teenagers and money

jesuslovesyou · Junior Member Joined: 24 Apr 2006 Posts: 36

Any suggestions on how much money to give your kids... teach them responsibility etc. We just bought my 16 year old son a 2000 truck. Actually he paid 1/4, we paid 1/4 and my parents paid 1/2. He does not have a job - He plays serious baseball (college scholarship hopeful), goes to a private Christian school, takes honor & AP classes & has a 4.0 GPA. I don't think he has much time for a job... How much should we give him for gas, fun etc. - one lump sum per month??? Fill up the gas tanks periodically?? When his one year provisional permit is up, he will be driving his sister to school too.

Also, how about my 13 year old daughter - she is gets straight A's , but is very fashion conscious. Here is Southern Calif., that can get expensive.

I have been a stay at home mom for the passed 2 years, but am considering getting a job in Sept., during school hours. My husband makes good money, but again, Southern California is expensive & I tend to be very conservative with money.

Any suggestions??

SAM · Veteran Joined: 03 Mar 2001 Posts: 1862 Location: Chicago

For my daughter, even though a very good student, she still worked a couple of hours during the week and on weekends. We made her responsible for her car insurance and upkeep on the car, which included oil changes or tune-ups and gasoline.

I know I wanted to help out because of her good grades but I also wanted her to learn what things cost and how to take care of them. She's in her 20's now and watches her pennies very closely. I think it's because mom and dad didn't pay for everything.

Rebajay · Newbie Joined: 04 Oct 2006 Posts: 1

Our son is 15 and will be driving soon. We are going to pay for gas to school and school activities but he will be responsible for any other gas he may need. We are considering $30-40 per month towards gas. He will pay 1/2 of his insurance. WE will do the upkeep.

I think $50 is a good amount for allowance then they can save if they want something big or pay as they have money. We alway want him to save something as well.

Good luck

jesuslovesyou · Junior Member Joined: 24 Apr 2006 Posts: 36

Thanks, How will he pay for his extra gas money, insurance etc. Will he get a job? With my son playing Varsity baseball & taking 6 hard classes - Bible, Physics, AP U.S. History, AP English Composition, Honors Spanish III, & Pre Calculus - He doesn't have very many extra hours for working. We gave him a credit card - for gas & emergencies, or he has to call and ask before he buys anything - so far so good. I just don't know how much to give him & how many hours he could work... More advise from anyone??

rdsmith3 · Full Member Joined: 04 Oct 2006 Posts: 274 Location: NJ

Money is a tough subject, and there are lots of opinions. Also, what I think is not always the same as what I do. So take this in the spirit of it just being some opinions. I am not telling you what to do, and not even doing all of this. I certainly don't mean to sound critical or judgmental.

I think that one of the biggest roles we have as parents is to teach kids accountability and responsibility. Just giving kids money does not teach them accountability and does not teach them the value of it. Also, if someone is so busy that they do not have time to work, think and pray about whether your son's priorities are properly ordered.

Could your son work in the off season and save up money for the months that he is playing sports?

I think there are two basic approaches. One is to pay an allowance that is not tied to specific chores, but there should still be an expectation that your son has responsibilities around the house. The advantage of this approach is that if you need to withhold payment as a consequence for some reason (e.g. he stays out late several times after being told not to) he still has to do chores.

The other approach is to pay for specific jobs around the house, such as painting, cleaning out the garage, cleaning a bathroom, etc.

Again, I think the main point is to teach accountability and to instill the value of money. Personally, I would not give a kid a credit card because it is so easy to get into debt. It obscures the link between work and money.

Good luck.

jesuslovesyou · Junior Member Joined: 24 Apr 2006 Posts: 36

THanks, Good advise. The credit card is actually to teach him to use it appropriately. My husband & I use ours a lot, but pay it off every month. I want my son to learn that is possible. He also has learned about credit scores & how important they are. So far the credit card has worked well & it has not been abused in the two months that he has had it. As for doing too much - I worry too, but more that he will be burned out from all the school work. With the AP classes it actually will save us money, since he will get college credit for those classes & we won't have to pay college units for them. His excellent grades, also save us on car insurance. But I want to make sure he learns the value of things and even how buying a water from the school machine adds up.

I like the idea of a simple allowance & extra money doing extra chores. My parents are older, so they often have him do things around there house & pay him, rather than hiring someone else.

rdsmith3 · Full Member Joined: 04 Oct 2006 Posts: 274 Location: NJ

Sounds like you are blessed with a great kid.

jesuslovesyou · Junior Member Joined: 24 Apr 2006 Posts: 36

THanks, You reminded me that I really do. All to God's doing, certainly not mine. Other than lots of prayer.

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