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Saving or Investment for 16 year old
rajeshk4u
Posts: 114 Forumite
My nephew has turned 16. I want to give him £100 to mark the occasion.
He is the sort, who has no discipline in saving and is a spender, he will walk into a shop and spend it all on some pointless clothes. He has a major overdraft from his parent. He will nag them....
I want to give him this cash, so he can use the money for something memorable like buying a house. Something important to mark his life.
I am not sure what people would suggest. I am worried, if I give him the savings passbook, he could end up withdrawing it.
Also, I don't know where to put the money. Buy a £100 worth of shares?
He is the sort, who has no discipline in saving and is a spender, he will walk into a shop and spend it all on some pointless clothes. He has a major overdraft from his parent. He will nag them....
I want to give him this cash, so he can use the money for something memorable like buying a house. Something important to mark his life.
I am not sure what people would suggest. I am worried, if I give him the savings passbook, he could end up withdrawing it.
Also, I don't know where to put the money. Buy a £100 worth of shares?
0
Comments
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Buy him premium bonds.
Are harder to spend, and he might like the idea of a win? So might not try too hard to do so?0 -
Shares could be a good idea. As he's only 16, plenty of time to stomach potential downturn following Brexit - buy low and sell high type of strategy in 5-10 years, ready for his future.0
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Buying 'shares' for just one off 100 quid would not be cost effective.0
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