advice on what is a reasonable amount to charge for keep now son has finished uni

torbrex

My parents took two-thirds of my take home pay and gave me the equivalent of one-third back over the course of the week for lunch/spending money, this ensured that I would still have money in my pocket on the days before pay day just in case I had blown the rest of my wages at the weekend.
The only exception was overtime, any monies that I got from doing extra work I could either save or spend to suit myself.

Person_one

torbrex wrote: »

My parents took two-thirds of my take home pay and gave me the equivalent of one-third back over the course of the week for lunch/spending money, this ensured that I would still have money in my pocket on the days before pay day just in case I had blown the rest of my wages at the weekend.

This was when you were an adult?

At what point were you supposed to learn how to budget and manage your own money?

TBagpuss

He's working, so it is reasonable for him to contribute. It's up to do what you do with waht he pays, whether you use it to boost your own pension or savings or whether you chose to use some of it to save on his behalf, or a mix of the two.

in terms of what is reasonable, I would suggest:

- look at what the going rate is for renting a room in a shared house, in your area. That's what he would have to pay if he were not living at home, so it is a fairly good starting point
- look at what other essntial outgoings he has (e.g. travel to work, clothes etc). How much disposal income will be have if you charge him 'market rates'
- what else will he be doing? (e.g will he be doing his share of cooking, cleaning, washing, other houshold tasks? )

I personally would probably charge him a bit under market rate for the room, plus food/groceries at cost. talk to him about how you have worked out the figures and take into account what he says . Be willing to hear what he has to say about his income neds, and also consioder sharing your own - he may not realise how much of your household income goes on things such as the mortgage and bills.

torbrex

Person_one wrote: »

This was when you were an adult?

At what point were you supposed to learn how to budget and manage your own money?

That was when I was 16 and it was intended to help me learn how to budget for the week and it worked.

treebee67

tnx for all your comments, as I said apologies if it was asked before, I just wanted a updated opinion, didn't mean to annoy anyone by asking a question that was done to death!
however quite a mixed bag reaction. yes his contribution would be for his share or costs, that he would have to pay if he was living in his own accomadation.

Peter333

treebee67 wrote: »

tnx for all your comments, as I said apologies if it was asked before, I just wanted a updated opinion, didn't mean to annoy anyone by asking a question that was done to death!
however quite a mixed bag reaction. yes his contribution would be for his share or costs, that he would have to pay if he was living in his own accommodation.

I don't think you have annoyed anyone! So don't think that.

As I said, there is no right or wrong answer.

I do think that you should only be charging any extras he is costing though, as I think young people (under 25) living at home, should be enjoying life, partying, going on holiday with mates, and spending on frivolous stuff; not subsidising their parents rent or mortgage, and household bills. So I think 25 to 35 pounds a week is more than adequate for most.

So I don't buy into this 'charge them what they would pay if they lived away from home' and 'charge them the market rent' suggestion. I mean why would anyone do that? :huh: Especially when they're still in their teens!

If someone is charging their adult child a lot, to subsidise the bills and rent/mortgage, then how on earth are they going to cope when said adult child leaves home?

Charging them 'the market rent' is not treating them like family; its treating them like a lodger.

Amber_Sunshine

But he's not a child, he's 23 and will be earning a very good wage. Perhaps even more than his parents. I would be charging a little less than market rent, unless they're in London or another pricy area. He's old enough and earning enough to pay his way.

silvercar wrote: »

We really have had this conversation so many times on here.

For the umpteenth time. My view is, unless the parent(s) need the money to keep their heads above water, it is wrong to charge your children for living with you.

pigpen

1/3rd of the income in here.. whatever that is.

Yes that's my opinion every penny of JSA should be paid to the household pot to cover living expenses. Anyone living by themselves and claiming JSA has to use every penny of the tiny amount that JSA pays to pay the bills in the house they live in. Why should an adult child living at home be free to spend the JSA money on....what exactly....socializing?

If having no money is not a kick up the behind to get out of the house and get a job I'm not sure what else would work.

travel to and from college, lunches, clothes and toiletries.. the 1/3rd I ask would cover food if they would actually pay anything. my son hasn't had a penny since he turned 20 in January.

He cant get income support as he lives at home and cant get jobseekers because he is in full time education.

silvercar

pigpen wrote: »

He cant get income support as he lives at home and cant get jobseekers because he is in full time education.

Student loans/ grants for students living in the family home are paid a lower level to those studying away, reflecting the ongoing contribution the government expects parent(s) to make to their adult children.

Person_one

The thing about charging market rent, is that if a young person moves out and pays market rent at their own place, there are added advantages in terms of privacy and freedom that they won't get at home. Living at home is not comparable to living away, so I don't see why the calculation should be based on that.