Son starting work - how much should he contribute ?

property.advert

I don't ever expect to collect anything.

School until 18, perhaps gap year, then university, then into her own place.

The way things are going it will require parents assisting with deposits for their offspring to buy their first property because saving up just isn't going to be fast enough.

MunniMuncha

Hi my DS is 18 and earns £60pw and haven't taken any money off him. We have had to bail him out recently as he borrowed money from Wonga and he is now paying us back at £20 pw. I have told him that once this has been repaid, we are expecting him to carry on paying £15 pw for his rent, but we will put this aside for him for future use (unbeknown to him though)

daviecol

MunniMuncha wrote: »

we are expecting him to carry on paying £15 pw for his rent, but we will put this aside for him for future use (unbeknown to him though)

This seems to be quite a popular thing to do these days. I must admit I did consider doing it myself but decided against it.

At the end of the day I consider paying board the first step towards learning to pay your way in life. I don't expect my mortgage lender to give me back the interest I've paid on my loan when I finish my mortgage.

If my kids want a lump sum when they leave home, they can save themselves.

HappyMJ

MunniMuncha wrote: »

Hi my DS is 18 and earns £60pw and haven't taken any money off him. We have had to bail him out recently as he borrowed money from Wonga and he is now paying us back at £20 pw. I have told him that once this has been repaid, we are expecting him to carry on paying £15 pw for his rent, but we will put this aside for him for future use (unbeknown to him though)

Why bail out an adult child? Let them make the mistake and learn from it. You are just teaching them if they need bailing out again they can come to their parents for it.

daviecol wrote: »

This seems to be quite a popular thing to do these days. I must admit I did consider doing it myself but decided against it.

At the end of the day I consider paying board the first step towards learning to pay your way in life. I don't expect my mortgage lender to give me back the interest I've paid on my loan when I finish my mortgage.

If my kids want a lump sum when they leave home, they can save themselves.

That one is totally up to the parents concerned. I would advise any parent no matter how much they earn themselves to charge board just to get the kids used to living on at the very least £50 less each week rather than letting them being able to spend it all. £50 a week is £2,600 a year. It's just about enough for a the deposit, first months rental and a few furnishings in a rental flat. I would probably do what my mother did. She said "you can have the sofa if you want it...and the old fridge". She went out and bought a new one for herself. She also gave me an unused dinner set she got from when she was married 20 years earlier that was just collecting dust.

arlybarly

Barneysmom wrote: »

I think you should too.
I used to give my mom £20 a week when I was earning £57.
That was in 1978

Thankyou, i am going to show him this thread on what other peoples children pay for keep and he is going to have one almighty shock, im going to ask for 30 pounds and i think that is still cheap.

mountainofdebt

Northern_Princess wrote: »

Thanks . It certainly won't be a huge sports car or anything like that. It'll be a run around. .

Glad you weren't offended. Trouble was NP was that none of the crashes involved sports cars ....but just your humble run around. I have to admit Junior doesn't have a car at the mo, but he does drive mine and tbh he scares the **** out of me -but whether that's because I've become my mother behind the wheel or his driving I'm not sure,lol!

As for saving the rent that he pays - I've told him not to expect it back as a lump sum in the future and its not going to be either....would love to be able to give it to him but that ain't a possibilty

prosaver

3rd of his wages
he/she will just spend the rest on crap anyway

TheEffect

When I was 18 and on my gap year working full-time, I earned £900 a month and gave my parents £100 (obviously as the time I thought that was ridiculously too high, being naive).

Now I'm 21, have no own house to pay rent/bills and everything else that comes with it, £100 seems like I was robbing my parents.

I'd say take £300 and save £100 for when your son gets his own place! That's what I wish my parents did!

DylanO

POPPYOSCAR wrote: »

[/B]

I quite agree. But some parents just do not seem to want their children to leave home.

I also know of a girl whose parents take £25 a week from her but have told her it is for when she gets married.

It can make it difficult for the parents when the son/daughter has friends in these situations.

On the contrary - they may be well aware that in this day and age it takes much longer to save for a deposit for a house, and are willing to help their adult children save.

If this makes things difficult for other parents then that is really none of their concern, and if you have the arrogance to think that your way is the way, then you're potentially in for a big shock and what other parents do, will be the least of your problems.

MunniMuncha

HappyMJ wrote: »

Why bail out an adult child? Let them make the mistake and learn from it. You are just teaching them if they need bailing out again they can come to their parents for it.

My DS might be an adult in the eyes of the law, but he has only just turned 18 and still needs our guidance, help, support, advice etc. He actually has learnt from his mistake and why would we not help him if he needed it? If we were not in a position to do so, then that would be different - I thought parenthood was for life, not just until they reach adulthood!