16 year old

[honeyjar]

My DS is about to start 6th Form, and I would like to make him more financially aware and responsible . So I am thinking about setting up a bank account in his name and putting a sum of money in each month. He must then use this money for clothes, lunch and entertainment. What would bea reasonable amount , has any one done this and did it work?
I would likehi to get a part time job as well, but that is proving to be quite difficult. Any advice please.
Thank you

[SecretSquirrels]

Same here.
I did the bank thing a little while ago. Lloyds TSB do quite a good young person current account. They get a debit card, online access and about 2% interest on it. I pay some of his pocket money in each month. His pocket money has to cover entertainment but that's all.
So far I've always bought his clothes, either he comes with me or I give him money to buy the things he needs. I'm concious though that in a couple of years he'll be off to university and will have to budget.
I expect things to change for him at 6th form. It's in a different town and is a 6th form college.

[wednesdaygirl]

We do this we have 2 sons aged 15 and 16 and set up a TSB account and i put £20 per wk in each

Normally i would give them £15 for lunch and £5 spends but if they want to go out etc then they have to have to make up lunch themselves at home and save their ££

Been doing it a yr now and so far so good

[honeyjar]

Thank you for the advice. Do they have to pay for anything else out of the money. I was going to pay an amount in each month, do you think it is better to pay it in weekly?

[chickydoo]

We are just about to do the same for DD
£20 a week. She can use it for lunches. (if she makes her own she will save spending her own money)! Or whatever she wants.
She also gets £20 a month from Grandmother. I will still buy most of her clothes. TBH she doesn't really go out much. Things no doubt will change in the next few months.

[omfgkillmenow]

My dd now 16 has had her ow bank ac since 14 and i have given her no extra. I agreed with her dad that £150 of my maintenance for her be put into this ac retaining £120 per month for household bills. I also put in £50 per month until she started getting EMA when she turned 16. She also has part time job which she started at beginning of summer. I do help her out sometimes with her shampoo and conditioner and facial wipes (of course i buy shampoo etc for house but she wants special stuff) this month I bought her a dress @ £50 for a wedding, but generally she doesn't get much over her allowance, and she has to buy her lunch at school (although she can get free diners cos i am on a low income, but she doesn't always eat there). I think she has more disposable income than me and seems to do fine (for my bday she got me a haircut and colour which cost £70 pre paid by her) so i think its a really good idea. Also going to start dd2 (8) on a £15 a week allowance and no extras cos im alwas giving her £2 for co-op or post office and it adds up to much more than that so she has to start budgeting too.

[paula5246]

Yes we do this. £125 per month. Out of this DS has to pay for school lunches (if he wants them) all clothes, mobile phone contract, music lessons, club subs and all socialising. We dont pay for anything extra apart from gym membership but that was a birthday present. It works really well DS is 17.

[honeyjar]

Thank you all for the advice, not sure yet how much I will put in the account for him, but from the feedback it does seem to be a good idea, and hopefully make him realise, it doesn't grow on trees!
Am I wrong, to want him to get a part time job while doing his A levels?

[wednesdaygirl]

No hopefully my son will get a saturday job while doing his A levels

[wednesdaygirl]

That spurred me on i texted all my friends to ask at their work and he now has a interveiw on friday

[honeyjar]

Brill,and what a good idea. I have asked around and there does not seem to be much out there for 16year olds.
I have decided to pay £100 a month into his account. No science behind the figure, just seemed a reasonable amount.

[mistysolitude]

i'm 17 and got a bank account & monthly allowance when i started 6th form. £120 a month to cover clothes, books, lunch at college, entertainment etc. basically everything. i think it's a really good way of doing it, as my budgeting skills, while still pretty bad, are definitely improving, and in anticipation of going to uni, that's definitely a good thing. my account is with HSBC, who do the 'myaccount' for under 18s. i get a current account, savings account and a debit card. it's pretty good for converting to a student account too.

[honeyjar]

Hi I have now set him up with a bank account, so I hope he will start to budget, and hopefully find himself a little part time job. I used HSBC too.
Thank you all for the advice.