How much should I charge my son?

YBR

maman wrote: »

I'd feel uncomfortable about charging my children to live in their own home.

But surely you living in that home costs money? Even when Mortgage/Rent free our homes cost money to run and maintain so I would expect all adults in the household to contribute in some way, by agreement. (Not necessarily financially - the "charge" could be chores, childcare, whatever)

Spendless

What additional costs does he cost you? Go through your bills and perhaps use that as a starting point.

I found when my eldest went to Uni only the grocery bill dropped, other costs remained the same.

Mick-H

Gavin83 wrote: »

Personally I’d be insulted and pretty cheesed off if my parents did this to me. I’d refuse the money and it would probably end in an argument. Others might be different.

Would you feel offended if your parents offered money toward your first house purchase or car?

Marvel1

Mick-H wrote: »

Would you feel offended if your parents offered money toward your first house purchase or car?

I'd refuse it, and have done when my parents wanted to buy me a kitchen appliance when I moved out.

theoretica

It needs to be something that works for your family, and all families are different. I would however strongly suggest you discuss (or tell him) now how the situation will change as he earns more. A few questions to think about:



What does he cost you to have living there? If he moved out would you rent out the room?


Do you need the money? Do you have as much spending money as he does left a week?


How does he manage money? Does he need helping to get used to paying his way and how much adult life costs or is he a sensible saver?



Is he doing at least his fair share of housework?

silvercar

I wouldn't charge my children for living in my home. Let them save up for when they move out.

goodwithsaving

Nothing, if you can afford to and if he is sensible with money. If he can start building himself a nest egg at no additional cost to you than he was costing already, to me that's the best start you can give him.
(Before anyone jumps on me, that's just my opinion!)

maman

YBR wrote: »

But surely you living in that home costs money? Even when Mortgage/Rent free our homes cost money to run and maintain so I would expect all adults in the household to contribute in some way, by agreement. (Not necessarily financially - the "charge" could be chores, childcare, whatever)

Of course it costs money to live in our home. My point was that (with the exception of child allowance) the income and outgoings aren't any different for OP than when her DS was at school/college. Then it's a choice whether they want to 'charge' her child for living at home or let him spend or save his money. Personally I'd encourage him to save which hopefully is a habit they've set down much earlier.

[Deleted User]

I'm not sure about those parents who take money just to save on behalf of their adult children either. It's like saying the adult child isn't capable of saving. Furthermore, if the purpose of saving is for a house deposit, the adult child can make that money work far harder in a LISA than the parents can.

At 18 and with an apprenticeship I wouldn't charge anything for living at home. I'd let him pay for things like his own mobile phone, lunches at work, etc though.

oystercatcher

It depends if you need money from him to help pay the bills. I didn't need money from my boys, what I did was look up the cost of a room in a shared house in our area and suggested he saved this amount up towards a house deposit. I have always taught my boys to manage their money carefully. Eldest actually saved more than the amount suggested and was able to buy a three bedroom house at age 21 , this is within commuting distance of London so not a cheap area !

I think taking money and saving it for them is treating them like children , if they aren't able to save regularly then they probably won't be able to save a large amount when you give it to them either !

If you do need child to help pay household expenses then I would ask for a bit less than the amount of a room in a shared house, unless you want to encourage them to move out !!

I would also encourage sharing of chores if you haven't been already!