Best way to save a deposit

True, she does have a lot of adventures and travel planned and I want her to be happy at uni so she finishes. There's no doubt we differ on ideas about wastage. But she's sensible and intelligent, I know she'll work out her own finances in due time and for now I'm happy with her saving just 10% of her own money and as Marg said, establishing sensible money habits early.

 

If your daughter has travel plans etc this could be the way to set up a saving plan, easier to save when your goals are clear.
By the way I have a steady job can I have your 100k haha

 

I'm with Darren - if she wants to travel, then encourage her to save up for that and she will get into the saving habit. Don't wish to burden her with a mortgage to early.

My niece saved $30k by the time she was 18 - then took off overseas to backpack around Europe and Asia, stopping to work when required (huge demand for Kiwis and Aussies in the UK for pub work and as aupairs in Europe).

She came back 3 years later - used up all her visas - after visiting places I only dream about - although crowded trains in India are not my thing. Greek Island, Morocco, Istanbul, Italy, Germany, UK, India, Vietnam, Cambodia ... the list is endless.

She came back incredibly mature, nothing in common with her old school friends (who are still gushing over Kim Kardashian) with a desire to study archaeology... something she would never have thought of prior.

I guess what I'm saying is never underestimate the education to be gained from travel ... and if they don't go while they're young - when they can still throw a sleeping bag down behind a pub bar at the end of the night and wake up refreshed - then it's a long time waiting

 

I reckon seeing great architecture maybe that's something I could have done!

 

Thanks Lizzie! wow what an exciting experience your niece has had! My daughter wants to work and travel around Europe and in particular the U.K. That would be some great self education, so it sounds like I should support her desire. And we have good friends that own a couple of pubs in London! I wish I'd done the same myself when I was young. Instead, I lumbered myself with a mortgage.

I don't want her to have a mortgage until she's ready. From my own experience, I bought too early when I didn't really know what I was doing. The only advice I was given in the late 80s was, 'the right time to buy in Sydney is always now'. High interest rates, cashflow too tight I hated having no money and sold 18 months later.

It's different today with our low interest rates, more chance of buying a property that pays for itself but it still needs to be managed, and not until she'd ready.

I appreciate your advice

 

Thanks Darren and what would you do with my 100k? Lol

 

I left school at the end of Year 10 (as most girls did in the 1960s) and went to work. Mums formula was one third board, one third bank and one third to spend as I pleased. I saved hard for three years, and at 18 1/2 left for a working holiday in New Zealand.

I had a wonderful time working as a waitress in five star hotels for 15 months before I had to return home for my sister's wedding. I came home with the intention of saving to go to England, however met hubby and the rest us history.

My working holiday in NZ is one of my most treasured memories. I was young and carefree and proud of the fact that I was fully self supporting. It made me grow up as there was no one to fall back on.

Sure I came home flat broke not long before I turned 20, but with lessons learned and much more maturity.
Marg

 

Cashflow 101 is both a board game and online. She might prefer the online one.

IMO she has to do the savings herself. She has to set up the direct debits, etc.

perhaps offer to match her savings for specific goals. Match dollar for dollar on car or travel savings, maybe 2 for 1 dollars saved for property.

If you were really hardarse you might make your payment of her rent dependant on her meeting (her own) savings goal. Shortly she will be paying her own rent or mortgage, may as well get a head start on how that works.