First paycheck

iVillage Member
Registered: 01-30-2007
First paycheck
7
Tue, 03-22-2011 - 10:03am

My son, 16, finally found a job (hooray!) and has worked the past three weekends, washing dishes at the restaurant at a small airport. He got his first check Saturday night - $91. I have already talked to him about putting at least some of it into savings, in case he wants to drive some day (to help with insurance and gas) as well as to pay for summer school which is looking more and more like a reality. Well, I guess the check was burning a hole in his pocket, because yesterday he went and cashed it (at the grocery store, probably for a fee) and then to the mall. All he bought at the mall was a poster, but it's spring break this week and I'm sure with all the free time, he's going to go other places and spend more of it...

If your kid has a job, do you require him/her to save any of it, or put it in the offering at church? I'm not sure whether I should make it a rule or just let him do his thing and figure out what to do when he has to have some money. He has lots of band equipment he could sell if he had to. He just took a personal finance class at school so he knows about saving and interest, but hey, he's a teenager :-D

Avatar for suzyk2118
iVillage Member
Registered: 07-30-1997
Tue, 03-22-2011 - 10:32am
DS18's pocket has holes as well. He's now in college (started working at 15) and manages all his earned money, but last summer he did put some money aside (per my request/strong suggestion) so that I dole it out to him weekly (he's only 7 miles away and comes home for laundry, etc.) so that he's sure he has a constant trickle, albeit small. I'm trying to encourage him to do that again this summer, or I suspect he'd have none left by Sept! But no, we're not religious so he doesn't have to save for church or anything. He did spend all his pay this past week during break and asked for more; I told him no, he needs to budget!

Sue
iVillage Member
Registered: 11-28-1999
Tue, 03-22-2011 - 11:47am

My DD started working in the summer when she was 16 and I never told her what to do w/ her paycheck, except that she had to pay for car insurance and then when she got a car she had to pay for the insurance & gas.

Community Leader
Registered: 07-26-1999
Tue, 03-22-2011 - 2:06pm
My ODD just turned 16 and she is beginning to look for a job. She thought she was going to have to be saving up for a car, but my parents gave her one. She knows that once she gets a job she will be paying gas money for it, and possibly some or all of the insurance on it, though we haven't formalized or decided on anything quite yet. She's always been a good saver and creative when its come to needing extra money for things (i.e. selling things on ebay, etc.). She also knows she will have to have some money set aside for when she goes to college and already has a savings account set up for it. Right now we aren't going to require her to set aside a certain percentage, but if we see that its starting to get to the point where she isn't saving for long term goals, we may implement a 50/50 type deal, maybe during the summer a 50/50 savings/spending and then during the school year more like a 25/75 split since she'd be working considerably less hours.
Photobucket
iVillage Member
Registered: 03-27-2005
Tue, 03-22-2011 - 5:14pm

Connor, 17, manages his own money.

iVillage Member
Registered: 08-08-2005
Wed, 03-23-2011 - 11:20am
I'm new to this board, I came to look for advice but when I saw your post, thought I might have some useful advice. My ODS is 16 n has worked the last 2 summers. Mainly he spends what he earns but kids (boys especially) do well in very specific terms. I sat down with him n looked at car ads with him to figure what he would need to pay for a car, insurance etc. He followed my advice saved a little each pay n this Feb, bought his first car and in march got his license. He is now back to working after school to pay insurance n spending $. Now he is saving a portion to cover expenses during wrestling season when he can't work. Long story short - my advice is absolutely teach him to save but work with him on what he's saving for n how much.

Angel

Wife to Wayne, Mommy to Tyler (15), Nickolas (3) and Noah (1)

iVillage Member
Registered: 11-21-2004
Wed, 03-23-2011 - 2:41pm

Have a talk with him about what you'd like to see him do with his money now that he's working.

iVillage Member
Registered: 03-26-2003
Fri, 03-25-2011 - 10:11am

You have gotten great advice already.

He needs to know what he will be expected to pay for in the next few years. Car insurance? $1000 a year of his college expenses(for the feeling of ownership)?