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If your teen works do they spend their money or do they put some of it in a savings acount?

My son started his job and he clears $120 a week. I do not want to control his money as he works for it. I am hoping this will be a chance for him to learn to budget his money. What do you think would be a fair amount for him to put into his savings each week? He is 14 years old.

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ronjwake

Asked by ronjwake at 2:16 AM on Aug. 3, 2009 in Just for Fun

Level 7 (175 Credits)
Answers (14)
  • When we started working my parents made us put half of our paycheck in a bank account we couldnt touch, she said we would understand in a few years why, if we couldnt understand now- anyway, after two years of fighting and arguing over it, i was SOO happy, because I bought my first car with my own hard earned money, that I otherwise wouldnt have had, had my mom not taught by FORCE to save half of my paychecks-
    I thank her for it everday, and still have that car!
    Anonymous

    Answer by Anonymous at 2:21 AM on Aug. 3, 2009

  • That is my plan with my son, for him to save money to help buy his first vehicle. I have told him I will help buy it , if he saves money and goes in half for it. But that doesn't mean I will let him buy a $30k car..LOL
    ronjwake

    Answer by ronjwake at 2:25 AM on Aug. 3, 2009

  • when i started working I blew my money so fast, because my mom didnt buy stuff for us, unless she absolutely had to, so I made sure me and my baby sis had things we didnt have before. I made about 400 bi-weekly. big money for someone who lives for free and was 14.

    But after being able to splurge and see how much money can be wasted I made my own decision to save, well I ultimatly learned the value of a dollar so to speak. and I didnt have a parent forcing me to save, I did it on my own, and it helped in the long run because I moved out at 16 and boy did that save my a$$
    Dom123123

    Answer by Dom123123 at 2:26 AM on Aug. 3, 2009

  • I would tell him that, tell him to put half in teh bank, and you would match it when he turned 16 and get a nice car for him.
    Really what does a 14 year old need with a whole lot of cash anways, it will get him into trouble!!!
    lol
    I'm very glad my mom made me save that way.
    it greatly helped me learn to budget my money- like I said, I hated her for years over it lOL. but it all came together when I bought my car.
    Anonymous

    Answer by Anonymous at 2:31 AM on Aug. 3, 2009

  • When I had my first job I spent in on clothes and gas. I wish I wouldn't saved alot more than I did. Just teach your son how to be responsible with money and he'll be fine.
    SaraP1989

    Answer by SaraP1989 at 2:31 AM on Aug. 3, 2009

  • Dom as you said you learned the value of a dollar. I told my son I will let him pay for his own school lunches since he has a job. Roughly $20 a week. I want him to save some of his money but don't want to force it on him. I told him to put $20 a week in his savings account or more if he chooses.
    ronjwake

    Answer by ronjwake at 2:32 AM on Aug. 3, 2009

  • In my family we were given the option to save or not and also to tithe or not. I did both and was able to buy my first car and pay all my bills including insurane and phone bill when I wanted a cell. Also my mom gave me X amount of money for clothing and if I wanted brand name or more expensive clothing I provided the rest.

    lstrickland

    Answer by lstrickland at 2:47 AM on Aug. 3, 2009

  • i saved mine. i got about $600 per paycheque, i would put 500 into savings and keep the rest out for spending, i bought my own clothes, paid for my gas & insurance and anything else i wanted.
    jcsmummy

    Answer by jcsmummy at 2:56 AM on Aug. 3, 2009

  • My kids are not teens yet. I will make them save some of it. How much is the question. My sister made me save 60% of it. I think I will just do 50%, seeing is that they are working for it. I will def teach my kids how to budget better than i did. I did save money, even after I moved out of my sister's house. Then I got pregnant w/ my oldest, and was single. So I ended up having to use that money. Now I'm living paycheck to paycheck. My kids will be budgeting money, and going to college after h.s. :)
    SAMNMAYASMOM

    Answer by SAMNMAYASMOM at 4:32 AM on Aug. 3, 2009

  • My son puts half of his paycheck into his savings account when he gets paid...He is starting college in the fall so any money he has goes into the bank...
    Anonymous

    Answer by Anonymous at 5:23 AM on Aug. 3, 2009

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