Helping my adult (just) son manage his money

[Lieby]

Hi. Really need a bit of advice. My son is 18 and has been working as a model for over a year. He's successful, gets a lot of work, and earns a lot. At the moment, his agency send me his earnings, and I ping money over to him. He travels a great deal, and has a lot of expenses when doing so. Normal stuff-meals, coffees, cabs etc. He and I both want him to save for the future, but it's so tricky as money comes in sporadically, and nothing in his world is steady or predictable. I have a big fear of it all being pissed away, and not used for something tangible. Any ideas?

When you say expenses, can he claim the money back for that?

First of all you need to make sure he's got enough put away for tax and NI. If you put 50% of each cheque immediately into a savings account or premium bonds that would be a good start.

My daughter is an actress and I would imagine the expenses are similar. Haircuts gym membership hotel stays agents fees accountancy fees, makeup, haircuts etc. These can all be put against tax as he will be self employed and can claim these as business expenses. Is there a models' union like there is equity for actors, they could help. Agree with the putting aside money for tax/NI though my accountant always says 30% and that seems to work (and I am a relatively high earner)

I suggest you charge him a financial contribution monthly so he can learn budgeting skills. Even if you do not need to charge him. That way he will get on his feet more.

Oops have just noticed this is a very old thread.