My 14yr old son is in a boarding school. He is my first and only child...need your advice.
I've sacrifice my personal life and changed it around and work 3 jobs so he can be educated. I am not trying to keep up with the "Jones". My son and I have been verbal and physical abused by his father (the relationship is over now) so to stop the cycle I deiced to send him off from Bermuda to school so he can have a normal life. Although he is away in school we keep in touch every day.
I don't know if I am wrong but is it time to teach him how to save? I was able to arrange for him to have his own personal ATM debit card (not credit) to our joint account. I only use this account just for him (separately from my own account). I keep a minimum of $50 in the account but I notice my son is spending the $50 in less then a week. I pay for all his expense on my own with no help from his father (school fees, teachers assistant, school lunch, uniform, toiletries, etc) and I thought giving him $50 per week he can be able to do what ever he wants (extra clothing if he likes something, movies, etc). I am wrong? He is now asking for more money before the week is out. Am I giving him too much? I don't really want him to think I have alot of money (which I don't).
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