House keeping

HappyMJ

I never remember declaring my extremely variable income to my mother so we set the rate based on benefits which I've been off and on over the years.

Today JSA rates are £57.90 a week and that's what I would ask for but in return that would cover all bills including food on the table and if help was required in the form of a bus ticket to get to an interview and my child needed that then I would gladly provide the money for that but effectively there would be no going out money at all. You want that you get a job.

Basically if I wan't working I'd get nothing to spend on myself and have to claim JSA to pay my way and if I was working I'd keep everything in excess of £57.90 a week. There was no point sitting at home not working so I made double effort to get work and get some spending money.

ka7e

I always had a third of their gross income - but that was based on starting salary. I didn't increase it if they went up a pay scale or got a promotion. One son went on JSA for a while and he still paid me a third!

If you think a third is too much, still take it and start a savings account for when they DO eventually leave.

Piggywiggy

I don't pay a set amount I buy groceries, this comes to between £160 to £200 a month I would guess, and has also taught me the value of shopping items to budget for when I have my own house. If you want a set amount I would ask for minimum £150, depends how much you want to support him now he's older.

missbiggles1

I used to pay my parents the same price of a reasonably priced room in a house share locally but was much better off because that also covered all my food and bills.

TBagpuss

I think there are a lot of variables. As a sarting point, why not look at your outgoigns and work out what it costs to have him there - e.g:
- proportion of food and groceries
- any additional costs of bills (e.g would you be entitled to sigle persona's discount on council tax if he wasn't there, do you have any pay-per-view or subscription channels which are primarily for his benefit)

That figure would be the actual cost to you of his being there, so it's quite a good starting point (you can then consider whether, in light of his income and other committments such as travel to work he can afford that)

Assuming that he can afford it, a second way to look at it is to look at what a room in a a shared house in your area would cost, and a third is to look at what proportion of your income you have availble each month as disposable income once essntial bills and living costs are paid.

I would probably charge an amount which:
- was lower than the cost of renting elsewhere
- left him with at least the same proportion of his income as disposable income as I had of mine
- covered his costs so I was not out-of-pocket.

I do also think it is relevant to consider your own position and what else he would be doing with his money - for instance, if you are on a low income I would focus much more on his paying his way. if you are reasonably comfortable and don't actually need the money, then you can focus more on the benefits to him of learning to budget and get a realistic idea of the costs of living, and could also consider (for example) charging him less if he is committed to saving if he has more disposable income etc.

What other expenses does he have?
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WannaBLoaded

HappyMJ wrote: »

I never remember declaring my extremely variable income to my mother so we set the rate based on benefits which I've been off and on over the years.

Today JSA rates are £57.90 a week and that's what I would ask for but in return that would cover all bills including food on the table and if help was required in the form of a bus ticket to get to an interview and my child needed that then I would gladly provide the money for that but effectively there would be no going out money at all. You want that you get a job.

Basically if I wan't working I'd get nothing to spend on myself and have to claim JSA to pay my way and if I was working I'd keep everything in excess of £57.90 a week. There was no point sitting at home not working so I made double effort to get work and get some spending money.

That's extreme, though. It is alright wanting to instill something into your kids but having all of their money, or trying to make a profit out of them like some people do, is bad i think.

Young people need all of the help they can get when it comes to saving money and trying to get on the property ladder.

My parents were always crap with money (still are) and eventually split up but my dad has been relatively good letting me live in a property he used to rent out for what it costs him on the mortgage each month, £200.

It is because of this i have managed to save close to £25k and will be getting on the property ladder before i am 30, which is an achievement i would have struggled with if i had had a parent that wanted to take every penny they could grab off me.

There's money saving and then there is being a skin flint who would run onto a busy motorway junction to pick up 2 pence.

SmlSave

I paid 20% of my wage and had to pay for anything personal such as phone, travel etc.

My DH paid a third of his wage and an extra £150 to get his laundry done.

This was about 15 years ago. Both of us have never got into debt and even the little we paid helped us to budget and manage our money.

When money was tight the parents spent our money and when it wasn't they saved it for us. I only found out they'd saved it when I came to buy my house and they gave me the money.

I fully intend to take a percentage of my kids wages when they start earning

P.s. on the property market at age 23

owen_money

As far as I'm concerned it is my child's home and therefore they do not need to pay or they do jobs instead.

Please discuss.................

yellowbear

I started work in 1985 and my mum took £30 p/w out of my £90 p/w wages.

My children aren't old enough to start work but I would take money from them and put into savings for them.

Craftingmama01

I think £100 a week all in is reasonable, however if they earn good money or you are financially struggling more would also be appropriate.