Keep Some Teenage Fun Money

Casey is a high school senior with a part-time job. Each week, he spends $60 on gas and saves $40. What should he do with the rest of his money? Dave gives Casey some ideas.

QUESTION: Casey in Tennessee is a high school senior with a part-time job. Each week, he spends $60 on gas and saves $40. What should he do with the rest of his money? Dave gives Casey some ideas.

ANSWER: You need to set some money aside for spending. You need to be doing some giving. Your local Baptist church would teach you tithing—a tenth of your income to your local church.

I think there are basically three things we do with money: give it, spend it, or save it. You’ve got $40 allocated for savings. You’ve got $12 allocated for giving. That sounds fine to me. The rest of it I think you need to systematically and carefully spend. You don’t have a lot to deal with, but you have a little. You’ve got your gasoline covered, and you’re going to have the rest of it for some teenage fun money that’s approved by parents.