The £40 12 Year Old Challenge - The First Week

Remember at the start of the Easter Holidays I gave my 12 year old his spending money for the holidays?

The idea was to give it in one lump so the daily "can I have some money" didn't add up to a small fortune.

So how did the first week go?

From my perspective, very well as I've not been asked for any money!

On the other hand £16.50 went in the first evening at the waterpark and the rest has basically been frittered on drinks at the park.

He has learnt something though as he's spent birthday money on an annual pass for the waterpark.  He worked out it would take 8 trips to pay for itself and he's made two on the pass so far.  The food is really reasonable in there and they get a good meal.  He quickly realised that paying on the door would eat up his spends and took the advice of a friend who gets a pass each year.

He has dipped into his own money box though so he could get dinner during one visit to the waterpark.  And yes I did feel mean.

So, how much has the Easter holidays cost you in spends and refreshment money?  I'd love to hear, please leave a comment below.

The £40 12 Year Old Challenge

I am a massive believer that children are not taught enough about money at school.  

Blackpool Council have proudly announced they are giving each September 2014 Year 7 Child £10 to deposit with Blackpool and Fylde Credit Union.

Hmmmm.

Are you thinking what I'm thinking.  (I might soon start a blog "Stupid Things My Council Does")

I really don't know the ins and outs of it, but I think the gist is to show them that they can actually save it rather than buy 10 bottles of cheap energy drink.

So anyway, I figure school aren't going to teach the boys about financial matters so I'll take the matter into my own hands.  I tackled the handwriting problem - I can do this!

My 12 year old is either attached to a wireless device or out.  Both have their costs but the Out usually entails £5 on the way out for drinks and dinner (I mean lunch, I'm northern!)  17 days off school would equate to £85. To me that's a weekly shop, not a load of pasties and lucozade.

Child Savings

So, on the Friday they break up, I will be giving the boy £40 to do with whatever he wishes.  I shall also be asking for a daily run down to chart what he spends his money on.  I then propose to equate this to things he would want to buy or do. i.e. New Xbox game or a load of pop or A day at the Waterpark, 2 trips to the cinema and a couple of bowling sessions.

I shall be tweeting the previous day's expenditure so if you are interested in the spending habits of a 12 year old in a seaside town, my twitter feed is @Claire_Sheehan

Play along in the comments!  I'd love to know if all boys are the same and if other children do actually value money.