My son is 15 and a sophomore in HS. He gets $10 a week for spending money. Right now, it is in a kid’s account in ING (CO360) and I control it. If he wants to buy something, I use my debit card to purchase it, then transfer the money out of his account to checking.
He also has a savings account at the local CU that switched to a checking account when he turned 14. He has never used it as a checking account, but I’m thinking that it might be time to start depositing his allowance into this checking account and letting him manage his money. He would also have to budget for his cell phone/texting plan, which is $15/month and if he showed he is doing ok with it, we could start putting clothes money in there too.
I anticipate that he will be looking for a job when he turns 16, so I’d like him to kind of get a handle on it before then. My husband doesn’t think it’s a good idea because our kid is pretty irresponsible! I can’t argue with that!