Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Teenagers

Parenting teenagers has its ups and downs. Get advice from Mumsnetters here.

Older teens with an income who don't save- any advice?

4 replies

Maria951 · 12/04/2023 13:17

My kid is 17 and lucky enough to have a decently paid job. Since he started working I've spoken to him multiple times about budgeting/saving etc but he continuously spends his entire wages every month. His purchases - mainly designer clothes and shoes- have become increasingly expensive and despite saying he's going to save, 8 months into the job he doesn't have a penny saved. I don't charge him rent- I'm in a position where I don't need to and don't feel comfortable doing so without a need but am worried he's going to have no budgeting skills growing up. Anyone else in the same boat? What would you suggest? Should I insist somehow that he puts money aside? Growing up I never had disposable income until about 10 years ago so this is completely new ground for me.

OP posts:
PeonyFairy · 12/04/2023 13:26

I would sit down with him and talk about bank accounts, investments, credit ratings, mortgages, paying rent, bills and anything else financial. Teach him financial awareness as much as you teach a child anything else.
Suggest a monthly saver - they tend to be the best rates of interest for sums up to about £250 a month.
Lots of people on MN suggest taking rent money and saving it for the child but I see that as a last resort because it teaches them nothing.
I never took rent from mine but they were squirrlling away all their money saving for a house. If they had been reckless with it I might have charged rent.

Farmgirl12 · 12/04/2023 13:29

I read it n a post a while ago.
that many don’t want rent ect
and I wouldn’t charge my children either.
but some said they do charge a small amount and put it into a savings account for them for when they either move out or looking to move.

I think that this would maybe be an option for you and your son?

waterrat · 15/04/2023 04:46

I think its not helping him here not to charge for rent and bills. This is not real life ..he is earning adult salary with no adult responsibilities or understanding of life

I would sit him down and say yo

RomanticizingHeroine · 16/04/2023 10:54

don't charge him rent

I'd take a quarter of his net pay as rent and open a LISA for him.

New posts on this thread. Refresh page