[Finance] Do you charge your kids rent ?

[Boroseagull]

Yep. Charged my boy 25% once he was working full time. Put it all away and when he started looking for a flat with his girlfriend I gave it all back to him (plus some other money from an inheritance) so he had enough for a deposit.

I think it's good to charge them a bit of rent to get them used to paying their way; fortunately we were in a position to squirrel it away for him.

Did exactly the same for our son and daughter. Kept the money in a separate Building Soc. account and returned it to them with the interest when they set home. It seems to me the way to help and teach them the value of money and how to budget.

 

[Questions]

Rent, Electric, gas, rates, food, laundry, far be it from me to suggest you may have been on dodgy ground

Yeah but I was 26 Watty. I knew best mate

 

[BN9 BHA]

I was talking literally about jobs as kids age 12 to 15. It gives no indication on graft/success as an adult imho. Often only doing it through bullying or tight fisted parents. It can lead to studies being disrupted, kids need sleep and rest, something has to give.

I did work when I was at school, I liked having my own money to buy records, clothes and to see bands. My parents were not well off and worked hard, I would say they were careful with money and wouldn’t just give me money if I asked for it. I had to pay housekeeping money as soon as I started working age 16.

I wasn’t someone that enjoyed studying and if I wasn’t working i would have been playing football with my friends or listening to music at home.
I do think I actually enjoyed working at a young age to buy my own things and also it gave me a good work ethic.

 

[Weststander]

I did work when I was at school, I liked having my own money to buy records, clothes and to see bands. My parents were not well off and worked hard, I would say they were careful with money and wouldn’t just give me money if I asked for it. I had to pay housekeeping money as soon as I started working age 16.

I wasn’t someone that enjoyed studying and if I wasn’t working i would have been playing football with my friends or listening to music at home.
I do think I actually enjoyed working at a young age to buy my own things and also it gave me a good work ethic.

Pocket money was stopped for me when I was 11. We were comfortable for money, but my ww2 childhood Dad was old school tough on stuff. I survived financially with walking 2 miles to school, saving the bus fare and dinner money from Dad. It was amazing how far that could go back then. I was a vinyls nut, Odeon/ABC. I think we had casual clothes bought for us as Tideway didn’t require a school uniform. I worked in a pub kitchen for 6 months one night a week, as I wanted to save for a Panasonic music centre.

I was academic, the teachers in those sets literally loaded us with masses of homework, the brilliant maths teacher alone was literally giving us 4 hours homework a week age 11 to 16!

 

[Frutos]

My parents did once I started working, and I had no issue whatsoever with it - teaches you the necessity of paying your way in life.

 

[Triggaaar]

All the housekeeping they paid us was put away with various financial Birthday and Xmas presents, child allowance and other bits and my son used it to pay off a major part of his Uni fees while my daughter used hers to spend 12 months in Oz.

So the housekeeping money wasn't housekeeping at all, it was being saved for their future, and used as a lesson to teach them to pay their way? But you didn't tell them that at the time.

 

[Paulie Gualtieri]

Yep. Charged my boy 25% once he was working full time. Put it all away and when he started looking for a flat with his girlfriend I gave it all back to him (plus some other money from an inheritance) so he had enough for a deposit.

I think it's good to charge them a bit of rent to get them used to paying their way; fortunately we were in a position to squirrel it away for him.

Exactly what I plan to do.

Should get used to outgoings and Financial discipline as soon as they are working FT.

 

[1066familyman]

So the housekeeping money wasn't housekeeping at all, it was being saved for their future, and used as a lesson to teach them to pay their way? But you didn't tell them that at the time.

Quite!

This taking 'housekeeping' money then giving it back later is a bit of a delusional way middle class parents have of teaching kids about money. It's a nice thing to do if you can, I get that. It's in human's nature to protect their own and give them an advantage over others. The nature of the beast perhaps, and why so many attempts at wealth distribution and more equal societies rarely, if ever, come to fruition.

