Gas prices are very high, but my daughter only gets paid every 2 weeks and the 1st week is not over yet and she has ran out of gas money. She works at Walmart and never has enough money to get her back and forth to work every week. How can I help her learn to budget? She has no bills other than a monthly car payment and insurance.
2007-05-24 16:26:36 · 11 answers · asked by happydawg 6 in Business & Finance ➔ Personal Finance
alot of places have prepaid gas cards,this is what I do since there's no interest on it.
My hubby gets paid every 2 weeks,so the minute he gets paid I fill in 2 weeks worth of gas...I use Shell's refillable card...since she has no bills make this her first bill when she gets paid,every thing's done online....here's the one we use...
http://www.svmcards.net/shell/shellrefillablecard/
2007-05-24 16:36:03 · answer #1 · answered by crystal 5 · 1⤊ 0⤋
How can you help her learn to budget? Just point out the simple facts.
(1) Here's how much you make every two weeks.
(2) Here's your monthly car payment (huh? a 19-year-old works at Wal-Mart and has a monthly car payment? Why isn't she driving a $3,000 beater car until she can afford something nicer?) and insurance payment (which would be much lower if she had a less-expensive car).
(3) Here's how much it costs per mile to drive. If she gets 25 mpg and gas is $3/gal, the number is 12 cents, plus maintenance (tires, oil, incidental repairs, about 3 cents per mile), plus wear and tear on the car that will eventually require the purchase of a new car that she *should* be saving up for (if she drives a $20,000 car for 100,000 miles, that's 20 cents per mile).
In this example, it's 35 cents per mile. If she lives 15 miles from work, for example, that's a 30 mile round trip, or $10.50 per day. $52.50 per week, $105 out of each paycheck. She may want to reconsider working at Wal-Mart and she may want to reconsider her choice of vehicle.
Understanding your budget means living beneath your means and saving money, not borrowing it. As long as you give her money for gas, she will take it and never learn. I would suggest that you present her with all this information, let her make the adult decision, and CUT HER OFF.
Good luck,
Doug
2007-05-25 02:44:35 · answer #2 · answered by Doug M 4 · 0⤊ 0⤋
Wellll... I'm not saying this is the solution for your daughter, but most of my friends either pay gas or insurance, not both. Same in my family (although we don't really drive much). That goes for year-round, so that means we usually have to pay a year's worth of bills with a summer's worth of earnings (plus a little extra from the school year).
But, if you're set on your daughter for paying all car-related costs, then... I guess you could ask her to calculate her gas usage over two weeks and then from there find out how much she'll need to spend on gas. That way she can set that amount aside, and then the rest of the money is hers to use as she likes.
Whenever I am irresponsible with the car, or don't follow through with an agreement or something, my mom made me just walk to work. It's two and half miles away... kinda harsh, but good incentive to do what I'm supposed. I think you can expect your daughter to be pretty pissed at you though if you force her walk.
Good luck!
2007-05-24 16:42:04 · answer #3 · answered by Cedar 5 · 0⤊ 1⤋
I guess I'm from another time. But the best way to learn to budget is to suffer the consequences. I'd guess someone is bailing her out or this would only happen once.
I'd make her do her own written budget as a condition for loaning money for gas for one week. She would need to account for every penny and the budget would include a plan for paying me back for the gas loan.
If she doesn't prepare a written budget she doesn't get the loan.
Do a search on Dave Ramsey, he has a good money make over program that works.
2007-05-24 16:39:47 · answer #4 · answered by Roadkill 6 · 3⤊ 0⤋
The budget is critical.
Make her put everything down that she spends money on so she can see where it really goes. If the gas prices are too high for her to make it to work, she should consider a closer job or ending the job.
Public transportation or ride-sharing are two other options that may work out for her. Neither are fun (especially for a 19 year old) but running out of money one week after pay day is not fun either.
Do not help her out too much; she is not learning that way. I have kids myself and understand the drive to help them succeed, but giving her money every other week is only going to teach her that you have money to give every other week!
Good Luck.
2007-05-24 16:42:00 · answer #5 · answered by JJ 5 · 1⤊ 0⤋
Do NOT give her any money for gas (or anything else for that matter), and leave transportation up to her (the bus or friends). I know, it sounds a little mean, huh?
At 19, she should be self reliant. I know you can't get rich working at WalMart, but she does need to learn to budget.
The lesson you are teaching her right now is that you will always be there to pull her out whenever she intentionally puts herself into a jam. No caution, no responsibility.
I know as a parent it can be tough to watch your children either be put into or put themselves into tough spots. Guidance and parenting is what they need, not money.
The most successful people in the world were never "handed" anything.....
2007-05-24 16:40:51 · answer #6 · answered by Christopher 2 · 3⤊ 0⤋
Let her walk or take the bus. If her only expenses are the car payment, gas and insurance, and she can't afford to pay for gas to get to her job, she can't afford to work at that job. She is spending her money elsewhere and expecting you will bail her out.
2007-05-24 17:48:28 · answer #7 · answered by aj485 5 · 1⤊ 0⤋
Is she over extended? I mean does she make enough to cover the car and insurance and gas? If she is I'd say, help her out this one last time then tell her the gravy train is over she'll have to set back enough cash to make it 2 weeks, just like the rest of us. If she runs out, she'll have to figure it out, probably to far to walk, public transit? bum a ride from a friend.
TOUGH LOVE
Good luck!
2007-05-24 16:37:00 · answer #8 · answered by ablair67 4 · 3⤊ 0⤋
Welcome her to real life. She either needs to curb her spending...or find a job that pays better. Most people end up having to compromise...or walk. Nobody learns to budget their money, time, or anything else unless they feel the consequences of coming up short.
She can learn now, or you can plan on spending your "golden years" working to support her leisure activities.
2007-05-24 22:58:18 · answer #9 · answered by Joe 5 · 0⤊ 0⤋
tell her not to accelerate too quick, not to brake too hard, turn off engine when parking....
simple things like this save alot of gas.
2007-05-24 16:36:34 · answer #10 · answered by Luke V 3 · 0⤊ 2⤋