My 15 yr old is about to start her first┬ájob. I’m looking for ideas on how to help her manage her finances and not just spend it all? Should we force her to save/spend certain amounts, or charge her a rental fee to help her realise how life works?


Posted by tulips, 19th August 2014


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  • 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.


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