I think the punishment fits the crime(s) admirably. At a certain age
a "spanking" doesn't mean anything. Once a child is old enough to
comprehend that actions have consequeces. Financial consequences are
the most easily understood, and often far more painful. If this kid
wants a Playstation again he is going to have to get it the old
fashioned way, working. And every minute he is toiling the memory of
why he is doing so will be gently burned into the back of his mind.

I can't beleive some of the punishments mentioned here either. I can
only hope you were joking, or you should look for professional help.