This is what I did with my 19yo dd. sm

Posted By: Sheila on 2007-05-25
In Reply to: Need to set up a budget for my 22-year-old DD. - Is there a formula for entertainment expenses-sm

She gets her check. The day she gets her check, she sits down and pays all of her bills that are due (or will be due before she gets her next check). Now of course she does not have a bunch by any means. Once that is done, then she looks at what she has left. After 25.00 goes into savings (no it is not much but it is something at least), she then divides the amount she has left by the days she has until she gets her next check. Whatever this amount is has to include everything (i.e. gas for the day, meals, etc.). For every day that she does not spend her "alloted" amount, she then has more for the remaining days. Since she has started doing this and watching it much more closely, she has found that she will have so much more money left when she gets paid again. The extra she has left, she put 25% in savings and takes the other 75% and usually spends it on herself for whatever she wants. I have tried to convince her to either put it in savings or let it "roll over" but she doesn't. However, she is 19, so that is her choice :) I hope this helps a bit.

Complete Discussion Below:

marks the location of current message within thread

Need to set up a budget for my 22-year-old DD. - Is there a formula for entertainment expenses-sm
- This is what I did with my 19yo dd. sm - Sheila
  - Sheila has it right and in addition...sm - Consumer guru
  - Thank you so much for you reply. That sounds - easy and I think it will work for my DD. OP
- Our kids got their own credit/debit cards when they hit 18 and got jobs. Their success or lack of - it with $$ is now up to them. Works! nm
- Yes. The formula is you say, "You have X amount for - entertainment" and don't give her more!
  - I didnt really want parenting advice. You dont know - me or my DD and her issues- I just
    - hey, don't go. SM - re formula
    - What I'm saying is the "formula" is what you make it. - No one knows your budget.
- Think it is a little late in the game - Jenna
  - I agree, not attacking the OP at all, but - Shannon
    - But like she said - Margaret
      - Thank you so much - some of us are quick to judge and offer - advice that wasnt asked for - OP-sm
        No, cannot figure it out - Jenna

The messages you are viewing are archived/old.
To view latest messages and participate in discussions, select the boards given in left menu

Other related messages found in our database

19yo that only shows up when she needs money.sm
She expects everything handed to her. I actually really do not know why as we never did anything close to that. She moved out to live with her grandparents at 17 (after GED). They give and give. I keep telling them that it is not a way for her to learn, and I think they are finally getting the picture. (They cut off her gas card.) She only comes to myself and dad when she needs money. I love her and always will, but this is the way she is. I have 2 other children (younger) and they have already learned money is not handed to them. They do their chores, etc. and they get to participate in sports or whatever they want. They have their own cell phones (at a reduced cost of course as it is help for them to have it). I just will never understand my oldest kiddo's attitude.