5. Start Saving NowNot surprisingly

5. Start Saving Now
Not surprisingly, financial planners share a consensus that a summer job is a great way to get a teen into the habit of savings. "Having earned income makes you eligible to contribute to retirement accounts like IRAs and Roth IRAs. You can contribute an amount equal to your earned income, subject to the 2015 max contribution of $5,500," says McGimsey.
A little can add up. A teen who socks away just $1,000 in a Roth IRA for four years starting at age 16 could have $84,000 socked away at age 65 assuming a 7% annual return, or $127,000, assuming an 8% annual return, explains Dave Demming, CFP and president of Demming Financial Services Corp. "Starting early gives you such a huge start," he says.
Of course, not all teens are going to be thrilled about setting aside money for retirement. LaBrecque says that in his household, his kids are expected to pitch in 25% of the cost of college. So when it comes to summer jobs, "We have a 'parent match'," he says. "Save $1 for college, and the bank of Mom and Dad matches 100%. Heck, we're paying anyway, so why not get some mileage and ingrain the saving and matching habit early?"
Finally, teens can learn a lot from the job-hunting process itself. "Up to 80% of jobs are never listed publicly," says Cain. "So be proactive and approach a local business that you have a true interest in and find out if there is a way you can help." That's a life lesson many of us will have to learn at some point or another. It might as well be while we're young.
This article originally appeared on Credit.com.