Dear Family Coach: My 18-year-old son was in a terrible car accident a few years ago, and he received a large cash settlement. Since I am listed on his bank account, I can see how he is spending his money. I’m sick to learn that he is blowing it away on parties, pizza and T-shirts. I know it’s his money, but is there anything I can do to preserve it for him until he can be more responsible with it? — Budget Mom

Dear Mom: There are two possible ways you can handle this situation. Both have merits and drawbacks. Weigh the options, and decide what is best for your son.

Updated: Fri May 19, 2017

Source: Dear Family Coach