The money part is brave and will likely work out. However, its also a great opportunity to teach cash flow rather then balance sheet.

My dad did something really great when I was young: He paid me my entire allowance in bulk once a year. Of course the first year it failed and I bought all sorts of crap and was out within weeks. That was the idea. The year afterwards I was too afraid to spend anything because it was so painful having nothing. The year afterwards he introduced me to bonds and some stocks to help build some income.