Buy her a copy of Scott Pape’s book, the barefoot investor. And maybe a copy of ‘how to pay off your mortgage in 5 years by someone who did it in 3’. I know she doesn’t have a mortgage, but It’s got a lot of great money info and I wish someone had bought me these kinds of books when I was her age, rather than having to learn about money the hard way.

I really appreciate your tips, thanks so much! Yes, she is still at school, and this is only casual work, as a parent I hope to advise her and get her set on the right path so as to hopefully avoid unnecessary debt issues etc, but also I understand the opinion of allowing her to learn from mistakes too. so good to get objective input from everyone, thanks again!

What was done in my house growing up was I was charged a small rent and encouraged to save some, when I moved out off home the rent was given back to me for uni fees, it was great

As your child is only 15 I assume she is still a student. I would not charge her board till she is in a full time job. suggest she put a small affordable amount away each week as savings for eg, formal dress, holiday or even a second hand car further down the track when she is older. At this stage she needs to build a wardrobe for work and play, makeup etc. and going out money so she can have some fun and enjoy the fruits of her labour. it does not matter if she doesn’t put any money away, if she is meeting other living expenses, she is saving you having to pay for them. Be flexible, at 15 she would not be earning much.

I would advise her to bank 30% as savings & the rest is her allowance to do what she wants but this would mean she is responsible for paying for her phone bill, getting her hair coloured etc. If she is frivolous with her money & not being responsible,then I would then charge her a board & bank this for her. I’d give her a chance to learn from her mistakes as it is all new to her & after all she is only 15.

I have heard of people charging board, and saving it in a separate account to give to their child when they leave home… I suggest you approach a bank and ask for some simple information about budgeting, tailored for kids. I bet they’ve got some. Definitely encourage her to save some.

Its a hard one but try and make her save at least 25% no matter what, works beautiful!

My daughter has a job and shes just turned 15 she earns $50 a week, she puts $30 straight into her savings account and $20 goes into her everyday account to use.
She has a mobile phone that costs $40 a month and she pays half of that shes really good with her money and has built a really nice amount of money.
We have a friend that takes a certain amount of her daughters wage and puts it into a separate account which the daughter doesnt know and she will get it all back for her 18th birthday which is also a great idea.

I love the idea of banking half and letting them do what they want for the rest. Then at least they are still enjoying there earnings but saving for an important purchase too like a car.

I would sit her down and teach her how to make a budget and any left try and get her to put it in the bank, Get her to set a goal of a car to save up for….but you can also say well if you really need something you can get some money out of the bank

I had a friend whose parents made her hand over half her wage. When she turned 18, they gave it back – she had enough to get a sensible first car. Great idea if you ask me. If you didn’t want to be so strict, perhaps suggest she save 20% of her wage.