We've got some serious difficulties teaching our 14 years old son how to manage his finances and make him control his spending habits. He doesn't get a weekly allowance, if he wants money he has to earn it by doing chores, mowing the lawn, or sometimes we give him $20 for A+ grade in important exams. It's not that easy for him to get cash.
One would hope that this would teach him the value of money but nope. He spends all he's got pretty much immediately on snacks, lollies and online games. I mean sure, it's his money and he can spend on what he wants but it should be at least remotely sensible.
Also he's got 2 accounts - a spending account and a savings account. We usually give him half the money that he earns on the spending and the other half on the savings. Unfortunately he can transfer money from savings to spending using his banking app and drain the savings account. It costs him $3 for each transfer but that still won't stop him.
For the context we've got 2 older kids too - 18 yrs, 16 yrs along with this 14 yrs old. All of them were brought up the same, same rules about earning through working, yet the older ones have always been quite good with money, even at the age of 14 and before. They managed to build sizeable savings over time, and even started looking into investing. The youngest one on the other hand spends all he gets his hands on in no time.
Yes we can take away his card, remove his online banking access, give him only some cash per week and control his spending that way. But that's not the point.
We would much prefer to teach him how to be responsible and how to resist his impulsive money throwing away. Any ideas how to approach it?
Update: We had a good long chat about it yesterday and it seems that he knows and understands that the way he's spending is wrong but he can't help it doing it anyway. He asked me to remove his savings account from his mobile banking so that he can't access it, and gave me his debit card (voluntarily!) so he's not tempted to use it online. That's a good start.
I'm just a bit worried that this kind of impulsive spending is going to make his life difficult unless he changes his mindset. Locking himself away from the money as we kind of did now isn't a sustainable answer. It boils down to a lack of self-control I guess.