So he came home with the money from his first week. I said hand it over which he did and I gave it to his mom and said put it in his bank account. I think I'll have the Mrs have him go to the bank and make the deposit. I said you'll have a pile of money all your own. Won't that be nice. He said yes.
If you need spending money just ask..
Not sure it is the best way to handle it but WaWa isn't getting his pay. At least not on my watch.
I give him the spending money ...
My two boys, now 19 and 17, have had summer jobs, this is the third summer. I used this as an opportunity to have them open checking accounts and arrange direct deposit (we have never ordered checks though). Local bank had a $100 incentive to open accounts some years ago.
I've been fortunate that they have followed my LBYM example and they haven't spend much over the year. Started early on telling them it's a great opportunity to contribute to a Roth IRA, the principal is available for withdrawals at any time, and I'd provide a 50% match........give me $2K and we'll deposit $3K into the account. Leaves them with about a third of their earnings as spending money and I don't police it, don't want them to think I just give money away.
The older one has done some nominal upgrades to our older PC for gaming (video card and power supply upgrades) and occasionally buys games. The younger one spends on eating out with friends. Any paper checks that come their way ends up in credit union savings accounts they've had since they were toddlers
The older one starts college in a little over a month. I've told them that tuition & room & board (what is billed by school) will be covered by me but anything else is on his money. Haven't figured out books as I'd like him to have skin in the game to decide what's best: new/used/rented (online rentals).
To date, haven't assessed anything for car use as cars are shared and I can't say they have used them excessively for joy-riding. 90% of their driving is activities I'd support and drive them to anyway if they didn't have licenses.
Got the older one a credit card when turned 18, I"m also on the account. Tell him to charge something each month, typical bill is $20-30 except prom season where the credit card bill was a bit over $100. He pays that bill (limit is $1000). Will do same with younger one when he is 18.