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[r1]

my son has just got his first job as a paper boy and will be earning 9 pounds a week now i quite chuffed about this as he did it all himself.now i know 9 pounds isnt a lot of money but i want to try and teach him some values so how can i get him to save some and not spend it all on sweets etc?
so any ideas where to save it? and how much should he be saving?
he will still be getting his pocket money so this money will be extra
i dont want to be mean i just want him to learn.

[Plomien]

open a junior ISA for him £10 is the normally month subscription so £2.50 a week
£120 a year tax free savings make sure its instant access as well.
He get £6.50 then to spend on what he wants or split it between 50/50

[Sir Tigger KC]

I'm sure there are a few Cypriot banks that will be eager for his money! 

[Rods2]

Get him to give it to dad, who will safely invest it at the local bookies bank.

He will then learn the most important lesson of all, never trust anybody with your hard earn't cash. 

Just ask any Cypriot. 

[r1]

Get him to give it to dad, who will safely invest it at the local bookies bank.

He will then learn the most important lesson of all, never trust anybody with your hard earn't cash. 

Just ask any Cypriot. 

ive told him id look after it for him but he said no for some reason!!
the isa is a good idea didnt know they did them for kids
cheers

[the alarming man]

post office

[Vamps]

Get him to give it to dad, who will safely invest it at the local bookies bank.

He will then learn the most important lesson of all, never trust anybody with your hard earn't cash. 

Just ask any Cypriot. 

ive told him id look after it for him but he said no for some reason!!
the isa is a good idea didnt know they did them for kids
cheers

Can I just pass on the benefit of some experience of Children's accounts?
We opened a bank account for Miss Vamps, in her name and I pay in by DD every month, she knows she has an account but is under the impression that any money in there has to stay in till she is 18, a few birthday cheques, she does not know I am paying money in monthly.

We kept getting bank statements addressed to her, for some years we got to the post first, as she got older she would collect it and distribute it to the family, aware of this I asked the bank to stop sending statements, they said NO, it was her account and only she could say no..... Miss Vamps would have been about 10 years at the time.

On a later occasion we did manage to stop them, problem would have been if she had opened a statement and found out how much money she had, she has already questioned the 18 years bit, after a comment by a friend, she would want to be on a spending spree.....

[Rods2]

Get him to give it to dad, who will safely invest it at the local bookies bank.

He will then learn the most important lesson of all, never trust anybody with your hard earn't cash. 

Just ask any Cypriot. 

ive told him id look after it for him but he said no for some reason!!
the isa is a good idea didnt know they did them for kids
cheers

Can I just pass on the benefit of some experience of Children's accounts?
We opened a bank account for Miss Vamps, in her name and I pay in by DD every month, she knows she has an account but is under the impression that any money in there has to stay in till she is 18, a few birthday cheques, she does not know I am paying money in monthly.

We kept getting bank statements addressed to her, for some years we got to the post first, as she got older she would collect it and distribute it to the family, aware of this I asked the bank to stop sending statements, they said NO, it was her account and only she could say no..... Miss Vamps would have been about 10 years at the time.

On a later occasion we did manage to stop them, problem would have been if she had opened a statement and found out how much money she had, she has already questioned the 18 years bit, after a comment by a friend, she would want to be on a spending spree.....

I had a similar issue with my daughter. In the end my ex-wife and daughter colluded to empty the account well before she was 18. 

[Plomien]

Get him to give it to dad, who will safely invest it at the local bookies bank.

He will then learn the most important lesson of all, never trust anybody with your hard earn't cash. 

Just ask any Cypriot. 

ive told him id look after it for him but he said no for some reason!!
the isa is a good idea didnt know they did them for kids
cheers

Can I just pass on the benefit of some experience of Children's accounts?
We opened a bank account for Miss Vamps, in her name and I pay in by DD every month, she knows she has an account but is under the impression that any money in there has to stay in till she is 18, a few birthday cheques, she does not know I am paying money in monthly.

