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As the return of my eldest daughter (9 months travelling) gets nearer and nearer I’ve been thinking of ways we can teach our children to be sensible with money. I’m not looking to teach them to be totally frugal, just sensible would be enough.
My daughter is coming home with £2500 worth of debt that she owes me, my bf and a credit card. She delayed university for two years one because of a serious illness and then to go travelling. Now I’m not sure that she will go this year either. Anyway she is back to work in July to start paying off the debt. What really worries me is that she is just like me (or the former me) and can’t wait for anything. If she wants something she has to have it now. She has been earning money most of the time travelling but I still had to give her the money to get home!!
I actually sort all her accounts/money etc out for her and I’m going to continue when she gets home to ensure this debt is paid back before Christmas. But what do I do after that?
How do you teach a 20 year old that saving or contributing to a pension plan at a young age would be the best thing she ever did!