How much board for an 18 year old?

toniq

My son (19) earns approx £1200 a month, we ask for a £160 per month board on the condition he saves minimum £500 a month towards a deposit for his own place.

He has happily agreed to that as he knows even to rent a room in our area is well over £100 a week so he knows he has it lucky.

Out of his board his mobile bill is covered, he has no expenses at all bar £4 a day bus fares.

Art_Deco

svain wrote: »

£75 per week?? ... ouch!! .... No profit, you reckon. She must eat a heck of a lot in them fridge raids during the few hours an evening she's at home after work

Agree with this £300 a month seems a lot of board with no profit made:o

System

toniq wrote: »

My son (19) earns approx £1200 a month, we ask for a £160 per month board on the condition he saves minimum £500 a month towards a deposit for his own place.

He has happily agreed to that as he knows even to rent a room in our area is well over £100 a week so he knows he has it lucky.

Out of his board his mobile bill is covered, he has no expenses at all bar £4 a day bus fares.

Sounds fair.

applepad

avogadro wrote: »

Would you be looking for him to save up enough money to buy his own property in the future?

He already has a 'right to buy isa' he has been putting money 💰 n from his weekend job.

I plan to bank the money he gives me, then give it him back when he buys a home

takman

applepad wrote: »

He already has a 'right to buy isa' he has been putting money 💰 n from his weekend job.

I plan to bank the money he gives me, then give it him back when he buys a home

I don't see the point in that. It doesn't teach any good money habits because you are saving for your child when you should be encouraging them to save themselves.

If you want them to save money then you should be teaching them about how to get the best interest on their savings (high interest regular savers and current accounts for example). You could then agree for them to pay in a minimum amount each month and they don't have to pay board.

svain

takman wrote: »

I don't see the point in that. It doesn't teach any good money habits because you are saving for your child when you should be encouraging them to save themselves.

If you want them to save money then you should be teaching them about how to get the best interest on their savings (high interest regular savers and current accounts for example). You could then agree for them to pay in a minimum amount each month and they don't have to pay board.

I agree, taking their money to give it back to them at a later date is treating them like a child. This contradicts the reasoning behind it.

indsty

svain wrote: »

I agree, taking their money to give it back to them at a later date is treating them like a child. This contradicts the reasoning behind it.

I did this, but never told them they would be getting it back so they wouldn't be depending upon it - but it was very much appreciated when it was !

gettingtheresometime

Well our son who earns £1,000 pm pays us £250 pm board and then saves £450 pm.


£250 includes all his food - unless he wants something specific and then he pays - as well as the household bills.


He knows we aren't saving it for him as it is paid into an account that OH and I use for holidays.....will miss it soon as he's in the process of buying his first house!

amistupid

svain wrote: »

Many folk seem to like to use their children as cash cows as soon as the Child Benefit stops .....

On the other hand, many working, live at home 'children', take advantage of their parents genoristy.

takman

indsty wrote: »

I did this, but never told them they would be getting it back so they wouldn't be depending upon it - but it was very much appreciated when it was !

In my opinion that's the worst way to do it because by secretly saving for them it looks like you don't trust them to save the money themselves just like you would a young child.

If you want them to save the money then the best way to do it is to show them high interest accounts and agree if they save this amount each month they don't have to pay board.

Also if they are good at saving money and have all the best accounts then if you give them back exactly what they paid you they will be loosing out on all the interest they could have got over the years (5%+ in a regular saver).