Unexpected savings plan
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?
Goodness! I might actually agree with Spike for a change! He’s right, because it sounds like your daughter is more into having fun than learning about money. If you keep covering her living expenses, she will never appreciate what it actually costs to run a house or flat.
Tip: If you can afford to, why not save up what she pays you in board (don’t tell her!) and give it back to her when she’s ready to buy her own house? Then she’ll have learnt to manage her money, and in effect you’ve helped her with an unexpected savings plan!
Do you agree with me?
Ashley Stasher
One of the Money Mindset Mob - helping teens get their head around money
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