Do You Remember Your Very First?
The moment I feared is now a reality. My baby. My BabyGirl. *sigh*
Get your minds out the gutter!! LOL!
My baby got a call for her very first job today. 
The manager wants her to come in so she can complete the “intent to employ” certificate for underage workers. I have to return it to the school and complete parental authorization forms, then she’ll get an official work permit. *sigh* I am not happy about this, but she wants it really bad, so I’ll play along…for now. Despite what she may want, I have a few rules that are non-negotiable:
- School is the #1 priority. If grades slip, then the job goes.
- Her household chores will NOT be reduced. Daily care for the dog is still her responsibility. Her room, her bathroom, and the kitchen must be cleaned as usual. If she can’t manage responsibilities and a job, then the job goes.
- She is allowed to reduce extracurricular activities at her discretion, but quitting All-Star County Band is not an option and Delta GEMS takes priority over cheerleading and track.
- She is allowed to work on Saturdays and Sundays only. At least until she proves that she can handle the additional responsibility.
- I will open a teen checking account when she receives her first paycheck. I will monitor it but she will be responsible for managing it. Every payday, 80% will go into checking for discretionary spending and 20% will go into ING for savings.
- If she proves that she can save consistently, I will match her savings with every $100 increment.
- After 6 months of employment, assuming all of the above run smoothly, I will open an Roth IRA in her name. At the end of each year, I will contribute the equivalent of her annual earnings up to the federal mandated maximum.
We have discussed all of this and she agrees to the limitations. I plan to draft a bilateral contract within the next few days, we will review the terms together and sign it. If all goes well, I will be quite impressed. But it doesn’t negate the fact that I’m sad because my baby is really growing up.
Will I be a bad mom if I make her quit just because I later decide that I don’t like it?
Never mind, don’t answer that.
~*~*~*~*~*~Work to achieve, not to acquire.
And as always, BE FABULOUS!
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27 comments:
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Debt Sucks (Trackback), 24 February 2008, 16:01
My first job(s)…
Single Ma seems to be getting a bit freaked out over at Fabulous Financials about her 15 year old daughter getting her first job. It got me thinking.
I, and my sisters, were in the exact opposite situation. My parents went and gone done had four kids. … -
Fabulous Financials » BabyGirl Got the Job She Wanted (Pingback), 1 March 2008, 8:17
[...] between the two offers will be one of her easier decisions though. The one she wants is better than the other by a long shot [...]
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Fabulous Financials » BabyGirl’s First Job and First Paycheck (Pingback), 19 March 2008, 12:35
[...] that’s more like it! Then I finally drafted a variation of the responsibility contract, but we need to sign it and make it visible. She needs to be reminded of her priorities: school, [...]
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Fabulous Financials » Teenage Freedom and Responsibilities (Pingback), 3 September 2008, 7:01
[...] working hours are still limited to weekends only (unless school is not in session). My previous rules will not change - GRADES. COME. FIRST. She agreed and was ready to hit the ground running. So I [...]
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YEAH for Delta GEMS!!!!!!!!!!!!!!!!!!!! ~That is all.~
PS. Can you adopt me? I can sign that same contract? And when will you start making my Roth IRA contributions for me? LMAO
You know, I’m entering the income range that despises Uncle Sam, so I need another dependent for the tax write off. You offering? LOL [-SM]
Yes, a bad mom if you make her quit just because you don’t like it.. lol. I just wish my son was as responsible and eager to work as your daughter is. At 15 this is a great age for her to start earning her own money, and learning to manage it. Yes she’s growing up, and we have to let that happen, I get sad as well sometimes looking back and seeing all the changes - instead of being sad, I’ve been trying to focus on all the positives and seeing my son turn into a responsible adult, although as I mentioned it’s taking him ALOT longer, but with each step of freedom, I see him growing more and trying harder, and it just makes me proud.
So be proud, not sad, and if she honors everything you have laid out, and manages everything, let her be - and be excited that you have taught her valuable lessons and she is obliviously taking them to heart.
Now if I could just get my almost 16 yr old to want a part time job, I think he would actually catch up a little in the responsibility part!
Depending on how things turn out, I might just be labeled a “bad mom” then. Won’t be the first time and probably won’t be the last. LOL [-SM]
That’s ok. I’m sure my daughter could care less about the matching incentive. She’ll thank me on those broke days at college. LOL [-SM]
I was in too many school activities to get a “real” job as a teenager, but I babysat a lot. My parents made me put half in savings, half to spend. They did no matching, but then again, I paid for a lot of things myself…
It’s a great idea, and you’re right, grades FIRST!
She’s had her share of babysitting since she was 12, but I don’t think she has the patience for that anymore. Like you were, she’s also involved in many activities, but excluding MY priorities, she will choose which ones are more important. [-SM]
Wow, excellent plan! Helping her learn about responsible saving and getting her started on an IRA young…she’s lucky to have such a great Ma! Nice blog by the way
Welcome to Fabulous Financials! And thanks for compliment. [-SM]
Any reason why you’re considering a Roth IRA for her as opposed to a traditional? Due to her low-income, she would most likely qualify for the saver’s credit in addition to a traditional IRA being tax-deductible.
The reason I prefer a Roth is BECAUSE of her low income. The Roth was created FOR lower income workers as an incentive to save for retirement. If she earns less than $2,500, she won’t have to file taxes, so there will be no deductions to take. Even if she exceeds that amount, her effective tax rate will most likely be $0 (or close to it), so she wouldn’t NEED any deductions. At this age, she would benefit more from YEARS of TAX FREE GROWTH and tax free withdrawals at retirement.
