I have a lovely 22 yr old stepson. He is absolutely hopeless with money
He earns approx £1300 net a month.
His old banger car has just broken down.
He has no savings, he is continually skint, he has an overdraft, he owes money to 2 people we know of. Yet he continues to order take aways, purchase clothes on credit, is still paying off a large (HUGE) TV he purchased for his own room. He is counting on getting some tax back in April to buy a 2nd hand car - but the rate he is going he will have to spend it on paying off his debts he has created. My DH has also been a bit of a big spender in the past (but he had the money to spend then) so I think his son has seen this as 'the norm' in his formative teenage years.
We have stressed the importance of having some savings - and his girlfriend of 3 years wants a break - and his financial mess is one of the reasons (basically she has to pay if they want to go anywhere- or they can't go- so she feels like he doesn't prioritize her at all - which I completely understand). Or do we just watch from the sidelines as he gets himself into more of a mess?
He pays £200 board a month - and he can make himself packed lunches or take a frozen ready meal from home to work but often buys a sandwich/ snacks out. I cook most evenings and otherwise the freezer is FILLED and always snacks available.
Any tips on advising your child on money issues that have REALLY WORKED? Tia x