My son is turning 15 next year. Instead of giving him his allowance daily/weekly, I will give him $300 monthly.

Great parenting idea

Yup.

You can teach him how to create a budget by first showing him how to list his fixed expenses, like rent and food, and then listing his variable expenses, such as entertainment and travel. How to allocate his money so he could make sure that all of his essential needs were met before he allocated any towards his discretionary spending.

Highly encouraged! Growing up my dad gave me allowance and my mum gave my brother (unique division of labour). My dad actually gave me monthly allowance since secondary 1 - and I learnt that if I finished using the fund that's it for me. I also understood that if I want to get a fun item (iPod Touch etc.), it will have to come out from my own pocket and this developed my planning and saving habits. Saw a comment that said it would be great to discuss w your son if $300 makes sense - totally agree with it. Different kids have different priorities and needs, and that's something for you to align with your child. Probably good to instill values like not spending too much and having to borrow from their friends because they are afraid to tell you. This could lead to an unexpected and unwanted outcome e.g. developing a habit to have debt, earn money from dodgy methods. You probably know your child well enough to know if he could be trusted to manage the money. Ultimately, create a safe space for him to come to you for money problems but don't give him extra money just because he runs out. Understand the reasons why it run out and weigh if it's acceptable to you before giving more allowance.

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See it as training on how he will manage his monthly salary in the future. Teach him to spend within his means and even save a portion of the money if possible :)