psychrn
Oldies but Goodies
Posts: 26 
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Post by psychrn on May 5, 2016 21:42:35 GMT -5
DS will start his first regular part-time job right after school ends this year. He will work as much as they give him during the summer (for about 8 weeks) and then will go to maybe 15 hrs. a week throughout the school year. I figure he may clear $350-$400/month. I am already planning to have him start paying for all his own entertainment expenses (eating out, movies, any trips not with the family, gifts, hobbies, etc.) I am wondering if we should have him start paying for something of his own such as car insurance, gas, cell phone, or something...I am torn between wanting him to learn the financial responsibility, budgeting, and having enough to start a savings account, but also be able to spend some of his own money as he sees fit. I was thinking along the lines of 25% into savings, 25% towards something like his cell phone, gas...and 50% to budget for his own wants as he sees fit to distribute it. |
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Post by stilljulie on May 5, 2016 22:07:21 GMT -5
If he hasn't been paying his own entertainment, I'd probably just start there. My kids pay for most of their entertainment from the get go... even before steady jobs/income. If the gas is used for non-family purposes, I think that would definitely be a reasonable expectation as well. We'll also be requiring kids to pay their own cell phone after they graduate from high school. Right now they're (cell phones) mostly used for farming purposes, so we're paying for that.
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Laney
Mod Squad 
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Post by Laney on May 6, 2016 22:37:25 GMT -5
I'd do gas & entertainment. Cell phone we cover basic coverage (anything that is already covered on our plan) older dd would have to pay for any overages. I'd also require a certain amount go into savings each month.
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psychrn
Oldies but Goodies
Posts: 26
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Post by psychrn on May 9, 2016 7:30:03 GMT -5
If he hasn't been paying his own entertainment, I'd probably just start there. My kids pay for most of their entertainment from the get go... even before steady jobs/income. If the gas is used for non-family purposes, I think that would definitely be a reasonable expectation as well. We'll also be requiring kids to pay their own cell phone after they graduate from high school. Right now they're (cell phones) mostly used for farming purposes, so we're paying for that. This might be a stupid question, but how do they pay for things without any income...?  |
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psychrn
Oldies but Goodies
Posts: 26
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Post by psychrn on May 9, 2016 7:57:02 GMT -5
We have all talked and decided he will save 25% (at least), pay for gas, and his entertainment. He is not only going to learn financial lessons, but time management...he said he's afraid with all his AP classes and extracurriculars (all of which I support because you have to do these to even get into college apparently), that he won't have time to maintain a job throughtout the school year. I assured him that he currently spends far more time on social activities, his hobby, computer games/shows/videos, and his cell phone, than he ever will at a part-time job  |
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Post by LisainMN on May 9, 2016 18:12:15 GMT -5
Sounds like a good plan!
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Laney
Mod Squad
Posts: 1,738
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Post by Laney on May 9, 2016 18:35:02 GMT -5
If he hasn't been paying his own entertainment, I'd probably just start there. My kids pay for most of their entertainment from the get go... even before steady jobs/income. If the gas is used for non-family purposes, I think that would definitely be a reasonable expectation as well. We'll also be requiring kids to pay their own cell phone after they graduate from high school. Right now they're (cell phones) mostly used for farming purposes, so we're paying for that. This might be a stupid question, but how do they pay for things without any income...? Mine save birthday money & any money they get paid for work around the house or farm (we don't pay for much but some jobs are more work than others and they'll occasionally get paid for some of those). |
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Post by stilljulie on May 9, 2016 21:34:04 GMT -5
This might be a stupid question, but how do they pay for things without any income...? Mine save birthday money & any money they get paid for work around the house or farm (we don't pay for much but some jobs are more work than others and they'll occasionally get paid for some of those).
Ditto.
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psychrn
Oldies but Goodies
Posts: 26
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Post by psychrn on May 10, 2016 16:20:18 GMT -5
Oh ok. Yeah, he uses birthday money and the very rarely paid work for DH or around the house, but he does more activities, gift-buying, hobby-material buying (bladesmithing), etc. than that will pay for so I pay for occasional things, rather than just give him a regular allowance. I don't mind doing it because he does so many positive things, but I think the time has come for him to fully appreciate what it entails to earn that money  |
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