How about you start by giving her some lessons in budgeting etc? See how she manages without being forced to do anything. You can always intervene if it looks like she’s having problems.

My 13yr and 14yr old have both a bank account on which they put their pocket money. My 13yr old boy is good in saving his money, my 14yr old daughter loves to spend but also tries to safe up for furniture in her room. She likes to try to find a job next year, We leave them free to spend and safe their money as they wish (unless they want to buy something we don’t agree with).
When I was a bit older and left home at age 17yr to do a study, my father gave me the monthly money he recieves for me from centrelink and I had to pay the rent for a room and weekly food from that. I remember I was scared to give money out afraid I wouldn’t have enough. And then at the end of the months discover I had much money left. I learned to budget from this, but it was tough.

Lol good luck with this. Only way you can keep on top of it is to have control over her bank account etc Tennager, first job…..she’s gonna wanna spend spend spend 🙁 My daughter is 25 and only just got a handle on money savvy, after getting herself into massive debt! I guess she eventually learnt…….the hard way!

All you can do is make suggestions and hope she listens. I think sone banked, some saved for that special item and some kept fir play money is a good way to budget

Yep to all that. So much in savings, so much for bills, so much for fun and a small rental fee. Maybe you could even put the ‘rent’ into savings for her

It depends – is she working part time/fulltime? Is she studying too? I would not charge rent if she is studying and only working part time. A different ‘pots’ budget is good. Money in each pot for different things – save, spend and …..

My parents charged me a rental fee, but I also think you should sit down with her, and show her for example how saving some money now, can help her put down money for a house in her future.

Same problem with me we decided she has to give us a certain amount each week depending on what she earns we put it into another account and it can’t be touched without our signature

You could charge her a small rent fee but put it in a secret account for her to give when she gets a bit older. She will then realise just how much she could have saved if she put a little bit away and it will make her see for the future.

hope that you decided on a plan

get her to do up a budget and write it out. when she is 16 and you don’t get family tax for her, then maybe get her to contribute rent. Maybe for now she buys her own make-up, snacks, clothes, mags etc. She is learning independence, self reliance and money management while you can still provide guidance

We took our DD along to the bank, they helped set up an account and she has a savings, don’t touch account that she is unable to draw funds from that account at the ATM, she would physically have to go into the bank and they ask questions as to why she needs to draw funds from that account. Money is allotted automatically to that account. She also has her normal savings account which she does not have a debit card for, she can only withdraw from that one by visiting the ATM. We’ve taught her to be prudent with her funds and she is, she isn’t wasteful and doesn’t buy rubbish.

Get her to give u half the amount as rent which u actually keep aside for her for the future and the rest get her to save towards a goal like a car or a holiday. I grain in them the value of money and they will be set up for life.

Two bank accounts, One spending account and one online high interest saving account

Get her to talk to me HAHA I only wish that I had started saving 9 years ago when I was 15 and had my first job.

great suggestions below. I’d have a discussion with her just to get her thinking about all the things she’d like to spend with the money on a weekly/monthly basis and all the things she’d like to save the money for in 6 months and 2-3 years.

You dont say if this is a part time job and she is still in school….I take it thats the case.
Good for her and how fantastic that you have a teenager that is willing to get of her butt and get a job. In my opinion if she is the one doing the job to earn the money then you have zero right to “force her” to do anything with HER money. That to me is overstepping.
If she is still at school then its very harsh to suddenly start charging her a rental just because she decided to get a part time job. Surely the part time job should be giving her money so that when she wants to go out with her friends she doesnt have to ask you for money.
All 3 of my daughters got part time jobs and they all saved. They were all saving to buy themselves cars as they knew I couldnt afford to buy them cars and Ive never agreed with handing kids big items like that. They all purchased good cars for themselves.
I charged each of my girls $20 a week board once they left school and got their full time jobs but I did not charge them when they were only working part time ans still at school.
Everyone is different though but in my opinion its too harsh when they are part time.

Set up a budget in excel. Save a %, pay X in rent, spending money X.
I love excel because you can graph things and get a visual of the money she saves (or spends).

I had the same problem with our 18 yr old. We talked about it and decided that we would set up 2 bank accounts. 1 with an ATM card (for them to spend with) and 1 and In Trust Account that only I can get access to. At the start of each month I put a set amount into the ATM account from Trust account and they do what they want with it but, they don’t get any more until next month (barring special circumstances). He quickly learnt not to waste his ATM money on unnecessary things & we helped him budget for what he wanted.

I’d encourage her to think of a serious goal to save for, e.g. first car, and then work out how much she can comfortably save whilst still being able to enjoy the fact that she’s earning a bit of money and can have a bit of fun. If she’s able to get the hang of being on a budget then that will definitely help her in the future! In saying all that, it really will be her money and she can do what she wants with it, when I had a part time job during school I used to pay $70 a week board to my Mum and Dad by my own choice to help with bills etc as they didn’t have a whole lot of money but they put it aside for me anyway without me knowing and I was able to put it towards a car when I was old enough….good luck to her and hope she enjoys her job!