What is being taught here to these middle class kids, is not solely the value of hard work and budgeting . No, what is actually being taught is that opportunity always trumps hard work in a class based system. Those middle class kids get a massive leg up over their working class counterparts. With social housing now pretty much smashed to smithereens by years of Thatcherite politics, many working class kids, without the bank of mum and dad, an inheritance, or their years of 'housekeeping' money being given back to them (lol), only have a lifetime of exorbitant private rents to look forward to. Likely life will always be a financial struggle for them, no matter how hard they work or how 'careful' they are with money. Meanwhile, their middle class counterparts will likely get themselves straight on the housing ladder and have some financial security to look forward to whilst being told how much they deserve it as they worked so hard to get there and how they had some great money management lessons taught to them by their parents. No, what they had mostly was quite simply this.... Opportunity.

 

[Cheeky Monkey]

I do wish people would use 'Stoke' rather than 'rent'. It's bad enough the Welsh language struggling to survive without rhyming slang being similarly threatened. It ain't gonna rhyme itself you know.

 

[South Stand Bonfire]

Quite!

This taking 'housekeeping' money then giving it back later is a bit of a delusional way middle class parents have of teaching kids about money. It's a nice thing to do if you can, I get that. It's in human's nature to protect their own and give them an advantage over others. The nature of the beast perhaps, and why so many attempts at wealth distribution and more equal societies rarely, if ever, come to fruition.

What is being taught here to these middle class kids, is not solely the value of hard work and budgeting . No, what is actually being taught is that opportunity always trumps hard work in a class based system. Those middle class kids get a massive leg up over their working class counterparts. With social housing now pretty much smashed to smithereens by years of Thatcherite politics, many working class kids, without the bank of mum and dad, an inheritance, or their years of 'housekeeping' money being given back to them (lol), only have a lifetime of exorbitant private rents to look forward to. Likely life will always be a financial struggle for them, no matter how hard they work or how 'careful' they are with money. Meanwhile, their middle class counterparts will likely get themselves straight on the housing ladder and have some financial security to look forward to whilst being told how much they deserve it as they worked so hard to get there and how they had some great money management lessons taught to them by their parents. No, what they had mostly was quite simply this.... Opportunity.

How do you know what class I am Sherlock?

 

[Lenny Rider]

Something I read on another thread sent me off thinking about this.

When my kids turned 16 and went to sixth form college, they both had to get Saturday Jobs and ended up working at Primark. The money they earnt was theirs and obviously they could spend it on whatever they wanted despite any tutting from us. However about 10-20% was taken off them as 'housekeeping' (I think it was 40% when I was 16 but whatever ).

My son went to Uni and my daughter decided she didn't want to. My son's Primark job supported his living expenses throughout Uni (together with a few Summer jobs) so his only debt was the course fees. I had an agreement with my daughter that she had to work 25 hrs a week and pay 'housekeeping' if her boyfriend wanted to come over. (25 hrs at Primark focused her mind and she got a proper job )

All the housekeeping they paid us was put away with various financial Birthday and Xmas presents, child allowance and other bits and my son used it to pay off a major part of his Uni fees while my daughter used hers to spend 12 months in Oz.

However, back to the question, Do you charge your kids rent and if you do, from what age and how much ?

*edit* My kids are 28/26 so we are talking 10 years agoish

From when they went into full time work, my son it was fairly easy as he came to work for us, I think he used to give us around £30 a week but he’d moved out by the age of 21, Amy was different she went to BA at 18, just before she changed career I think she used to give us £200 a month but she wasn’t there for X amount of days in a any given month, so to contra this we paid her car insurance annually.

Whatever it is, any kind of rent is good as it prepares them for when they get their own property.

It was quite ironic, at times Amy left enough lights on in the house to enable light aircraft to land, when she first moved into her house, I was sitting there and had to ask if we could have the light on, she replied she’s got bills to think about

 

[Triggaaar]

Quite!

This taking 'housekeeping' money then giving it back later is a bit of a delusional way middle class parents have of teaching kids about money. It's a nice thing to do if you can, I get that. It's in human's nature to protect their own and give them an advantage over others. The nature of the beast perhaps, and why so many attempts at wealth distribution and more equal societies rarely, if ever, come to fruition.

