Do some parents teach their children about managing money at all? Or should I put it another way - do some parents not allow their children to learn about managing money? Heard about a student this week who pays all her loan/grant to her parents and they add a little to it, and then give her an allowance each week......drip feeding her enough for one week at a time.
If this student has a history of being very stupid with money, I can see their point. But for most, I think that they need to learn how to manage funds themselves. The EFG has full control of her dosh, although I have sat with her a couple of times to discuss her budget and how to work out how much she might need to allocate to different budgets, and whether she is getting a good rate of interest on her savings account. I have looked at accounts with her and weighed up the pros and cons of taking a special student account, or staying with the account she opened here a few years ago - we came to the conclusion that the main benefit to compare the student accounts against was the overdraft fees and since she didn't plan on needing an overdraft, that would be irrelevant. Then we compared free gifts, and railcards seemed to feature heavily in that category - we had already bought a three year one and got a good discount, so that wasn't much of an attraction either - so we concluded that she might as well stay where she is!
We have an open relationship when it comes to talking about money - she told me how she had spent £60 on a pair of Doc Marten shoes, and I opened and closed my mouth like a fish a few times! We've chatted about the best bargains in Lidl and Sainsbury's and which give the best coupons - and where to save cash. She meal plans very well, and has done me proud.
I have hopes of her coming home a little earlier than expected as she is not well and I really want her home NOW! She's got to work a few things out with her friends about storage, but I am keeping everything crossed that she pulls it off so that she can come home and collapse.
3 hours ago