Kids Pay Rent We Save it for them?

atush

Adult children should pay towards their keep to ensure they become responsible with money and do not waste their whole disposable income as pocket money. I am afraid my son is doing this now with what he doesn’t give us for keep despite my suggesting he saves. If he did not give us a weekly sum the money would be gone.

In my view, children should be raised to be financially responsible. It is too late once they are adults with a pay check. Should go all the way back to how cash gifts at birthdays were handled (mine had to bank the majority of theirs).

Anyway, mine learned to budget fast once at uni as i only gave them a set amount each week for food etc and if they spent it, too bad. They also learned how to cook and shop well.

JustAnotherSaver

The lack of any thinking from some on this thread is shocking.

little_green

atush wrote: »

In my view, children should be raised to be financially responsible. It is too late once they are adults with a pay check. Should go all the way back to how cash gifts at birthdays were handled (mine had to bank the majority of theirs).
.

This makes me laugh .... because it's reminiscent of my childhood. Most of my cheques went in the bank too. And honestly I agree with it It's about children learning self discipline. The same way they can't eat all their Easter eggs or choc selection packs at once, they also need to be taught they can't spend all their money at once. They need to learn self control.
wanting, waiting & working hard/saving up for something leads to more appreciation.

Anonymous101

steampowered wrote: »

Personally I would never charge my kids rent.

I would much rather my kids learn financial responsibility by managing their money themselves, hopefully saving a big chunk of it.

At that stage in their lives they need to be saving their money for uni, moving out or a house deposit.

I might feel a bit differently though if my kids were very immature and I thought they'd spend it all on fast cars and girls.

Isn't charging them rent teaching them financial responsibility? I would see it as that. You don't get a free ride anywhere else.


I was charged board at the rate of about 20% of my take home pay which I gladly paid. This was post university though, they didn't charge me rent on my earnings whilst in full time education.


I did have a short spell back with my parents in my early 30's as there was a gap between selling and buying properties. During that time (a few months) I didn't pay rent as such but gave them more than enough to cover my food and bills.

Anonymous101

atush wrote: »

In my view, children should be raised to be financially responsible. It is too late once they are adults with a pay check. Should go all the way back to how cash gifts at birthdays were handled (mine had to bank the majority of theirs).

Anyway, mine learned to budget fast once at uni as i only gave them a set amount each week for food etc and if they spent it, too bad. They also learned how to cook and shop well.

Completely agree. I was raised in much the same way you describe raising your children and I'll try to raise mine in the same way.


If anything prior to them going to university or moving out I think it would be a good learning experience for them to learn how our household budget works. Perhaps even running our monthly spreadsheet as they grow older. If nothing else it'll show them that adults don't get to fritter away the vast majority of their income and saving should be encouraged.

atush

I didnt charge them at uni, nor when they graduated. It started when they had a paying job.

But while living rent free they were expected to do yard work such as mowing, strimming, chainsaw etc during their holidays/after graduation.

JustAnotherSaver

Now i'm actually at a PC i can respond better.


Has nobody else spotted the tosh in this thread? The assumptions, people thinking they've got it right? I've only taken the OP on their OP but this preaching about making the kids financially responsible.


What's to say the OP isn't? I've read the OP and read the OP and find no evidence of this yet people were quick to jump & imply the OP wasn't going to teach them to be financially responsible.


What the OP says to me is they want to help out their kids. Give money back to them. Doesn't say anything about telling the kids about this. They may inform them in advance or it may be a ...hey surprise, look at what we did for you kind of thing.



What's to say the OP wont educate them in putting some aside to retirement/house purchasing/emergency savings etc ..... in addition to their board payment? As far as their kids may be aware, they could be saving hard for a house and be totally clueless about this cash OP speaks of.


Much easier on here to point fingers instead though.

katie4

Hi Everyone many thanks for you replies. My children are currently 5 and 6 years old so this is more of a thread looking for the best way to help them in the future as thier parents.

yes maybe i shouldn't have called it 'rent' and obviously there is no tenancy agreement!


i feel some people are taking this quite literally so i shall say i will charge them board like i was when i was growing up. As well as paying board we were expected to do household chores (not for money!) but to help with the running of the family home. They will not know that we have put this money aside for them therefore they are free to do their own savings as well which will be encouraged.


The whole point of this thread is to teach them financial responsibility as i was not great with money but have since learned. I want them to pay there way whilst they're earning and living with us still to help them get used to money going in and out as they would when they're adults and have to pay rent / mortgage etc us saving their board is just to give them a helping hand and quite frankly just a nice gift for my children.


I would in no way give them everything that i never had growing up i worked damn hard for what i have now and they will need to learn how to do this too but a little helping hand goes a long way as well as a little kindess

JustAnotherSaver

Well fancy that! Hey look, if you squint in to the distance you can see one of those preachers retreating with their tail between their legs. Mustn’t be enough juice here for their kind anymore.

cloud_dog

katie4 wrote: »

Hi Everyone many thanks for you replies. My children are currently 5 and 6 years old so this is more of a thread looking for the best way to help them in the future as thier parents.

yes maybe i shouldn't have called it 'rent' and obviously there is no tenancy agreement!


i feel some people are taking this quite literally so i shall say i will charge them board like i was when i was growing up. As well as paying board we were expected to do household chores (not for money!) but to help with the running of the family home. They will not know that we have put this money aside for them therefore they are free to do their own savings as well which will be encouraged.


The whole point of this thread is to teach them financial responsibility as i was not great with money but have since learned. I want them to pay there way whilst they're earning and living with us still to help them get used to money going in and out as they would when they're adults and have to pay rent / mortgage etc us saving their board is just to give them a helping hand and quite frankly just a nice gift for my children.


I would in no way give them everything that i never had growing up i worked damn hard for what i have now and they will need to learn how to do this too but a little helping hand goes a long way as well as a little kindess

One of the things we did for our DD when she was younger than your two was to give her our copper coins (1p, 2p) and then when we were out and at the checkout and there was the usual..."Can I have xxxxx", we would ask for some pennies from her, not like for like but principle was there. You'd be surprised how many times she decided she would rather hang on to her pennies than have a chocolate bar

As she got older (your children's ages) and we went on holidays we would give her money to spend on holiday at the start but we were clear once it was gone it was gone. If we chose to buy her stuff then (obviously) that was our choice.

Even older, and up to present time, we offer to match any money she saves towards holidays (same principle as above).

We do much the same if she wants the latest, most fan dabby dozzey items, e.g. trainers; we go halves. Luckily she's not in to branded stuff too much so all good (atm <<touches lots of wood>>). Mobile phone is another good example.