Jobs Help Teens Make Time and Spending Decisions
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Jobs Help Teens Make Time and Spending Decisions

April 2002 is National Financial Literacy for Youth Month

RELEASE: March 2002
CONTACT: Paul S. Richard, ICFE Executive Director

San Diego, CA.  'Teens 16 and older getting jobs between school terms will learn some things about their time and money too. For example, how hard it is going to be for some of them to hang on to their money and, for others, where does all their time go. Parents can help teens understand the work-a-day world by creating a positive learning experience for their working teens and greatly impact it by monitoring their finances and providing some helpful guidance,' says the nonprofit Institute of Consumer Financial Education (ICFE), a San Diego based group.

An important first lesson for teens is the value of the money they earn themselves. Because most teen jobs are hourly, kids quickly connect between work preformed and wages earned. Many youngsters receive an allowance from parents before ever getting a real job, so they already have developed some spending habits. But, allowances, even conditioned on doing household chores, may often be taken for granted. When a teen who is given to impulse, however, decides not to work as much in a given period ,will learn the consequences of that decision when the next paycheck comes.

Money gives people decision-making opportunities. Allow young people to make spending decisions, both good and poor, and let them suffer the consequences, by not bailing them out. Later on, encourage a discussion of pros and cons before more spending takes place. Encourage common sense when buying. That means doing research before making purchases, looking for discounts and coupons, waiting for the right time to buy, and employing the spending-by-choice technique which is selecting at least three other things money could be invested or spent on, once it has been decided to make a purchase.

Everyday spending decisions, especially credit-based ones, will have a far greater negative impact on one's financial future than any investment decisions. Educating, motivating and empowering young people to become regular savers and investors while they are still young will enable them to keep more of the money they earn and do more with the money they keep!

For more information on children and money, including 18 ways to teach your children or grandchildren the value money, plus information on videos and other Resources, visit the ICFE's Website at : To receive the same information by mail, please send $1 and a self-addressed, double stamped envelope to:

ICFE- 18 Tips
PO Box 34070
San Diego, CA 92163.

About the ICFE:

The Institute of Consumer Financial Education (ICFE), founded in 1982 by the late Loren Dunton - creator of the "certified financial planner” (CFP) designation - is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely. The years between 1984 and 2000, the ICFE was also known as the National Center for Financial Education (NCFE).

The ICFE is a nonprofit consumer education organization that has helped millions of people through its education programs and Resources. Over one million "Credit / Debit Card Warning Labels” and "Credit / Debit Card Sleeves” are in circulation world wide.

The ICFE's on-line help for consumers who spend too much was featured in PARADE Magazine (June 9th, 2002) in the Intelligence Report section. The money helps and tips are from the "Money Instruction Book," a course in personal finance, which was completely revised and updated in 2002 and is positioned to become among the premier programs in the new bankruptcy and debtor education initiatives.

The ICFE's "Do-It-Yourself Credit File Correction Guide," now in its Twelfth Printing, is in use by thousands of consumer credit and debt counselors in addition to tens of thousands of consumers. It received a "buy” rating in July, August and November from nationally syndicated financial columnist, Humberto Cruz in his column, "The Savings Game". BottomLine Personal newsletter gave the Guide a "Send For” rating in September 2001. The ICFE and our do-it-yourself approach to credit file correction was featured on NBC Nightly News on 04-30-02. The Spanish edition of the Guide premiered in January 2002. Syndicated columnist, Robert Heady also gave the ICFE Guide a "buy” rating.

The ICFE Web site at: helps consumers with mending spending, learn about the proper use of credit, budget and expense guidelines, how to set up and implement a spending-plan and also access financial education courses and videos and how to teach children about money. Other ICFE services include a free eNews, and an on-line resource center of financial education learning tools, including videos, books and personal finance courses.

Consumers may learn more on the Internet about the "Do-It-Yourself Credit File Correction Guide" here, or fill out our request form, indicating your areas of interest.

For more information contact Paul S. Richard ICFE Executive Director at 619-239-1401.

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