To ask about your young adults' attitude to money

[EmmaWotsit]

DH and I were really daft with money but finally got our act together. I want to help DD avoid our mistakes.

Did you guide yours, are they naturally sensible about money ... or daft?

Always told mine to save half and use half. They still save now. Also if you have to have a credit card (for credit score) ALWAYS pay it off every month.

My DC are very sensible with money.
They got pocket money when younger and saved some of that.
They save from their salary every month and contribute to their workplace pension, but don’t miss out on buying items they need and socialising.
DC2 is super savvy when it comes to money and is always looking out for the best saving/investment deals, while still enjoying holidays etc.
DC2 was mortgage free by age 30.

Guided from very young and is naturally cautious. His ex GF attitude to money once they both started earning was a real cause for concern for him, she was a massive spender.

We are very sensible and good with money, natural for us both. We have done far better money wise due to shrewd investments plus some luck.

I've got two- SD15 and DD5.

SD15 has been getting pocket money paid into a bank account since she was 11. She's careful with her money, saves, but not tight and buys presents for her younger siblings on both sides. She has an excellent attitude to money and always has since being little.

However, if you give DD5 £10 she will immediately buy the first thing she sees, regardless of how rubbish it is.

On the other hand, SD has very little interest in earning money- if you offer her £10 to do a job she will turn you down. DD will do (almost) anything for a £1.

I have one who is a saver, saves nearly every penny he makes. Does go out weekly but doesn't drink. The only outgoings he has is the gym at the moment, but is doing driving lessons so will be looking at a car soon.

I've an older one who is a disaster with money. She has a 2 year old, a good job and spends like there's no tomorrow. It doesn't help that while she's living with us, she's also funding her waste of space boyfriends weed habit and filling his fridge weekly, even though she never stays there. Huge bone of contention how she wastes money on him.

In this house, it’s a life skill taught to my kids.

We both came from very poor backgrounds with little or no money.
We both have worked extremely hard to be comfortable and without debt. (Other than mortgage).

Both kids had paid household jobs from a young age. Savings money boxes and bank accounts.

If you don’t have the cash, you wait until you do for something that you want or need.

Youngest is saving for something kind of X box, so doing jobs, birthday/Christmas gift money in his money box. Will have enough by this Christmas coming he tells me.

Oldest works full time, saves his wages as has an expensive hobby fully funded by himself. Very healthy savings account where he puts money aside from his wages each month.

Debt and frivolity with money is frowned upon in this house. Never experienced it luckily.

I have brought them up to be able to stand on their own two feet with confidence and resilience in all aspects of adulthood.
I am immensely proud of the young men they are becoming.

I’d give her due warning that there will be no more this term. Then stick to it.

Term ended two weeks ago so it wouldn't be much of a threat 😊

To be fair to her, she has saved some of her earnings for holidays with friends/boyfriend and she'll work all summer.

And she's having a brilliant time at uni and working hard too. I guess after graduation, she can start thinking about a LISA and index funds.

Dd has just finished year one at uni and sits down every year with dh and they budget for the following year. She has a spreadsheet which she updates. She’s pretty frugal: she and her boyfriend spend £50 per week on food and eat well. She is a decent cook which helps. She has about £30k in savings and investments which she doesn’t touch.
When ds was 16 we gave him a monthly allowance to cover travel, lunches, socialising etc and he managed that well. He also had a budget for university.
dh is a retired finance director so having budgets for everything is completely normal in our house.