First-job wages blown on good time
A concerned parent asked us to comment on this scenario:
My daughter is in her first job and living at home. It’s not highly paid and we agreed a token amount of housekeeping so she could also save something each month. However she’s spending it all on having a good time and is resentful when I raise the subject. What can I say?
Your daughter sounds like me - money is for having fun with! The concept of saving money isn’t a high priority for us, and when others (especially parents) suggest we should be preparing for our future, we think “how boring!” and can get a bit defensive.
Tip: I hate to suggest it, but you have to charge her board. Even if it’s a small regular amount, she’ll kick, scream and moan about it, but it’s a key way you can help teach her to manage her money.
Do you agree with me?
Splurger Spike
One of the Money Mindset Mob - helping teens get their head around money
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