Paying board to parents

lisyloo

lookstraightahead wrote: »

I'm not sure uni teaches you the cost of living.

I think it does although again depends on circumstances.
If you are renting privately you'll have to pay food, rent, travel and bills etc.


If your in university accomodation then you might be sheltered from some of those costs, but in private rental you'll be exposed to all the normal costs of living.


Of course there are other ways to learn, but most young people will have very little interest in household bills until it affects them personally.

TamsinC

AJS321 wrote: »

Hi.

I!!!8217;m 27 and still live with my parents (saving for a deposit at the moment) and pay them £100 per month in board and have been doing so since I first started work. I pay them very infirmally through a bank transfer every month and have never questioned what they then go on to do with that money.

Am I right in thinking that it!!!8217;s my parents responsibility to declare this to HMRC as income for tax purposes? If it ever turns out to be the case that they!!!8217;re not doing this, could I be held criminally responsible for tax evasion?

:rotfl::rotfl::rotfl::rotfl::rotfl: they pay the bills with that money - electric, gas, internet etc. £100 a month is NOTHING!

Like others here - I paid my parents 1/3 of my wages when I stayed at home AND saved for a deposit. I wouldn't have considered thinking what they did with it.

Mind you I wouldn't have lived with my parents at the age of 27 - worst nightmare situation - I was married and pregnant with my eldest at that point - completely independent.

As others have said they can earn £7.5K for a rent a room scheme with HMRC - you give them £1200 a year -- Think they are fine! :rotfl::rotfl::rotfl::rotfl::rotfl:

t0rt0ise

Family members don't count as lodgers. Try to get Housing Benefit and you will soon find that out!

tori.k

lisyloo wrote: »

It could be.
It's just a question as the OP may have no idea of what it costs to run a home and may have no idea that this is very low (if it does include food).


If true it's generous but doesn't teach the OP about costs of living.

We charge our eldest not much more as he's saving a deposit it will actually benefit us both more knowing he will have secure housing and it will put an end to the cost of him yo-yoing between home and rented properties, I think most young people saving a deposit are aware of the cost of living its why they are saving rather than jumping ship into rental for the supposed freedom :rotfl:

FTBlalala

I've recently bought a house at 24 by living with parents for 2 years, I was paying £80 a WEEK voluntarily as this was about 20% of my take home monthly pay. This was excl food too and I still managed to save £17k in 2 years.

I don't begrudge it at all! It has massively helped me get to where I am today and being financially independent (with no debt excl mortgage).

My brothers, sister and I have paid rent and bought 90% of our own food since we started full time work at 18. (Part-time work and college 16-18 and to be fair my parents wouldn't accept rent while any of us were full time education)

Best thing they did for us IMO

lisyloo

tori.k wrote: »

We charge our eldest not much more as he's saving a deposit it will actually benefit us both more knowing he will have secure housing and it will put an end to the cost of him yo-yoing between home and rented properties, I think most young people saving a deposit are aware of the cost of living its why they are saving rather than jumping ship into rental for the supposed freedom :rotfl:

ok.
I just would not expect my parents to subsidise me once I was working. If that means it takes longer so be it.
I would not want to be reliant on mummy and daddy at age 27.
If you are a woman you start being regarded as "geriatric" in maternal terms after 35. That's not my personal judgment that an official medical term.
How long exactly do people these days expect to hang off the apron strings?

todayisagreatday

DoaM wrote: »

When I first started work I paid 1/3 of my net pay to my parents as board. It's a good way to learn about financial planning and the real costs of living.

£10 board
£10 savings
£10 spending

Yes, my first pay packet was £30 per week.

37 year old here, same applied to me £60 a week and £20 board £20 savings and £20 spending.....

Smodlet

"£100 per month." A hundred pounds per month??? I was paying my mother £80 per month in 1984!!! I offered £90, she asked for £70 so we settled on £80 and I still bought food, cleaning stuff, toiletries, treats...

diggingdude

Surely it doesn't matter how much one is paying so long as everyone is happy?

I'm back with my parents, initially whilst I was buying somewhere following a job move and its been just over a year now thanks to having an accident. I pay them not much below the rental rate for a 2 bedroom flat around here, no food included and my dad probably costs me more in beer than the rent This works for all of us. They don't like taking cash so I let them choose things that I buy for the house instead each month as they are 2 years into a 5 year redevelopment project on their home (can't say i see any improvement). Equally I don't feel hard done by as I totally appreciate the support. This is how families tend to work where I am from.

lookstraightahead

tori.k wrote: »

We charge our eldest not much more as he's saving a deposit it will actually benefit us both more knowing he will have secure housing and it will put an end to the cost of him yo-yoing between home and rented properties, I think most young people saving a deposit are aware of the cost of living its why they are saving rather than jumping ship into rental for the supposed freedom :rotfl:

I suppose it depends where your kids work, how old they are etc. I can't imagine for one minute my daughter coming back to live at home after uni, not for long anyway. I would rather her rent while she sorts out her life rather than being tied down to our sleepy old village (even though it's commuterable to London). Why can't young adults house share?