I’ve been thinking about increasing my son’s financial responsibilities. He is 15, and he’s been doing well with the financial responsibilities that he does have already. Currently I give him lunch money at the beginning of each week, and he is responsible for making it last the week. He also gets an allowance twice a month, and does some cleanup work in the yard that he gets paid for twice a month as well. He pays for his cell phone bill (and occasional snacks) out of that money. He wants to get a regular job but is not allowed to yet. Maybe next year.
Still, I think he is ready for more responsibility. So I asked him to estimate how much he thinks I spend each month for everything related to him. He came up with about $400. At first I thought that amount was extremely high, but now I wonder if it might actually be accurate. I’ll have to check my numbers and see.
Anyway, my idea was to figure up how much I typically spend on him and then break it down into categories that he could start managing himself. I will probably start by adding the clothing and haircut categories to his responsibilities, and increasing his allowance by that amount. I may also change how I give him his lunch money, switching that to twice a month instead of every week. That way he can have some practice in making his money last for a longer period of time.
Eventually he will be paying for all of these things (and more) on his own, but I believe in gradually increasing responsibilities.