Your teen’s first paycheque is more than just money in the bank — it’s a chance to build lifelong money skills. Don’t waste it.
In this episode, I’m joined by Shannon Lee Simmons, Certified Financial Planner, founder of New School of Finance and author of Making Bank: Money Skills for Real Life. Together, we unpack how to turn that first job into a powerful learning moment for both teens and parents.
We cover:
What every teen should understand about pay stubs, deductions, CPP, and EI
How parents can guide without lecturing (and avoid the #1 mistake)
Why teens often blow their first paycheque — and how to change that
Practical ways to encourage saving and goal-setting early
The money talk every teen needs before starting work
If your teen is 16–18 and earning their own money for the first time, this episode will show you how to help them keep, save, and enjoy their pay — without wasting the opportunity.
Share this episode with another parent — or listen with your teen — to spark the conversations that build real money confidence.
Episode links:
https://www.newschooloffinance.com/
Chapters:
00:00 Introduction to Shannon Lee Simmons
03:05 Teen's First Job
06:54 Allowances Before 1st Jobs
08:34 Types of 1st Jobs
10:40 File Taxes When You are 18
12:26 How To File Taxes
14:27 Understanding a Paycheck
16:10 CPP - Canadian Pension Plan
18:21 Good Social Media
23:22 Practical Tips for Parents