How much should I charge for my son & daughter @ home (age 23, 20)

[Deleted User]

Just in case you didn't realise, this thread started in 2006, was resurrected in 2008 and again today - might be worth starting a new one as things probably cost a lot more today than they did when this thread started.

Oldernotwiser

Gavin83 wrote: »

I know a lot of parents who have lost a fair bit of money from their kids leaving as the bills will still need to be paid and you'll be losing an income.

On the other hand, we saved a fortune when a teenager left home. Two showers a day, heating on after everyone else was in bed, washing machine running half empty, clothes being rewashed after being dumped, unworn, on the floor, lots of fizzy drinks/ready meals etc, not to mention the phone bill! Some of our bills went down by 50%!

lazer

DevilsBakBone wrote: »

My son is 26 and still living at home, i understand he earns around 30k a year...

he buy he's own food, detergents and pretty much just uses eltricity, heating and water.

how much should i be charging him a month?

I'm 28 and living at home again - and i know i am going to get slated for this, but i pay nothing - except the broadband which i got installed.

I had been living away for 10 years and have only recently moved back.

My parents love having me living at home again, and despite me constantly offering refuse to take any money from me.

Like other posters have said, do you want them to be livng at home? If so, I would actually only charge them the incremental costs of them being there.

Example - Share of utilities, council tax (if otherwise you would be getting the single person discount) etc.

Personally i'm disgusted by the general attitude on these threads, which keep saying charge at least £250 a month after all they are getting x,y & z.
What has happened to families supporting each other, your children should not be a cash cow, and I think it is a disgrace to charge your children more than their fair proportion of the bills (All bills, excluding mortgage - you decided to buy the house it is your repsonsibilty to pay it, unless of course, you would otherwise be getting a lodger in or moving to a smaller house).

I understand people saying to charge them so they understand the value of money, and then save it and give it back to them if you don't need it but, If you don't need it why take it off them in the first place? Why not trust your children to spend/save their money themselves?

harrys_nan

worriedfirsttimebuyer wrote: »

I think a third of their take-home pay is a bit harsh.
They'll never be able to save up and be out from under your feet!

I think a third is fair but if the OP doesnt need it she can save the money and give it back when they leave home as a suprise.
Young adults need to learn the value of money and just how much ot costs to run a home

Rebecca01

lazer wrote: »

I'm 28 and living at home again - and i know i am going to get slated for this, but i pay nothing - except the broadband which i got installed.

I had been living away for 10 years and have only recently moved back.

My parents love having me living at home again, and despite me constantly offering refuse to take any money from me.

Like other posters have said, do you want them to be livng at home? If so, I would actually only charge them the incremental costs of them being there.

Example - Share of utilities, council tax (if otherwise you would be getting the single person discount) etc.

Personally i'm disgusted by the general attitude on these threads, which keep saying charge at least £250 a month after all they are getting x,y & z.
What has happened to families supporting each other, your children should not be a cash cow, and I think it is a disgrace to charge your children more than their fair proportion of the bills (All bills, excluding mortgage - you decided to buy the house it is your repsonsibilty to pay it, unless of course, you would otherwise be getting a lodger in or moving to a smaller house).

I understand people saying to charge them so they understand the value of money, and then save it and give it back to them if you don't need it but, If you don't need it why take it off them in the first place? Why not trust your children to spend/save their money themselves?

Totally agree with you.

I started a thread similar to this on the debt free wannabe forum.

My parents are the same as yours , they won't charge us ( myself, partner at weekends and my three year old anything) . We moved in with them to pay off debt and save to buy a house .

I try to give them money they just refuse , there's some been sitting on the table for a month. I do buy food though which they can't refuse and have got broadband and sky in for them . My partner earns a good salary , so we really do want to contribute.

I agree that children should just contribute what's fair , not a third to teach them a lesson. Things are more expensive than they ever have been , many will never afford their own house, they will learn this eventually , let them live while they can and trust them to work it out themselves.

lazer

Rebecca01 wrote: »

Totally agree with you.

I started a thread similar to this on the debt free wannabe forum.

My parents are the same as yours , they won't charge us ( myself, partner at weekends and my three year old anything) . We moved in with them to pay off debt and save to buy a house .

I try to give them money they just refuse , there's some been sitting on the table for a month. I do buy food though which they can't refuse and have got broadband and sky in for them . My partner earns a good salary , so we really do want to contribute.

I agree that children should just contribute what's fair , not a third to teach them a lesson. Things are more expensive than they ever have been , many will never afford their own house, they will learn this eventually , let them live while they can and trust them to work it out themselves.

I've done the same moved back with them to help me save to buy a house, and i got a new job closer to home so it made sense.
My parents lve the fact they are able to help me, they have never been in a position to give me financial help, so they like feeling as if they are doing something useful for me;
They are really spoiling me now i'm back at home, dinner on the table every evening, lifts to friends and home again etc. I have told my mum I will get taxi's when i'm going out etc. but she has told me not to because it makes my dad feel useful!

Every so often I take them out for dinner, and buy us a few treats for tea at night and small things like that just to show how i appreciate what they are doing for me!

Judith_W

I certainly think that if you are charging that little, you should be able to visibly see a min going into savings otherwise they will just get into the habit of spending a lot. I'd say a min of 1/3 - 1/2 should be saved when they are paying out so little for bills.

lazer

Judith_W wrote: »

I certainly think that if you are charging that little, you should be able to visibly see a min going into savings otherwise they will just get into the habit of spending a lot. I'd say a min of 1/3 - 1/2 should be saved when they are paying out so little for bills.

I think it depends on what they are earning, how old they are etc.
ITs good to live when you're young, you can start saving later.

I never saved (Well had maybe £1k in the bank or so) until about 2 years ago, I enjoyed living my life and the fun i had.

Why expect your children to start saving when young, life is too short.
If they are spending it all down the pub at the weekends, then fair enough, you could expect them to save it
However, if they are travelling, see the world, or buying a car etv, then why should they save

Gavin83

I really don't agree with the posts that mention saving. Charge your children what you feel you should charge them but you really have no right to tell them what to do with the remainder of their money. If they want to save then thats good but if they wish to spend it all that decision should be respected.

To be honest my parents had no idea what I did with my money and frankly I wouldn't have told them if they'd asked. It was really none of their business.

sutee1

worriedfirsttimebuyer wrote: »

I think a third of their take-home pay is a bit harsh.
They'll never be able to save up and be out from under your feet!

Going back a bit (1964!) - When I started work I earned £6 per week. I had to give my parents £2 (1/3rd), £1 went on HP for my scooter, £1 (1/6th) went to savings, £1 went on subsidised meals at work, 10 shillings/50p (1/12th) was for fuel/tax/insurance for same scooter, 10 shillings/50p (1/12th) was allowed for frivolities such as clothes/pictures/going out. Everything except my parents rent went in cash in separate named envelopes and was only used for that purpose. Each month that there were 5 Fridays I had a spare £1 from my HP (£4 per month). Do you think I frittered it away? No, I was very proud to put it aside to save up for my future (house or whatever it was going to be).
My parent did me proud by teaching me the economics of life.
So to those who say it's not possible, try working on the above principle.