Looking for some advice/help. I am really keen to teach DS (15) good money management skills. He is very bad with money. As an example, last Xmas we gave him £150 cash as he didn't want anything material, so we thought we'd let him pick what to to spend it on by himself. Within weeks, he had spent it on nothing, I presume snacks, sweets - either way, nothing to show for it.
Because of this, this year we have deliberately decided to not give him "pocket money" as I am certain he will just spend it through the week on rubbish. So instead, we now just give him the money he needs to spend as and when. So if he is going to the pictures we will give him money for the ticket, snacks, bus, etc.
This is very much against my instincts as we would like to be able to give him a set amount each month and let him sort it out for himself, to help him to budget and also value money, and also if he spends it all, tough - which I think is a good life lesson. However, I know that if he does spend it he will just shrug his shoulders and not go out with his friends/GF, and spend all day in the house until next month's "pay day" and I really don't think this is good for him as I want him to socialise!
We usually give him £10-15 every weekend depending on what he is doing and what he needs (sounds alot but by the time you count bus, drink, activity, it is all gone!). So it's not pocket money in the traditional sense, it's only when he actually needs it. Plus we pay for phone top-up £10 per month and we also pay for occasional spends like birthday meals etc - not presents though! He also only gets this money (whatever it is he needs) if he has done his big weekly chore and is only allowed out in the first place if he has done his homework, activities, and his room is reasonably tidy - so he is not getting it for nothing.
So I am torn between giving him pocket money again and living with the consequences of him not going out, which I really don't want to do, OR staying as we are - but I don't think it's good for him to grow up relying on bank of mum and dad!
Opinions and suggestions for alternatives greatly received... x
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Teaching money management skills - 15yo
10 replies
dizzyizzi · 16/07/2014 10:52
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