How much board to charge kids?

Exodi

silvercar said:

The more you charge, the longer it will take to save up to move out.

I'd say it's probably a bell curve, because charging kids nothing/very little may counter-productively encourage them to stay (why would they move out and spend £1k a month on rent and bills when they can just carry on living at home and spending the money on new clothes, a fancy car on PCP and going out?)

silvercar

Exodi said:

silvercar said:

The more you charge, the longer it will take to save up to move out.

I'd say it's probably a bell curve, because charging kids nothing/very little may counter-productively encourage them to stay (why would they move out and spend £1k a month on rent and bills when they can just carry on living at home and spending the money on new clothes, a fancy car on PCP and going out?)

In my experience, because they want to be independent adults. Even without house rules, living with mum and dad does cramp your style somewhat. My 2 went away to university and then moved home. As soon as they had proper graduate jobs they both moved out within a few months. We didn’t charge them. 

Exodi

silvercar said:

Exodi said:

silvercar said:

The more you charge, the longer it will take to save up to move out.

I'd say it's probably a bell curve, because charging kids nothing/very little may counter-productively encourage them to stay (why would they move out and spend £1k a month on rent and bills when they can just carry on living at home and spending the money on new clothes, a fancy car on PCP and going out?)

In my experience, because they want to be independent adults. Even without house rules, living with mum and dad does cramp your style somewhat. My 2 went away to university and then moved home. As soon as they had proper graduate jobs they both moved out within a few months. We didn’t charge them. 

I'm not disagreeing, it certainly hamstrings your ability to find a partner, though to put up an opposing view - I know someone in their 30's who is still living at home and still goes out virtually every weekend.

That said, it obviously depends on the person, and obviously the rules can be changed.

I'm sure if it became obvious kids were taking advantage of the situation, and going out every day of the week with no sign of stopping, a parent may re-evaluate their position.

BungalowBel

My friend charged her (divorced and returned home) daughter with a full-time job £100 a week.

beancounter111

think i used to get charged around £150-£200 per month when i started working but this was saved and given back to me for things like driving lessons, car purchase etc. 

DigSunPap

When I was around that age my mum would charge me around £30 per week, and it slowly increased up to £50 per week is I began to earn more. Maybe start small with something they can easily afford and gradually increase it as they become more financially responsible. And get them to do their own washing!!!

DullGreyGuy

theonlywayisup said:

DullGreyGuy said:

goater78 said:

These sort of questions are less about your kids and more about your personal financial situation. If you don’t need the money then charge them nothing. It will enable them to move out quicker.  

If you do need the money then agree with them a fair amount depending on how much you need. However bear in mind when they move out you lose that income. 

That depends on what they do with it... some will be good and save the extra others will spend it on drink, clothes, computer games or other consumables/depreciating things. 

Personally, I think its better to charge them an amount not too dissimilar to what a house share would cost them so they get used to having to pay their own way else first attempt to move out will be a shock when 30% of their income just disappears into rent. I know more than one friend decided to go back to their parents to live rent free shortly after leaving for the first time and seeing the impact of rent on their spending ability, one still lives there age 43. If you dont fully need the money it can naturally be put aside and some/all of it returned to help with a deposit etc.

I got charged 50% of my income from the age of 15/16 until I moved out (to uni) at 19 and I felt that was really unfair as if I did overtime my rent went up and that isnt how it works in the real world. Personally didnt get any of it given back afterwards either.

I disagree.  My bit in bold. 

Money that your children have (or anyone else for that matter) should never be about 'what they do with it'.  No one has any right to tell another how to spend their money.  If you educate your children well - not just academically - then they will know and understand value and cost. 

Ours have flown the nest and a penny was never taken.  

I could not be more proud of what they have become. 

And how do you think you educate children if you dont tell them what they should do? Such as how they should spend their money. 

Great that you are proud of your kids, I know from the other side of the fence a number of friends had their teenage "rent" returned to them and were very grateful for the large sum towards a house deposit etc. Maybe your wealth is such that you can just afford to give you kids large sums of money but it can be a middle ground for those who dont strictly need the money from the kids but dont have tens of thousands to give away and fear their kids will waste their salary if left to their own devices. 

Ultimately you give your 19 year old a choice, stay here and pay £500 rent or go into a flat share with your mates and pay £600 rent. If you consider that "telling them how to spend their money" then that's fair enough but the reality is we all at some point get told we have to pay rent or mortgage. Even my now 44 year old friend who still lives at home rent free eventually will as his siblings are getting the house.