My kid spends every dollar he earns. What's the secret to getting him to save?

Clearly, you've got a spender on your hands. Don't panic yet. There are many adjustments and incentives a parent can try to modify this behavior. It may not be easy, but a spender can be taught to save money.

First, find out what your son is using the money for. Is it gifts for a series of family birthdays or holidays? If so, it's a temporary situation, or maybe you just need to adjust his budget or allowance. If, instead, it's primarily unanticipated, impulsive purchases, you need a different approach.

Think about becoming the banker for your son's savings. Use a little notebook to keep a running balance, and when he wants to take money out of savings for something, he has to come to you and discuss it before he can get the cash. If you're not in favor of the purchase, don't simply say "no." Instead, put a one-week hold on the money. If this really is an impulse buy, chances are your son will forget about it during that time. If he still wants the money, and you still don't feel it is an appropriate expenditure, guess who wins? You, the parent, have the final say. (Hey, who said life is fair?)