1. Set a Goal

“The child needs to think about what they hope to accomplish from having the job. Before selecting a job, set a goal for the money the child expects to earn. This will help decide how much money the child would like to earn, which can then help target the type of job to consider. Setting a financial goal will determine if the job should be during the three-month summer period or one that can be performed year-round.”

Peter deSilva, president and chief operating officer

2. What Kind of Job is Right for the Child?

“There are numerous traditional jobs to consider, such as lawn services, baby-sitting or a paper route. However, choosing an activity the child has a personal interest in will make the job more rewarding and fun. To help ensure a particular job is a good fit, make a list of skills or interests, and then think about how these could apply to a job. A child should talk to parents, friends, teachers and/or siblings to come up with ideas that are not as obvious as those listed above. Finally, make sure the job doesn’t create additional conflicts. The job should fit the child’s current and expected schedule so that school, friends and other activities are not negatively affected by this new commitment.”

Larry Smith, executive vice president and chief human resources officer

3. It May Take Money to Make Money

“Depending on the job, there may be some expenses associated with getting started. If start-up money is not available, a plan will need to be formed on how to attain funding. Begin by determining how much money is needed, and then make a list of options on how to obtain this, which may include borrowing from parents or other trusted sources. Then make a repayment plan, including how long and the frequency needed to make repayments to begin the job.

“Another important task is making a budget with details for both expenses and income. If regular expenses are expected, it’s important to make sure enough income will be made to off-set those costs, ideally with enough left to achieve the desired profit.”

Mike Hagedorn, executive vice president and chief financial officer

4. Promoting the New Job

“Once a job is selected, the next step is to ensure others know about your job services. Fliers are an easy and inexpensive way to spread the word and can include all the necessary information prospects desire, such as types of services performed and contact information. These can then be distributed to family friends, neighbors, and parent co-workers either in printed form or through e-mail.”

Heather Miller, executive vice president of marketing communication

5. Money, Money and More Money

“Now is the time to decide how much to charge for services. Establishing a price can be difficult; however, researching what others are charging for the same or similar job can help determine a baseline and will ensure the price is competitive. As the child begins to earn money, be sure a plan has been established to manage it. A common percentage allocation for profits is: 60 percent for fun spending, 30 percent savings for a future item and 10 percent for a donation to a charity or non-profit cause.”

Dana Abraham, executive vice president of asset management

About UMB

UMB Financial Corporation (NASDAQ: UMBF - News) is a multi-bank holding company headquartered in Kansas City, Mo., offering complete banking, asset management, health spending solutions and related financial services to both individual and business customers nationwide. Its banking subsidiaries own and operate 136 banking centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of the holding company and the lead bank, UMB Bank, n.a., include an investment services group based in Milwaukee, Wis., single-purpose companies that deal with brokerage services and insurance, and registered investment advisors for proprietary mutual funds.