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22 yr old is skint - how do we advise him?

6 replies

Maximum71 · 19/01/2022 09:21

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

OP posts:
Janeandjohnny · 19/01/2022 09:37

Nope, I'd let him see that choices=consequences. Hard to see but also at 22 he needs to be copping on. Spend less, get a better job etc. Usually girlfriends of these kind of guys move on as its exhausting taking a back seat. He will learn. Do nothing.

maddy68 · 19/01/2022 09:41

Do a spreadsheet with him of his income and outcome

He needs to put X into the a different account to cover his bills.

He then divides the rest into weekly amounts. That is how much he has.

He should then put a portion of that for "car maintainence" tyres mot etc.

The rest he draws in cash and doesn't take his cards out with him that's what I had to do

oldestmumaintheworld · 19/01/2022 09:49

I think this all depends on your relationship with him. If you are close, talk about issues within the family, and he is comfortable with listening to you when you share information then you can help. Sit him down over dinner and say that you are concerned about him and his financial position. Say that you are willing to help him get back on track and then teach him how to budget and save. If you don't have this relationship then he won't listen and will see you as 'telling him off'. In which case you can either involve another sibling (if there is one) or another friend or family member that he respects.

If this isn't the case you have to stand back and let the shit hit the fan. This will be hard for you, but necessary. Do not bail him out. It will just delay the inevitable.
My in-laws are still bailing out one of their children and he is 52!

perimenofertility · 19/01/2022 10:01

I think it would be a good idea to offer him some support. I was also in a lot of financial difficulties at that age because no one had ever taught me how to manage money, I didn't know how to budget, it doesn't come naturally to some people. And if he's grown up seeing his dad spend freely that's his only example.
The suggestion of setting up a spreadsheet is a good idea, with income and outgoings. Help him see the value of paying off debt before spending again. And perhaps get him to think about long term goals - something he really wants that he can start saving for and look forward to (car? holiday?).

Beamur · 19/01/2022 10:05

You can also get bank accounts with features that show how much you are spending on certain items. Monzo I think is one but there are others.
A big part of this is he has to unlearn the spending habits he has because he just can't afford them. If his girlfriend finishing with him isn't a wake up call, he's very hard of understanding! Definitely give him some friendly but firm advice.

Maximum71 · 19/01/2022 12:12

Thanks all.
I've sent his a what's app- he kind of walks away when we mention things like this- offering to sit down with him and help him work out his finances- also mentioned he will have spent the tax rebate by April the rate he is spending. Jeezus it's like a train wreck waiting to happen..
Him and sister blame dad for not being a good example: BUT dad earned a lot of money and saved a lot too. We now have a lot to show for it. They have nothing to show for all the money they have earned so far. Experiences are lovely - but not when you're having to pay back the money you used to pay for the experience a year later.. (all the festivals etc last year)

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