What is being taught here to these middle class kids, is not solely the value of hard work and budgeting . No, what is actually being taught is that opportunity always trumps hard work in a class based system. Those middle class kids get a massive leg up over their working class counterparts. With social housing now pretty much smashed to smithereens by years of Thatcherite politics, many working class kids, without the bank of mum and dad, an inheritance, or their years of 'housekeeping' money being given back to them (lol), only have a lifetime of exorbitant private rents to look forward to. Likely life will always be a financial struggle for them, no matter how hard they work or how 'careful' they are with money. Meanwhile, their middle class counterparts will likely get themselves straight on the housing ladder and have some financial security to look forward to whilst being told how much they deserve it as they worked so hard to get there and how they had some great money management lessons taught to them by their parents. No, what they had mostly was quite simply this.... Opportunity.

So what do you suggest these middle class parents do instead?

Also, who do you categorise as middle class, and who do you count as working class?

 

[1066familyman]

How do you know what class I am Sherlock?

I've no idea what class you are. I was addressing those that do this pretend housekeeping malarkey.

I realise how upsetting the middle class tag can be for the middle classes. Generations of being riddled with guilt. It's probably why lots of them these days run around giving their kids old fashioned working class names like Bill, Maude, Fred, Lily, Tom, Dick and Harry

 

[1066familyman]

So what do you suggest these middle class parents do instead?

Also, who do you categorise as middle class, and who do you count as working class?

As much as I'd love to debate with you Trig, I haven't got a week to spare. I know your style

So I'll keep it simple.

1. Don't pretend they're actually teaching a real world money management lesson. Be honest.

2. In a word. Opportunity.

 

[South Stand Bonfire]

I've no idea what class you are. I was addressing those that do this pretend housekeeping malarkey.

I realise how upsetting the middle class tag can be for the middle classes. Generations of being riddled with guilt from being brought up on non home made Houmous. It's probably why lots of them these days run around giving one’s children old fashioned working class names like William, Maudeline, Frederick, Lilyput, Thomas, Richard and Harrold

Corrected just for you

 

[Tom Hark Preston Park]

Something I read on another thread sent me off thinking about this.

When my kids turned 16 and went to sixth form college, they both had to get Saturday Jobs and ended up working at Primark. The money they earnt was theirs and obviously they could spend it on whatever they wanted despite any tutting from us. However about 10-20% was taken off them as 'housekeeping' (I think it was 40% when I was 16 but whatever ).

My son went to Uni and my daughter decided she didn't want to. My son's Primark job supported his living expenses throughout Uni (together with a few Summer jobs) so his only debt was the course fees. I had an agreement with my daughter that she had to work 25 hrs a week and pay 'housekeeping' if her boyfriend wanted to come over. (25 hrs at Primark focused her mind and she got a proper job )

All the housekeeping they paid us was put away with various financial Birthday and Xmas presents, child allowance and other bits and my son used it to pay off a major part of his Uni fees while my daughter used hers to spend 12 months in Oz.

However, back to the question, Do you charge your kids rent and if you do, from what age and how much ?

*edit* My kids are 28/26 so we are talking 10 years agoish

Tell it like it is whydoncha Papa Tightwad. You made your kids pay for their own Birthday and Xmas presents

 

[South Stand Bonfire]

Tell it like it is whydoncha Papa Tightwad. You made your kids pay for their own Birthday and Xmas presents

To be fair not a bad idea

 

[Triggaaar]

1. Don't pretend they're actually teaching a real world money management lesson. Be honest.

So don't bother asking them to work, or pay rent, just say 'don't worry about that sort of thing, we'll give you money when you want it'?

Personally I don't think that encourages the same work ethic that the OP seems to be aiming for.

2. In a word. Opportunity.

So a working class person could be someone who grew up quite privileged, but doesn't earn too much, and can't afford to give their kids what they were given, whereas a middle class person could be a tradesman who works hard and has quite a bit of money to help their kids out?

 

[Questions]

My lad who is 25 and just finishing his Masters at Brighton gives us zilch. He earns 75 quid a week for his one day at work but I cut him far too much slack I know but he is a very good athlete and trains like the full timers … I’m forking out for his hotel and train to Manchester for UKs next week. I’m very proud of what he has achieved but it ends in late September for good
( )
I’ll watch this one on the tv.

 

[mejonaNO12 aka riskit]

My kids are very young so this is over 10 years away but we've said we will charge rent but put the money aside to give back to them for a house deposit etc