Why do you think a low income worker who pays little to no taxes need additional tax deductions? [-SM]
Way to go Single Ma, having her set up savings goals right off the bat
And I noticed she is involvled with Delta Gems…would that make her mom one of my sorors? Great job instilling financial values early, and setting the correct examples.
I wish. Unfortunately, I’m not worthy. LOL [-SM]
Well now, I’m getting kudos from some people for wanting to open my own Roth IRA at nearly-twenty, but to have one at 15?! That’s lucky! =] I don’t think retirement ever crossed my mind at fifteen… The first job I had when I was fifteen was all about saving and buying a car! It’ll also be good for her to learn to balance work and school before college, I’m learning myself this semester and it’s a bit overwhelming sometimes, I’m sure she’ll be glad she got some experience beforehand. I think you should remind her to not think so far ahead, though. “Youth is wasted on the young.” Make sure she remembers to enjoy her youth before all the major responsibilities kick in!
She’s not thinking about her retirement, I AM. She’s a typical 15 yr old with thoughts of designer clothes, cell phones, text msg, ring tones, and iPod music, so she enjoys her youth to the fullest. But she’s also smart enough to know that she has a parent who will not waste money on such things, so she wants to earn it herself.
However, when it comes to matters of money, there is no such thing as “wasting your youth,” only valuable lessons learned. IMO, it is NEVER too EARLY to save. If you think so, your parents should have taught you better. Although I have a typical teen, it does not preclude ME from doing the “grown up” planning for her. [-SM]
Long time reader, first time commenter! I am so glad that your daughter is enjoying Delta GEMS. I work with the GEMS in one of the Houston area Delta chapters. I am glad that she likes it which shows that the community is responding to our programming. Thanks for your support.
Good luck to BabyGirl on her new job!
Ah yes. I remember my first job. My parents had a lot of the same rules.
I really like the 80/20 split. It’s great for a teen to be able to have fun with the fruits of their hard work. But saving habits are priceless!
I take my hats off to you. Babygirl is lucky to have a mom that is as involved as you are. Great job!
Where is that book on parenting and finances?
You are NOT a bad mom, even if you do decide to make her quit however I would allow her to work. With your rules, it will help mold her into the adult you want her to be. Responsible. If only my parents had given me some of the same rules, I would not have worked 2 jobs in high school and full-time in college (the latter was my choice due to wanting my own apartment :). My first job, I know I did NOT save a thing but I had money for the things my parents would not buy and to put gas in my car. Babygirl is truly lucky to have a mom like you to guide her in the right direction.
I haven’t been reading or commenting because I am rededicating myself to school (although I have several friends who now read) but YEAH YEAH YEAH YEAH for Delta GEMS! (Hello to any of my beautiful Sorors reading this! *waves*)
I am sure Babygurl will be flyy in all that she does. BOL.
Girl you too funny! NO - you can’t make her quit if YOU don’t like it. I mean, you “can” but you know…BREATHE! Yes your baby is growing up. Not only is she growing up, she’s growing up WELL. For that you should take a bow….or treat yourself to a pair of shoes. Shhhh! Don’t tell nobody I said that!
Ha! My mom didn’t want me looking for a job or working when I was in high school either. She wanted me to be all about the books (and basketball because I liked it, but she didn’t care about that either way). Baby girl will be in college before you know it, so take this as practice!
Yeah I do remember my first gig.. it was a summer job.. I never “worked” during the school year outside of my senior year but it was for credit since I did the “coop” program..
Anywho.. I’m like you.. My daughter TALKS a lot about getting a job BUT she also knows the responsibility that comes with it and she isn’t mature enough for it.. *plus too young* LOL I’m sure BG will come through BUT the lessons you are teaching her are FABULOUS..
Send me a copy of that contract so that I can doctor to fit my needs LOL cause you know its coming!
Yay on her first job! I like the plan you’ve laid out for her! Definitely setting her up to understand time and money management. I will have to keep that in mind when my son gets to that point.
kudos on teaching your child how to save, so many people grow up and blow away everything they have from their first job - i wish i could convey how awesome i think this is
Congratulations!!! I wish that I had a mother like you who knows that traps that lie ahead financially. I am 36 and in my life time I made numerous financial mistakes like filing for 7 and 13 bankruptcy, not having a savings, and makes unwised financial decisions. Now I know better!! I am tracking my spending, keeping up my emergency fund, and my ING account. I love ING!! Been trying to get my friends and family to jump on board. Hope your daughter knows that you have her best interest at heart!!!
Many Blessing
Awww! You are matching her savings! That’s so great and it will only motivate her to save more. You are such a good mum..
Good choice on the Roth, way to go!
Im remember my first job, I was working at a Grocery Store and My mom came by to see me in uniform ! Ha
Great idea to match her savings…I plan to do this with my kids as well. But, what about “Giving”? Maybe you have a different stance on this that I haven’t read, but what about 70% spending, 10% giving, and 20% saving? It’s never too early to teach about giving back and helping others.
I didn’t need to wait until she earned a paycheck to teach the importance of giving back and helping others. [-SM]
I think you are an amazing mom, sigh. I wish my mom would have thought to do this with me. Well I’ve learned i’m over 30+ and I think its great that you are taking the interest and the lead in planning for her financial future. How else would she learn, without someone (her mom) to show her the way. Well done!