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Young adults financial planning

NAS63909

Hello all

I am in need of a bit of advice and help regarding my daughter, we had to fight to get her diagnosed and it wasn't until she was 19 that we finally managed to get her diagnosed she has mild autism with social anxiety and moderate recall dyslexia. we have battled through some issues but our biggest one is money, she has no concept of budgeting and paying bills on time, she has had her mobile cut off a few times for non payment, no matter how often we go through budgets devise plans with her it fails, she is now 22 and about to finish her apprenticeship in Early Years Education, it has taken a while but she has got there, which means she will have a lot more disposable income, we have sat with her and came up with a plan for the future, regarding savings etc. but it has already gone off track, do any of you have any suggestions or ideas. Any help or advise will be gratefully received :-)

Parents

  • Would it be possible to set up all her bills and savings to be paid through standing orders or direct debits, say the day after she is due to be paid each month? That way, her essential outgoings will be taken care of and the remainder of her money will be disposable income to spend as she wishes on food and other things.

    I’m pretty savvy with money and budgeting, but even I find it less stressful and anxiety-inducing knowing all my income comes in on the last day of the month, and all my bills and savings are automatically taken out within the first few days, so whatever is left is mine to spend as I wish (admittedly, I usually just end up saving that too, but at least I have a clear choice). I opt for fixed monthly tariffs on my phone and all my utilities so there aren’t any unexpected variables to deal with. I have a credit card but rarely use it because it stresses me out that it is a variable amount to pay at a non-standard time of the month (I think it’s something like the 22nd).

    It might also help her if she registers for internet banking and installs her bank’s app on her phone. It’s then really easy to check your bank balance, see when bill payments are due to go out, and view the balance of any linked savings account. A lot of banks also let you set up alerts if you’re running low on money etc. which will send a text message to your phone. You could then agree a plan with your daughter as to what she needs to do if she receives one of those messages (e.g. talk to you, review her spending, see if she made an impulse purchase that she should have saved up for first). Does your daughter understand the implications of failing to pay bills? If she’s always lived with you she may take for granted a roof over her head and an absence of bailiffs at her door.

    Maybe you should make an appointment with a branch advisor at her bank and the three of you discuss how best to help her manage her money? At least then the bank would also have a record of her autism and be obliged to comply with disability laws in their communication and management of her account.

    Hope that helps a bit?

Reply

  • Would it be possible to set up all her bills and savings to be paid through standing orders or direct debits, say the day after she is due to be paid each month? That way, her essential outgoings will be taken care of and the remainder of her money will be disposable income to spend as she wishes on food and other things.

    I’m pretty savvy with money and budgeting, but even I find it less stressful and anxiety-inducing knowing all my income comes in on the last day of the month, and all my bills and savings are automatically taken out within the first few days, so whatever is left is mine to spend as I wish (admittedly, I usually just end up saving that too, but at least I have a clear choice). I opt for fixed monthly tariffs on my phone and all my utilities so there aren’t any unexpected variables to deal with. I have a credit card but rarely use it because it stresses me out that it is a variable amount to pay at a non-standard time of the month (I think it’s something like the 22nd).

    It might also help her if she registers for internet banking and installs her bank’s app on her phone. It’s then really easy to check your bank balance, see when bill payments are due to go out, and view the balance of any linked savings account. A lot of banks also let you set up alerts if you’re running low on money etc. which will send a text message to your phone. You could then agree a plan with your daughter as to what she needs to do if she receives one of those messages (e.g. talk to you, review her spending, see if she made an impulse purchase that she should have saved up for first). Does your daughter understand the implications of failing to pay bills? If she’s always lived with you she may take for granted a roof over her head and an absence of bailiffs at her door.

    Maybe you should make an appointment with a branch advisor at her bank and the three of you discuss how best to help her manage her money? At least then the bank would also have a record of her autism and be obliged to comply with disability laws in their communication and management of her account.

    Hope that helps a bit?

Children
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