We kept getting bank statements addressed to her, for some years we got to the post first, as she got older she would collect it and distribute it to the family, aware of this I asked the bank to stop sending statements, they said NO, it was her account and only she could say no..... Miss Vamps would have been about 10 years at the time.

On a later occasion we did manage to stop them, problem would have been if she had opened a statement and found out how much money she had, she has already questioned the 18 years bit, after a comment by a friend, she would want to be on a spending spree.....

What bank vamps? at that age you should have signed a 3rd party mandate to make the changes when opening the account

[Webby the Bear]

generally kids accounts have books so as to avoid that sort of thing.... as well as the parent/guardian/3rd party mandate as mentioned before 

to the OP I think its great that he's doing that. I personally didn't do one when I was a kid but that's only cos all the local newsagents didn't need anyone at the time 

if I had kids though i'd defo make them wash my car every week for their pocket money. the amount paid would be dependent on my inspection of the job after 

[cleggy]

Get him to give it to dad, who will safely invest it at the local bookies bank.

He will then learn the most important lesson of all, never trust anybody with your hard earn't cash. 

Just ask any Cypriot. 

ive told him id look after it for him but he said no for some reason!!
the isa is a good idea didnt know they did them for kids
cheers

Can I just pass on the benefit of some experience of Children's accounts?
We opened a bank account for Miss Vamps, in her name and I pay in by DD every month, she knows she has an account but is under the impression that any money in there has to stay in till she is 18, a few birthday cheques, she does not know I am paying money in monthly.

We kept getting bank statements addressed to her, for some years we got to the post first, as she got older she would collect it and distribute it to the family, aware of this I asked the bank to stop sending statements, they said NO, it was her account and only she could say no..... Miss Vamps would have been about 10 years at the time.

On a later occasion we did manage to stop them, problem would have been if she had opened a statement and found out how much money she had, she has already questioned the 18 years bit, after a comment by a friend, she would want to be on a spending spree.....

I had a similar issue with my daughter. In the end my ex-wife and daughter colluded to empty the account well before she was 18. 

Ex- wives and money in the same sentence  I think I need to lie down

It is a good idea to teach financial responsiblity at an early age. I am going to suggest a mix of the two ideas re ISA and Post Office, one for long term investment and the other to save up for things and draw out when required.

[r1]

It is a good idea to teach financial responsiblity at an early age. I am going to suggest a mix of the two ideas re ISA and Post Office, one for long term investment and the other to save up for things and draw out when required.
[/quote]


a quick update
  ivesort of taken this advice,cheers
i asked him how much he wanted to save thinking he would say £3! but he surprised me by saying£7!!!!!![hes a good lad]
so we decicded to open 2 accounts a building society where he buts 2.50 a week into to save for short term things and a bank account that he can but 2.50 in to save for bigger /special things and if he wants to but more in he can.
big surprise is that the childrens bank account pays 3% intrest and as he wont get taxed this is better than most isas!!

[Taxi_Driver]

Get him to give it to dad, who will safely invest it at the local bookies bank.

He will then learn the most important lesson of all, never trust anybody with your hard earn't cash. 

Just ask any Cypriot. 

ive told him id look after it for him but he said no for some reason!!
the isa is a good idea didnt know they did them for kids
cheers

Can I just pass on the benefit of some experience of Children's accounts?
We opened a bank account for Miss Vamps, in her name and I pay in by DD every month, she knows she has an account but is under the impression that any money in there has to stay in till she is 18, a few birthday cheques, she does not know I am paying money in monthly.

We kept getting bank statements addressed to her, for some years we got to the post first, as she got older she would collect it and distribute it to the family, aware of this I asked the bank to stop sending statements, they said NO, it was her account and only she could say no..... Miss Vamps would have been about 10 years at the time.

On a later occasion we did manage to stop them, problem would have been if she had opened a statement and found out how much money she had, she has already questioned the 18 years bit, after a comment by a friend, she would want to be on a spending spree.....

Easiest way to stop a bank sending statements is to return one unopened with 'no longer at this address' written on the envelope