What's the going rate for 'keep' from your children once they start work?

vicky_kidder

totally agree with you bestpud, with practically everything you've said!

I worked all through uni and paid rent, but my parents didnt take my loan into account as that was mainly for uni related costs. however, personally I would never have not worked if I was staying at home whilst in uni as i do feel as an adult I should be contibuting to the household bills.

my degree (as with many of my friends') was only 8 hours of lectures and 4 hours on seminars a week which left plenty of time for a part-time job. I worked normally about 16 hours per week and still managed to maintain a high grade at uni and keep my social life! This is possible with a high level of organisation and dedication to get up at 7am most days, haha!

going2die_rich

Depends on whether you want to give your son/daughter a nudge to leave the next or not. If you do, then just set it high, if you don't go for a figure way lower than they would be paying sharing a flat

Almo

Oldernotwiser I have't read through the latest posts but one thing in yours did jump out at me - the loan is interest free officially, but the interest rate on mine is currently at 4.5%. According to the government the rate of inflation is lower than this, and subsequently I don't get pay rises anywhere approaching 4.5%. As such, it is costing me money.

Oldernotwiser

Almo wrote: »

Oldernotwiser I have't read through the latest posts but one thing in yours did jump out at me - the loan is interest free officially, but the interest rate on mine is currently at 4.5%. According to the government the rate of inflation is lower than this, and subsequently I don't get pay rises anywhere approaching 4.5%. As such, it is costing me money.

It depends on which rate of inflation you're talking about, prices/income (I think), sorry, haven't time to look it up.

Oldernotwiser

vicky_kidder wrote: »

I'm at university at the moment! I think it's a bit rude to imply I'm ignorant, parents thought it would be fair.


hope this isn't too ignorant, lol.

I'm sorry, I didn't realise that you were a current student. However, the fact that you think that you have to pay course fees out of the maintenance loan and bursary rather suggests to me that you're not totally on top of the current situation regarding student funding!

Personally, if I were a student's parent at present I'd rather take keep out of the maintenance loan (as it's intended) and let the student keep any money earned as that would be more of an incentive, but I'm glad your arrangement worked for you. Actually, I'd strongly encourage any children of mine not to live at home whilst studying, but that's another thread altogether!

vicky_kidder

Oldernotwiser wrote: »

I'm sorry, I didn't realise that you were a current student. However, the fact that you think that you have to pay course fees out of the maintenance loan and bursary rather suggests to me that you're not totally on top of the current situation regarding student funding!

Personally, if I were a student's parent at present I'd rather take keep out of the maintenance loan (as it's intended) and let the student keep any money earned as that would be more of an incentive, but I'm glad your arrangement worked for you. Actually, I'd strongly encourage any children of mine not to live at home whilst studying, but that's another thread altogether!

Lol, its ok, I was in the laster year to start uni before it switched to £3000 per year fees, so I admit I'm not 100% up on the new system, but hey ho 'tis only an informal forum chat!

On a different note I would agree with you in the not living at home thing because although I have been able to save on costs, a lot of my friends who live away from home are a lot more independent than I am now - I need to move out!

larmy16

Regards the original poster and taking keep from your daughter. I am a lone parent and have really struggled to meet all the bills etc. so when my son (finally) got a job, we sat down and worked out half the rent, council tax, sky tv (which I would get rid of if alone), gas, elec, water rates etc. and £100 seemed like a very fair amount.

He does not earn a great amount - probably £850 pcm, BUT it really would cost him that to live anywhere else, barring sleeping on the streets. I do feel it sounds a lot and I wish I did not have to ask for so much, but he says he is happy to make my life easier and says he knows how hard it was for me to provide for him and he wants to show his gratitude. I must have done somethings right!!!:)

snowmaid

adecor wrote: »

She does spend most nights at her boyfriends & thinks she is entitled to some sort of discount due to this. I guess she eats at home about 2-3 nights, but all her washing, etc. is still all done here.

She is welcome to rent a flat and see if the Landlord will give a discount because she is not always there....:rolleyes:

snowmaid

Riq wrote: »

Well, I do my own food shopping, I pay for own car and all associated costs.

My parents do not need the money, they have no mortgage at all and havent had one for years.

They just put it into their savings account which they will never spend. I save about 60% of my monthly salary and feel I'd personally be better with saving 70%ish or something. That money would be more useful to me than them.

If we had a big mortgage and were struggling then yes, I would. I have been taught the value of money etc and that is exactly why I think the money would do me better than my parents.

I will never charge my offspring rent.

Needing the money or not, your parents are doing well to teach you responsibility! :mad: If they are putting it into a savings account, thank your lucky stars as you will probably inherit it anyway! Noone is entitled to anything.

adecor

Would like to thank everyone for all their experiences, thoughts, etc.

Based on all your advice we decided to go for £150 pm, which she is quite happy with. This will be put into a savings account, when I set it up. Will have to have a looksie for the best rates on regular savings.

BTW she's now dumped the long-term boyfriend so is at home full time now:rolleyes: