelancing, or paid on commission. Such professions include author, real estate agents, actors, web developers, designers, retail workers, entrepreneurs, consultants and tradies.
Anybody who is selling their services needs to know how much they’re worth and what they need to do to work out their worth. If your teenager has ever expressed an interest in working for themselves, knowing hourly rates is a very important skill