child paying keep/rent

Money_maker

Billie-S wrote: »

Yeah, I think some people have forgotten that bit, and are just saying what they do.

I'm finding it really interesting to hear what other people do

I have a son, same age as OP's but with a p/t job around 16 hours although should go up soon. Like Rakshas idea above which has a cap of a maximum of £50 weekly.

Also have a DS2 who will be going to uni next year so I need to ensure I am fair to both with regards to contributions although DS2 wont be charged as long as he is in f/t education.

hgotsparkle

jaylee3 wrote: »

PMSL I would NOT do this! It makes me cringe when people over 18 have their own income and mummy and daddy let them live rent-free and pay for stuff for them. (Phone contract, car insurance etc.) Pathetic. What kind of example is this to set to them?

Your nana sounds like a savvy and sensible lady, making you be responsible.

Of course, someone is going to come on here now and say "Well, I paid for this and that for MY kids and they are decent responsible and financially savvy young adults." :rotfl: There's always one.

Not quite but being a kid who never had to pay board: HI! :j

I lived with my parents til I was 22, sure I paid for my phone, car etc, bought food if theres something certain I wanted but on the whole, I got to live there free.

I currently rent with my OH, we've never been in arrears, I've never in my life been in debt, I have a credit card that is always paid back in full every month way before my statement due date (not that I use it every month), I'm putting money away for a deposit on a house, I own my own car and never have to borrow money.

My parents earnt enough that they didn't need anything from me and trusted me to work out saving for myself. And yes, they did, and still do spoil me rotten.

KxMx

Mojisola wrote: »

Shouldn't an 18 year old be responsible for their own savings account?

I agree!

On the many threads discussing the issue of adult offspring and rent, I see several posters each time saying "take 1/3rd, tell them to save 1/3rd and spend 1/3rd).

When in reality, beyond getting the keep money it is nothing to do with the parent how the DD/DS spends/saves the rest. Absolutely nothing to do with them. Any one who thinks dictating financial matters to another adult is okay needs to think about what they are doing!

maman

jaylee3 wrote: »

Of course, someone is going to come on here now and say "Well, I paid for this and that for MY kids and they are decent responsible and financially savvy young adults." :rotfl: There's always one.

That's me!;)

KxMx wrote: »

Any one who thinks dictating financial matters to another adult is okay needs to think about what they are doing!

I'd agree that one can't dictate to adults but that parents do have a responsibility to teach their children financial management. From soon after they started secondary school, we sat down with our DDs and listed all the money we spent on them: hairdressing, clothes, dinner money, swimming, cinema etc. etc. We added it all up and divided by 12 and paid it to them as a monthly allowance into a building society account. We still bought them gifts and school uniforms. Learning to manage these budgets resulted IMO in them becoming responsible adults.

jaylee3

hgotsparkle wrote: »

Not quite but being a kid who never had to pay board: HI! :j

I lived with my parents til I was 22, sure I paid for my phone, car etc, bought food if theres something certain I wanted but on the whole, I got to live there free.

I currently rent with my OH, we've never been in arrears, I've never in my life been in debt, I have a credit card that is always paid back in full every month way before my statement due date (not that I use it every month), I'm putting money away for a deposit on a house, I own my own car and never have to borrow money.

My parents earnt enough that they didn't need anything from me and trusted me to work out saving for myself. And yes, they did, and still do spoil me rotten.

Nah, you're not the type I meant. You sound responsible and mature. If your parents could afford to not take board money, good for them.

But then again, when it's someone over 18, with their own income, and their parents are paying for EVERYthing, then that's wrong IMO. You paid for some stuff yourself.

vesper

I think it depends on the situation. I paid 'rent' to my parents as soon as I turned 18 and left school. It was a quarter of my wage, bearing in mind at the time that was only £500 a month wage as that's all I could afford at the time as I was paying £100 a month on car insurance, and maintaining a car for work (as it was required for my job).
Now I find myself living at theirs again a decade on, I am now self employed in a job that is usually poor takings wise in the summer. So I am not paying a 'rent' at the moment, however I am buying all of the food for the 3 of us, the extra electricity I use, and paying for their internet and doing all of their house keeping, as well as working for their business as well. I can't afford to pay them 'rent' so am doing as much as I can for them in different ways.

onlyroz

I know that I could rent out my spare room for £400 a month to a stranger - and so I'd probably rent it out to my own adult child for £200 a month if they were on NMW and £300 a month if they were earning more. If they didn't like this then I'd direct them towards spareroom.com.

KxMx

maman wrote: »

That's me!;)




I'd agree that one can't dictate to adults but that parents do have a responsibility to teach their children financial management. From soon after they started secondary school, we sat down with our DDs and listed all the money we spent on them: hairdressing, clothes, dinner money, swimming, cinema etc. etc. We added it all up and divided by 12 and paid it to them as a monthly allowance into a building society account. We still bought them gifts and school uniforms. Learning to manage these budgets resulted IMO in them becoming responsible adults.

I agree parents teaching children financial management is a vital thing to do.

However IMO that's a whole different issue to dictating to an adult working offspring what to do with all of their money.

maman

KxMx wrote: »

I agree parents teaching children financial management is a vital thing to do.

However IMO that's a whole different issue to dictating to an adult working offspring what to do with all of their money.

Which is exactly why I quoted your post and agreed with you!

Person_one

maman wrote: »

That's me!;)




I'd agree that one can't dictate to adults but that parents do have a responsibility to teach their children financial management. From soon after they started secondary school, we sat down with our DDs and listed all the money we spent on them: hairdressing, clothes, dinner money, swimming, cinema etc. etc. We added it all up and divided by 12 and paid it to them as a monthly allowance into a building society account. We still bought them gifts and school uniforms. Learning to manage these budgets resulted IMO in them becoming responsible adults.

It always surprises me when people argue that charging an adult child rent to live at home is done in order to teach them the value of money/ how to budget etc.

Isn't that leaving it far too late? By the time they're working full time surely they should already have been managing a bank account for years, earning a part time wage for a bit and have already got any 'burning a hole in the pocket' tendencies out of their system?

My parents didn't have to charge me rent at the age of 22 to teach me that it's not free to live in the real world because I'd obviously known that for years!