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[quote=Anonymous][quote=Anonymous]My oldest has been working for awhile and now works full time while going to school.  When he started working, we identified what he would have to pay for with his money.  It included gas and insurance (which runs $300 a month for his part, so it's no small deal) and work clothes.  I also stopped his allowance, so things like movies, holiday gifts, dates, prom, etc., had to come out of his money.  I helped him set up a couple of bank accounts - one for his car insurance (it's cheaper to pay annually instead of monthly and given the amount he makes, he needs to save money wherever he can) and one that he could use for spending.  We set an example by packing our breakfasts and lunches and eating dinner at home.  Also, prior to this, with his school lunch account, he had a daily budget and if he didn't feel it was enough, he could pack more food, but not buy more.  I always have him make a list of what he wants for his lunches.

About once a month, I review his spending with him.  He was really motivated to buy a car (we had one he could use, but would not buy him one) and an XBox One (he had an XBox so I wasn't buying the XBox One).  So, it didn't take long for him to stop the frivolous spending.  It didn't take long for him to get the things he wanted.  He sometimes spends money on dumb things (IMO), but over time, he's become really responsible with money.

I've come to the conclusion that they have to make mistakes with their money and I have to let it happen, but it is something that drives me crazy.  [/quote]

I think it’s smart they make these mistakes under your roof where you can discuss their spending rather than in college when everyone is throwing credit cards at them. It’s one reason I’m a big proponent of teens getting a job, even if their parents are well off. [/quote]

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