Age-specific guide
Allowance for 15-year-olds
Recommended range: $25–$50 per two weeks. Paid biweekly like a real paycheck.
Recommended split
Most families drop base allowance here. Kid funds spend/save/give entirely from earnings. Parent may match Roth IRA contributions.
The parent lens
Fifteen is when the car conversation starts. Pull up the total cost of ownership (not just sticker): insurance, gas, maintenance, registration. Most teens radically underestimate this. Requiring them to contribute — even 20% — changes their incentive permanently.
Chores a 15-year-old can handle
- •Real jobs — retail, food service, camp, tutoring, freelance
Typical savings goals at this age
- •Car down payment
- •Car insurance contribution
- •Summer pre-college program
- •Laptop for school
Money topics to teach now
- •Car economics (total cost of ownership)
- •Credit score and credit cards
- •Investing basics
Common mistakes
- ×Buying them a car without any financial stake — they have no motivation to preserve it
- ×Not walking through your actual credit card statement with them
FAQs
Should a 15-year-old have a credit card?
Not their own, but they can be an authorized user on yours to start building credit history. First real credit card typically at 18.
How much of a car should a 15-year-old pay for?
A meaningful percentage — even 10-20% of the purchase and/or 100% of gas. The principle of having skin in the game matters more than the amount.