What is the money lesson?
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?
Not charging your daughter board (actual money instead of chores) isn’t teaching your daughter what the ‘flatting’ world is like. It’s really cause and effect - you earn money, you pay your way. If she gets defensive, her other options could be to move out, look for a better job or second job, do part-time study to improve her skills… she does always have choices. With growing up comes responsibility.
Tip: Decide on what lesson you want her to learn and then focus on what she’s doing well. Don’t put her down when she makes a mistake - the choice was bad, not the person! Remember, your relationship with her is more important than arguing over a few dollars.
Do you agree with me?
Streetwise Mike
One of the Money Mindset Mob - helping teens get their head around money
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