Once you start working, you have more freedom and financial independence. You’d probably like to manage your own money. But until you turn 18, your parents might still have a say about how you can spend your money.
Your Pay Cheque is All Yours
As a general rule, the law says that your parents are responsible for managing your money, such as money you inherit. But when it comes to money you earn from a job, you can decide what to do with it: your parents can’t force you to save it or spend it in a certain way.
No matter how old you are, you can open a bank account and make deposits.
You don’t need your parents’ permission to spend your savings or allowance on what are ordinary needs for someone your age. But you might need your parents’ permission if you want to buy something expensive.
Unless You’re Making a Lot of Money!
We saw that you can use the money you earn from your job the way you want. But if you earn a lot of money, you’re not allowed to manage this money on your own. This might be the case if you are a teenage pop stars and your albums are at the top of the charts! It might also be the case in other special situations, for example, if you don’t have the skill to manage this money on your own, or when there’s a good chance you will spend it all without thinking things through.
In this case, your parents must help you manage your money or manage it for you. A judge will decide how much your parents will manage and how much you will manage on your own. When making this decision, the judge will consider your age, your specific situation, how much money you earn and how you manage your money.