My daughter is 17, year that's right 17. I am a 26 year old step parent of a 17 year old. My wife and I have attempted to teach her about financial responsibility. She works, has a car, makes some payments and has straight A's. She is basically the best 17 year old step daughter anyone could ask for.
She works at Fashion Bug and she is just like any other teenager, she loves clothes. In fact she loves them so much that she has a spending problem with them. A few months ago we spoke about saving versus spending and I tried to hammer in her head the idea of saving. Well I didn't check her bank account for four months. She has been spending more than she is making.
The bad part about this is that my wife and I have been helping her with her car payments so she can play soccer. The part we didn't realize is that she wasn't using the help she was just spending at a higher rate than normal since we were helping her.
We are going to make her write her own checks for her car payment and insurance instead of her paying us some and then having us make the payments. Any one out there have any ideas?
She drives a mustang convertible and is upside down on the value of the vehicle. My wife bought the car for her prior to us getting married. The payment is about $230 a month and the insurance is $70. Of course the reason the car is upside down is because they financed the car over 72 months.
NEVER get a car loan longer than 36 months!
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