First job…what’s recommended

Bravepants

Dazed_and_C0nfused said:

JoeCrystal said:

Dazed_and_C0nfused said:

Robin9 said:

How much is she to give you for her Bed and Board ?

As above the earlier she saved for pension/property purchase the better but she needs to enjoy life / holiday etc

The op is referring to his own daughter, not a lodger!

It is a fair question! Contributing to the cost. I think you mean her rather than his. 🙂

Oops, yes, her daughter.

Just don't really get the whole your own children paying bed & board, rent, keep whatever people choose to call it.

The concept is as old as the hills though. Depending on the affluence of the family, children would be expected to contribute to their upkeep as they reach the age of work. I certainly did to the tune of £200 a month back in the 1990's. In some cases children that work away used to send money home to help out the family. I'm sure these days it's the other way around for many. But there are still parents living in poverty while the kids are away at work.  

An extreme example in fiction is Hamish MacBeth, the "lazy" police constable and main protagonist of M.C. Beaton's "Death of a.." detective series. Hamish is always on the scrounge because he sends most of his police salary back home to his parents and 5 (?) other siblings who are crofters in the Highlands and very poor. This fiction is based in reality. 

Grumpy_chap

allystar said:

Thank you all for the input!

we are going to encourage her to opt in and put the full 10%…added bonus is she should be able to do it via salary sacrifice.

Also going to get her to open a S&S Isa…she has a child one just now that she will get the content from when 18.

I’ve no intention of taking any payments for board…she’s a good kid, with a sensible head for money, so I know she won’t fritter it away!

I think, having £400+ a month going in to a pension at such a young age is a great start for her future!

I think the board & lodgings once a child starts at work is a common (obviously not universal) thing.

If she is sensible with her finances, that is great.

If she pushes back on the full pension contributions, you could consider phrasing the conversation around the notion that many parents do require their newly working children to pay board & lodgings but you are proud of her financial conduct thus far and, as such, you are willing to waive the need for board & lodgings based on the full pension contributions being made so she could consider that as a monthly gift from you to ensure she has a stronger future established.

Even if you never intend to charge her board & lodgings, it is probably a worthwhile conversation to have.  You might also think about setting some boundary as to when board & lodgings would be paid - either an age point or a certain salary point.  That can always be flexed if the threshold is reached.  Otherwise, she will be living at home with you even when she is in a senior job, earning twice what you ever dreamed of earning, and preventing your downsize to a bungalow.

gm0

The flowchart upthread is quite good. If you have that kind of mindset.

The big thing when making the save it don't see it decision early.  Is of course the power of compounding.  

Which is not intuitive to many - despite the arithmetic taught at school

Don't even get started on "long term averages" and "sequences" not being the same.  Again - basic arithmetic around % but far from intuitive.

The earlier you start - the better.  

The more consistently you just keep on going and ignore the world - mostly this is for the best also.

Some messages are taken on board better by living them than by lectures.

Good luck with this early promising development into adulting