Larrisa Rawlings interviews for a summer job with the College Board at Ballou High School in Washington. (Bonnie Jo Mount/The Washington Post)

This is going to be a great summer. All three of my children will have well-paying summer jobs. No more camps. No more camp fees. Hallelujah!

But now comes a question of parental authority. Do I have the right to tell my children how to spend their income?

My husband and I have decided that even though our children are earning their own money they still need guidance. So yes, we are all up in their business.

Every dollar doesn’t have to be accounted for, but they have to save a great percentage of what they earn. For us, working is way to teach them how to be good money managers not shoppers.

So you won’t find my kids hanging out at the mall spending their summer earnings as if they didn’t have a financial care in the world.

The American Institute of Certified Public Accountants on its site offers some practical tips for helping your teen become money smart.

“Once your teenager gets a steady paycheck, demonstrate how to save and spend,” the organization says. “In other words, help them develop a budget. Establish three categories: essential purchases, savings, and discretionary items. Discuss and agree upon the essential items you expect your teenager’s paycheck to cover. This may include car insurance, gas, telephone bills or school lunches. After establishing essential expenditures, set a savings goal with your teen, but be sure money is left over for fun. Your teen will be quickly disillusioned with working if there’s no money to play with.”

NerdWallet’s Lauren McMullen offers advice for parents on helping teens learn good money management habits with their summer income: Help your teen use summer job earnings wisely

“Teens with summer jobs might be earning their own money for the first time — but it won’t be the last,” McMullen writes. “The money habits they learn now could last for decades.

Here are some additional articles I think will be helpful in your assisting your teen in managing their summer money.

Teen jobs and tax issues
“A youngster who is a dependent of another taxpayer generally doesn’t have to file an income-tax return unless the youth makes more than the standard deduction amount for a single filer,” writes Kay Bell for The standard deduction for 2017 is $6,350 for single taxpayers.

Why kids should stash summer job cash in a Roth IRA

U.S. teens lack basic financial literacy. Let’s change that.

What to Do When Your Teenager Is Wasting Money

Color of Money question of the week
How far should parents go in telling their teenagers how to spend their summer earnings? Send your comments to Please include your name, city and state. In the subject line put “Summer Job.”

Kendrick Lamar gave his sister a car. Some on the Internet thought it wasn’t fancy enough.
People are a trip. Rapper Kendrick Lamar bought his sister, who was graduating from high school, a 2017 silver Toyota Camry for graduation. She was grateful.

Others were haters.

As Lisa Respers France wrote on CNN, people took to Twitter to call him cheap.

“Some commenters on social media jumped on him for buying her such a dowdy car,” wrote a former Post colleague who couldn’t believe the audacity of some people. “As a Camry owner, I can tell you — it’s a great car! The only new car I’ve ever bought in my life, 12 years ago, and it’s still got plenty of life in it. I thought it was such a smart gift for a brother of means to give to his sister. I know very little about Kendrick Lamar but it says a lot about his financial smarts and his priorities.”

Toyota had Lamar’s back, says TMZ. “A rep told us Toyota sees the choice as more ‘smart and thoughtful’ than cheap, since Camry has a good track record for longevity and reliability. Plus, they’re made in the U.S. — so props for buying American! Sorta.”

To the haters I would ask: When was the last time you got a free car?

Lamar didn’t have to give his sister anything.

The answer to entitlement is always gratitude.

Live chat today
I’m live and taking your personal finance questions at noon (Eastern). The main theme for today is about retirement planning.

Jeanne Thompson is senior vice president at Fidelity Investments will be available to answer your questions. To join the discussion click this link.

Would you buy a $21.99 Covfefe T-shirt?
So much more has happened with President Trump’s twitter account that this seems eons ago. Nonetheless last week, Trump tweeted, “Despite the constant negative press covfefe.”

By morning Trump had deleted the tweet and then posted this: “Who can figure out the true meaning of “covfefe” ??? Enjoy!”

But the jokes keep coming about what Trump meant. Was it a typo or his teasing the American public? Who knows?

Some entrepreneurs saw an opportunity. On you can buy a black T-shirt with #covfefe for $21.99. Last week I asked: Would you spend money to be part of the President’s Trump’s twitter typo history? There was an overwhelming response. So many I can’t include them all, but here’s a sampling of what you had to say:

Cindy Bunker of De Pere, Wisc., wrote, “Too funny! I’m not buying. But, this one is tempting: ‘Don’t talk to me until I’ve had my covfefe.’ At least we’re starting to chuckle about his {mis}adventures. #It’sBeenBrutal”

Dana Stripling of Austin, Tex., wrote, “I will spend extra money to be part of specialized Twitter posts, t-shirts, mugs, etc., if proceeds go to combat this administration’s un-American and destructive agenda.”

“No, I would not want to buy any covfefe-wear,” wrote David Toberisky of New York. “First, I’m not interesting in highlighting anything Trump has to say. Second, Trump is bound to try to copyright the word (if you can call it that) and send the entire FBI out to arrest anyone wearing or owning stuff not authorized by and directing revenue to Trump Enterprises.”

Deborah L. Jacobs of Brooklyn, N.Y. wrote, “I would gladly buy one of these t-shirts if I could choose to have the profit donated to a cause that helps people who will be harmed by the policies of our incompetent and illiterate leader.”

Barrington Lloyd-Lovett of Oakland, Calif., said, “I would not spend money to commemorate the ‘covfefe’ kerfuffle. While it’s a funny typo (made more hilarious by how long it took for Trump to address the mis-tweet) it’s also yet another example of how off-the-rails this administration is. The fact that the president was attempting to address accurate media coverage, via Twitter, in the middle of the night, then didn’t address his mistake for many hours, says much more about the situation at the White House than the typo itself. It’s not worth the dough.

“No,” says Michal Kelly Miller of Oregon. “Because it is the promotion of stupidity.”

Richard Watt of New Rochelle, N.Y. wrote, “Would I buy one? Not on your life. I rather use spare money for charitable giving than more junk; something Donald Trump would know nothing about.”

How Donald Trump Shifted Kids-Cancer Charity Money Into His Business

Donna Landwehr of Highlands Ranch, Colo., wrote, “I would not buy. But I do get great joy reading all the takes on how to interpret covfefe.”

Russ MacDonald of Salem, Mass., wrote, “I would not spend money on the T-shirt. [But] we finally have evidence of Trump creating jobs – T-shirt manufacturing.”

Trump’s tweeted typo covfefe becoming vanity license plates

Color of Money columns this week
Knowledge isn’t power. The right knowledge is power.

Stay informed about your money. Read and share my columns for this week.
A new rule on retirement savings advice is in your best interest

College grads face next hurdle: Paying back student loans

Have a question about your finances? Michelle Singletary has a weekly live chat every Thursday at noon where she discusses financial dilemmas with readers. You can also write to Michelle directly by sending an email to Personal responses may not be possible, and comments or questions may be used in a future column, with the writer’s name, unless otherwise requested. To read more Color of Money columns, go here.