Having your teen get their first job is an exciting milestone for both of you. They’ll receive wider exposure to the world outside your family and their usual school routines and of course, the best part — they’ll be earning their own money. To make this venture into the world of work a successful one, you’ll want to help your teen make a great impression and manage their new income.

Review the Basics

You might think things like being on time and calling in if you can’t make your shift go without saying, but your teen needs to hear them. Go over the basics of being a responsible employee.  This includes punctuality, dependability, and being respectful of the boss, coworkers and customers. Let them know that if they run into challenges or situations they feel like they can’t handle on their own, you’ll be available as a sounding board to offer guidance.

Go Over Paperwork Together

From the application to filling out new employee paperwork to reviewing their pay stub, you’ll want to go over essential employment paperwork with your teen. Pay close attention to the tax forms they fill out and how they’re being paid. If your teen fills out a W-4 form, the employer will withhold the necessary taxes. If they are being paid as contractor or freelancer, the employer will not withhold taxes, and your teen will be responsible for paying those on their own when the employer files a 1099 form.

Generally speaking, if your teen’s first job is with a well-known national company, they will fill out a W-4. If they get a job with a smaller, local business, there might be less formalized payroll procedures, so just be sure to keep an eye on things.

Bank on It

If they don’t have one already, your teen’s first job is the perfect time for them to open a bank account. In fact, you may want to have them open both a checking and a savings account. If their employer offers direct deposit, they can designate how much of each paycheck to funnel into each account. It’s a great way to get teens into the habit of saving money and paying themselves first.

Be Open to Ideas

The teen job market has changed a lot in recent years. Young people now have more options than working at the local movie theater or fast food jobs. Be open to the possibility that your teen could make money monetizing their YouTube channel or Instagram account or doing freelance coding, web design or other web-based work. Just be sure the entities offering employment are legitimate and that your teen is following all appropriate online safety precautions.

Establish Expectations

Talk with your teen about the responsibilities and options that come with making their own money. Will their income be strictly for spending as they see fit? Or will they need to take over a household expense, such as buying their own clothes? Do you expect them to start contributing a portion of their earnings to their college fund? What about chores around the house? Are you expecting them to continue those responsibilities, or will they be delegated to a sibling? Setting clear expectations up front will help make your teen’s first employment experience a positive thing for the whole family.