hey, don't go. SM

Posted By: re formula on 2007-05-24
In Reply to: I didnt really want parenting advice. You dont know - me or my DD and her issues- I just

My dad always told me the formula should be a percentage goes into savings FIRST even if it's a low percentage. He always felt that saving was the first expense.

So, what I would advise (since you asked lol) is to figure expenses, then a savings amount, and then what's left over, that's guilt-free spending.

Now, if she ends up with a lot more entertainment money that she should (and I have a feeling you'll know), then the savings end needs to be upped.

I don't know what kind of budget you're working with or even if it's her own money we're talking about here, but if you want a formula, the most conservative and smartest approach would be learning to save.

Hope this helps! :-)

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Need to set up a budget for my 22-year-old DD. - Is there a formula for entertainment expenses-sm
- This is what I did with my 19yo dd. sm - Sheila
  - Sheila has it right and in addition...sm - Consumer guru
  - Thank you so much for you reply. That sounds - easy and I think it will work for my DD. OP
- Our kids got their own credit/debit cards when they hit 18 and got jobs. Their success or lack of - it with $$ is now up to them. Works! nm
- Yes. The formula is you say, "You have X amount for - entertainment" and don't give her more!
  - I didnt really want parenting advice. You dont know - me or my DD and her issues- I just
    - hey, don't go. SM - re formula
    - What I'm saying is the "formula" is what you make it. - No one knows your budget.
- Think it is a little late in the game - Jenna
  - I agree, not attacking the OP at all, but - Shannon
    - But like she said - Margaret
      - Thank you so much - some of us are quick to judge and offer - advice that wasnt asked for - OP-sm
        No, cannot figure it out - Jenna

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