Well, I'm going to start this with my older child tomorrow. I am going to transfer cash to him every Friday. I am giving him $50 a week with 5 jars to keep the cash in. The jars will be labelled:
1) clothing and shoes: $15 a week
This includes: underwear, socks, PJs, bathrobe, clothing, sneakers, dress shoes, coats, hats, mittens, snow boots, ties, dressy clothes, school spirit wear, team or college sweatshirts, souvenier sweatshirts, baseball caps, hoodies etc. He is still growing, so this area is still a big expense -- he just moved into size men's Small from youth size Large so he will need more clothes next year.
2) grooming and personal care: $10 week
This includes haircuts, glasses and/or contact cleaning solution; sunglasses, body wash, deodorant, tooth whiteners, special shampoos he wants; supplements or protein powder, etc.
(Our insurance covers the cost of budget prescription glasses or contacts -- basically one pair per year... he can chip in the extra if he wants the designer glasses etc.)
(I will cover as part of household expense basic bar and liquid soap, basic shampoo, and basic lotions etc. Also entirely the cost of braces above what insurance pays.)
3) Sports, School, Scouts: $10
This includes: field trips, sports equipment (not a big expense- swim suit, goggles, frisbee, cleats, basketball), school supplies (binders, paper, mechanical pencils, backpack, lunchbox); test prep books, and weekend Scout camping trips.
(I will pay yearly membership fees or dues for Scouts, sports teams; cost of AP exam ($100 each!), cost of any necessary tutoring.)
4) Entertainment, Snacks and Gifts for friends: $10
This includes: movies and popcorn, soda and chips from the vending machine, trips with friends to fast food places after school; computer games and anything virtual for those games; any music; birthday gifts for friends; laser tag with friends; rock climbing zone with friends; birthday gift cards for friends.
(I will cover cost of Netflix and family trips to movies or fast food)
5) Other: $5
This includes pet supplies, room furnishings (like if he wants a lamp for his desk), and anything else I haven’t thought of. He could pay for electronics from this fund if he wants, but he'd need to add more through work to afford anything he wanted.
Can you think of anything missing?