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working children paying keep - how much?
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Our son (18yo) has just started working and we want advise on how much to to take off him for board & keep.
Do you take a percentage if so of what, Gross or take home or a fixed amount
He is on a monthly salary of just over £10,000 pa.
We want him to understand about the real world without us appearing to be a pair of push over or him feeling ripped off.
any advise would be of great help.
Do you take a percentage if so of what, Gross or take home or a fixed amount
He is on a monthly salary of just over £10,000 pa.
We want him to understand about the real world without us appearing to be a pair of push over or him feeling ripped off.
any advise would be of great help.
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Replies
This has the added benefit of you being able to explain how you arrived at the cost and also give your son an idea of how much it will cost him if/when he does move out.
HTH
work out how much it will cost you to have him there. and as said before add a bit for a roof.
then could you maybe add another £20 on top and save that in a savings account for him. Only i know a lot of my friends pay whatever their parents ask and spend the rest. They then want to move out at some point and have no savings. I was always sensible with money but my parents said if i was a complete spendthrift that they'd have charged me as much as they thought they could get away with and saved most of it for me in a savings account for when I wanted my own place.
I think it's a good idea.
We feel he has to contribute but also don't want to make money from him (actually I save £50 a month in his ISA but he doesn't know)
He is paying £160 per month for his car and has to run this to get to work, and he puts £100 per month (generally) in his savings towards his insurance (loads of money!) So after these costs he has less than 50% left. I know many of us would love this luxury but he is 19 and perhaps need to enjoy this time? things will only get tougher!