Hello to Brett and Matthew and welcome to the site.
Its very nice to see a father and son building a model boat and the monterey is a perfect choice to start with.
Old Uncle Bob is a master model builder and his methods of construction are something that even experienced model builders can learn from, I would only add to his comments on nailing planks by saying that aswell as elastic bands you can also use dolly pegs (off the washing line) as cheap and easy clamps.
Some planks will need steaming as they tend to splinter when bent dry; a simple method is to hold them over the steam from a kettle for a minute to soften them.
Most of the wooden model builders use basic waterproof PVA to stick the wood together and twin pack epoxy for the harder bits. Both of these gules are available at the local DIY stores e.g. the PVA could be EVO-STIK in the blue container and the epoxy could be Araldite (I use the rapid set)
I haven’t used putty to seal a hull since 1974 but a standard glass bedding putty will do the job you just have to make sure that it is well worked (mixed in your hand until soft and warm), I tend to use car body filler which is quick to use, sands very smooth and adds strength to your hull.
Please post some photos of the build so that we can all enjoy the project and don’t worry about making mistakes as we have all been there (I still make some monumental errors and I have been building for years)
Paul