Kids Pay Rent We Save it for them?

ender4

My parents did exactly the same.

Came back from university aged 22 and parents charged me £200 a month rent.

Aged 26 started house-hunting and found out my parents had saved my rent and gave me back £10,000 as a partial deposit towards the house.

atush

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

Well no one charges 5 yr old rent lol. 22? Yes

Anyway, how do you handle cash gifts from friends at B'day parties and relatives?

Do they ever ask you about money? Do you play money games (such as pretending to shop etc)?

Mine started asking about money and i always explained. When they were like 7/8 i explained taxes, they were shocked at having to pay tax. i explained it paid for roads, police, firemen, hospitals, schools, parks and playgrounds. when they were around 10, that expanded into companies, shares, investing etc.

Never too early to start explaining money/finances.

JustAnotherSaver

atush wrote: »

Well no one charges 5 yr old rent lol. 22? Yes

Quite right.


In fact it's so right that it's as right as saying nobody in the thread said that they were going to charge a 5 year old rent.



lol