Charging Rent from children?

Tabbytabitha

maman wrote: »

I think (in fact I know because I've done it) that it's possible to both prepare your children for the adult world of budgeting and finance and have them living at home rent free.


We gave our DDs an allowance from early in their secondary school years so they knew how to handle money and how to save. They were actively saving for deposits when they lived with us as adults or between home sales. I'm pleased to have been able to help.


Many adult children will be part of the 'boomerang' generation. They will have lived independently, possibly in a student house, and returned as a way of parents helping them save.

But anybody can save when they're living rent free - it seems a more useful lesson to me to learn to save when you have to budget for your living costs as well.

LilElvis

Tabbytabitha wrote: »

But anybody can save when they're living rent free - it seems a more useful lesson to me to learn to save when you have to budget for your living costs as well.

Giving your parents a set sum of £XXX per month teaches you zip about living costs. Doesn't give a child/adult any understanding as to the cost of food/ utilities/ insurance/ mortgage payments - it's just an arbitrary figure that the household has deemed to be the "right" level of contribution. My parents decided that the level of contribution from myself and my sister would be nil, as long as we were saving for a house deposit, and both of us have managed our lives after leaving home just fine. I had lived away whilst at university, so was used to managing my money, whilst the first time my sister was responsible for a household was when she bought her house. Our parents taught us about household costs - a far better lesson than simply taking a round sum, that they didn't need, from us.

humptydumptybits

Families all work differently, I don't think there is one right answer.

sooty&sweep

Hi

Work out the monthly cost of funding your home & then agree a realistic contribution.

Neither of my children are working yet as they're both still in education but once they are earning an income I will be expecting a contribution from them.

I love my children dearly and I would do anything for them but I believe I have rights too !

We have funded all of their hobbies & contributed lots of time to help them take part in what they want to do but I believe there comes a time when we are allowed to refocus some of that money & time on things we want to do !

Jen xxx

Poor_Single_lady

scd3scd4 wrote: »

alllllll you love a little bit of exaggeration and drama don't you darling. lol

What lies you tell your parents, is your business darling ;-]

I don't think it's me that is exagerating. No parent gets it right 100% of the time. No parenting is perfect or without failures. And if you put that much pressure on Your daughter you will be the last to know when something goes wrong and she has a problem.

Tabbytabitha

LilElvis wrote: »

Giving your parents a set sum of £XXX per month teaches you zip about living costs. Doesn't give a child/adult any understanding as to the cost of food/ utilities/ insurance/ mortgage payments - it's just an arbitrary figure that the household has deemed to be the "right" level of contribution. My parents decided that the level of contribution from myself and my sister would be nil, as long as we were saving for a house deposit, and both of us have managed our lives after leaving home just fine. I had lived away whilst at university, so was used to managing my money, whilst the first time my sister was responsible for a household was when she bought her house. Our parents taught us about household costs - a far better lesson than simply taking a round sum, that they didn't need, from us.

You could, of course charge them their share of the bills and then a set amount for food.

However, I wasn't talking about money management in general, I was talking about learning to save when you need to prioritise your living costs and then make difficult choices between saving and leisure spending. With a full salary and no living costs to pay you wouldn't need to make choices, you'd have enough money to do it all.

scd3scd4

Poor_Single_lady wrote: »

I don't think it's me that is exagerating. No parent gets it right 100% of the time. No parenting is perfect or without failures. And if you put that much pressure on Your daughter you will be the last to know when something goes wrong and she has a problem.

There is no pressure in a parent asking a child how their day was or what they have been up to...........that's just want loving, happy families do......cheers ;-]

scd3scd4

Sounds to me some parents think they are superior because they don't ask for a little contribution. When to me they are door mats. Why should my daughter pay nothing when she is earning £30k plus a year.

ibizafan_2

Lets face it, we all have different views and different financial positions. I never charged any rent because my sons never really lived at home again after leaving university, and even when they were earning money during university holidays, I wanted them to save the money to use to keep themselves at university. However, I have a colleague at work who doesn’t charge her son a penny although he earns good money. Meanwhile, she is paying expensive overdraft fees, because she is struggling. I find that ridiculous.

silvercar

scd3scd4 wrote: »

Sounds to me some parents think they are superior because they don't ask for a little contribution. When to me they are door mats. Why should my daughter pay nothing when she is earning £30k plus a year.

Why should they charge, if they have sufficient means that they don't need to take money off their children?

I fail to understand why you would take money off your children unless you needed to. I understand that some people need their earning children to pay for the extra it is costing them to live in their parent's home, but if you don't need the money, why would you take off your children.