When your son/daughter has their first part time job, will you make them put a certain amount in the bank?

Yes, you should help them develop some kind of system. Some for savings, some for gifts for others and some to spend on whatever they please. Hopefully that will help them with splurging.

When my son got his job we told him he had to save half of it. It usually saved more than half. It is a good idea to teach them to save. This is very important and they will need to do it all through their life. It is also important to teach them to save up for the things that they want. My kids have all had bank accounts since they were infants that all the money they were given went in to .

once i got to the working age I had a checking acount and a saving acount. My mom made me put away half of my check in to my savings and the other half in my checking to do whatever i wanted to do with that money. But i was also helping my mom out with car payments and car insurence at that time also. If i want to drive I was forced to have some kind of job. Around that time i started to babysit also so i would but my whole check in savings and spend my babysitting money.My husband also had to do the same thing. We both learned the value of a dollar very early in life and we will teach our children the same when they reach working age. If they decide to go into sports then they will have to come up a form of money to pay for gas in their own car we will not pay for gas when they are running around and not able to buy gas for there car. We will pay for insurence and car payments and any work that needs to be done on the car but we will not pay for gas when we have our own cars to fill up. And we are also talking about 16 years down the road so who knows what gas prices will be.

Teaching kids to save is a good idea.

i think i will probably have them set up some sort of savings system. my parents didn't do that for me when i started working and i spent every dime of my paychecks. granted i did have to pay my car note and car insurance as well as buy my own food (when out and about) and buy my clothes but i still wasted a lot of money. my parents aren't the best "savers" but my husband and i are pretty good about putting money away for emergencies and rainy days.

I don't know how old your child/baby is but ours is only a couple of weeks and we have set up a trust fund for him. As has my parents too. I would recommend that you show them the value of money and its worth. Example, you put away $10 away per week for the next 16 years. So does your parents. At the end of this period you have jointly 16,640 grand for him/her/them - if they make a contribution of $2 every week since their 15 birthday onwards they'll have an additional $104 for something useful like clothes or whatever they want. Which is nice.

My daughter will still be at school at 15/16 so she wont be working then unless she wants to (il provide money til she leaves school and either gets a job or goes to collage) But when she does get a job when she leaves school i will encourage her to put some away il maybe even take £20 a week for board and put it in a savings for her just so she can be careful with her money