Budget for teenage son

2

Comments

  • bambinaUK
    bambinaUK Posts: 257 Forumite
    I have been transferring my daughter child benefit into her bank account for the past 3 years and with a few minor hiccups she has managed this really well. I occasionally take her out for a days clothes shopping, but other than that she has saved up for major purchases herself. I didn't even realise she had been paying for a few school trips, school photos etc out of this account too! Trips to the cinema and birthday presents for friends and family have also come out of this money too.
  • gt568
    gt568 Posts: 2,495 Forumite
    Name Dropper First Post First Anniversary
    I do hope you are all making these kids work for the money you're giving them? Otherwise it defeats the point. Teaches them to budget with "money for nothing" much the same as budgeting on the dole.
    {Signature removed by Forum Team}
  • Toto
    Toto Posts: 6,680 Forumite
    First Anniversary Combo Breaker
    I give my 17 year old an allowance which covers bus fares to college and lunches. Out of that she is expected to buy makeup and anything not usually bought in the household shopping.

    She also earns money from us when she babysits the younger two while I am at work. Recently she has also taken on a part time job which is a bit ad-hoc but it works for her. Her clothes and things usually come out of this, although occasionally I will take her out shopping and treat her to a few things, just because I want to.

    Her allowance is earned by purely going to college and working hard. She does the dishwasher/kitchen/run the hoover round when she's looking after the younger ones but I really believe that she has a lifetime of working hard to earn and support herself. Right now is the time in her life when she can enjoy life a bit, as long as she is studying hard I really don't ask much more from her.
    :A
    :A
    "Everyone is a genius. But if you judge a fish on its ability to climb a tree, it will live its whole life believing that it is stupid" - Albert Einstein
  • monty-doggy
    monty-doggy Posts: 2,134 Forumite
    First Anniversary First Post Combo Breaker I've been Money Tipped!
    When I was 14 I wanted extra money, I got a paper round but the pay was crap. My dad matched what I earns £ for £ to encourage me to work for it.
    I saved for a trip to Florida :)
  • gibson123
    gibson123 Posts: 1,733 Forumite
    My daughter gets £150 per month to pay for EVERYTHING. That means all clothes, phone, school lunches, fares, shoes, school trips, entertainment, music lessons, make-up, toiletries. She loses allowance if she gets behind on chores or homework but apart from that budgets really well. It seems a lot but if she pays £2 a day for bus fares and another £2 for lunch. This account for well over half her allowance. She is saving £10 a month for a big trip when she is 18 and intends to get a job when she is 16.
  • lilymay1
    lilymay1 Posts: 1,597 Forumite
    I am really shocked at the 'free' money people seem to give their kids. I am going to be hated by my children when they get older! I was never given an 'allowance' as a child and all money I did get I had to work for.

    My first job was a paper round at 13 and I used to earn £15 a week I think. My mum used to buy me school clothes and anything she thought I needed clothes wise, but everything extra - trips, clothes, snacks I had to pay for myself.

    Didn't do me any harm and I always appreciated money, particularly other peoples. My brothers children are very indulged and my 10 year old neice actually complained that one of her uncles (unemployed) hadn't spent enough on her present! I would be ashamed if my children ever did that.
    14th October 2010
    20th October 2011
    3rd December 2013
  • kirlyg
    kirlyg Posts: 5 Forumite
    Hi, I think it is a great idea to start teenagers off with a bit of money sense. I did a similar thing with my son about a year ago (he too was 14 at the time.) He has a basic card account, I pay him £5 pocket money a week paid in by direct debit every Friday. Now he is more independent he wants to get around on the bus (he walks to school) we have an agreement where I buy his years freedom pass which is £100 but we go halves - so now I deduct £1 a week from his direct debit. He has a cheap mobile contract we pay for but he does all his own ironing to pay for that, and a gym membership £3 a week so he washes my husbands car for that. Then he is earning his perks and doesn't expect things for nothing. Now he has got himself a few hours a week job in a cafe as he likes to buy clothes and take his girlfriend out. Last week I really knew he'd learnt the value of money when he bought a hoody from Primark cos it was a tenner, but the same thing in Topshop was £25! Good boy! Loves a bargain ; )
  • Poppy9
    Poppy9 Posts: 18,833 Forumite
    First Post First Anniversary Combo Breaker
    I've been giving my DD an allowance via bank credit since she was 12.

    It was money purely for her to use for entertainment and if she wanted to buy non essential clothings. She also used the money to buy OH and myself Xmas/birthday gifts but I told her they must be something small that she could afford.

    I paid for all school related items. I also bought her a new summer/winter wardrobe each year. I also paid her mobile phone contract but if she went over she had to pay the difference.

    It worked very well. We had an initial hiccup where she became a bit too excited with her debit card but with on line banking she could log on and see her spending and the effect on her balance.

    Her allowance went up each birthday until she was 16 and now 2 years later it remains at the same level which is £50 per month.

    I still pay for her mobile on top of this £50 but she now has a part time job as going out clubbing is expensive! She manages her money very well. She's just paid in full for a foreign holiday and has her spending money saved. She now pays half for her hair colouring, all her own make up and she buys more of her clothes but I still buy her outfits and toiletries.

    She doesn't have her own car as she couldn't afford to save/go out etc. and insure/tax, maintain a car. Instead she is insured on my car but does contribute to petrol. She did offer to pay 1/2 the cost of my increased insurance payment but I declined as I didn't want her to work more hours at the time as she had her A levels to study for.

    Once A levels are out of the way we will get down to some serious cashflow and budgeting in preparation for uni.
    :) ~Laugh and the world laughs with you, weep and you weep alone.~:)
  • jilltoon
    jilltoon Posts: 28 Forumite
    My son is 16 in october ,he gets £60 a month off his grandparents which he usually spends on clothes. I pay his monthly phone bill and give him a few pounds when he goes out with his friends (not much usually a couple of pound for a drink) He has never saved for anything yet . My youngest son also gets the same (age 10 ) but he does seem to spend his money on rubbish cheap toys (which I try to discourage)
  • Lunar_Eclipse
    Lunar_Eclipse Posts: 3,060 Forumite
    gt568 wrote: »
    Teaches them to budget with "money for nothing" much the same as budgeting on the dole.

    I disagree. One has a full time job and the other doesn't.

    For children who put in the hours to maintain a high/their best grade average, play in sports teams, practice musical instruments or participate in drama and other activities, it feels like a very long working week.

    I'm not arguing for or against working for an allowance, or the merits and pitfalls of part time working whilst at school, but I felt your post was a little insulting to the children who work very hard with their academic studies and other committments (seriously, where is their free time?)

    It's up to individual families where they place their priorties with pocket money and everything else.
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