How to budget summer earnings

cshell2
Sat, 24 Aug 2019 12:38:26 +0000

I didn’t tell my son what to do with the money he earned at his job, in fact I refused to even when he asked explicitly Instead I talked him through his goals and reminded him he would be responsible for all his personal spending in college ( starts Fall 2020). I then helped him figure out what we be a good dollar amount to have going into his freshman year and after that it was just simple math on what he needed to save to get there.
He decided saving half his earnings would be sufficient and he transfers it immediately on payday to a CD that makes it inaccessible until next Summer.

I have no idea what he does with the other 50%. Gas, fast food, and computer/gaming stuff is my guess. I’m a huge long term savings advocate but I’m not going to push the IRA on him in high school while he’s saving 50% for college.