| SueEllen |
| (member) |
| 27/06/2009 10:51 |
Children (young adults) living at home - rent?
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My daughter has left uni and is now living at home. I wholeaheartedly believe young adults living at home should pay rent respective of their parents' circumstances. Despite her protests due to the fact most of her friends have well off parents and are freeloading, something I cannot afford and on principle don't support. I've been a single other for the last 10 years and raised her single-handedly without a penny of support from her father.
I am going to charge her rent to live at home. The problem is I have absolutely no idea what to charge her. She is not earning very much at the moment (just under £6 per hour) but is working full-time. She is running a car and keeping up payments on that and I do want her to have enough money to buy clothes and enjoy life as we all know that soon changes when you buy your first flat.
Any advice would be very much appreciated, thank you.
| GILL3SQ |
| (member) |
| 27/06/2009 12:28 |
Re: Children (young adults) living at home - rent?
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Hi,
I fully agree that they should pay something. She is very lucky to have a job isn't she? My daughter is earning about the same and is also paying off a car. I think the best thing is to perhaps work it out together - I would think in the region of £25.00 a week would be about right. Bearing in mind I have just seen a room for rent at £75.00 a week they will perhaps realise how fortunate they are assuming you are cooking washing etc. Parents who do not charge anything are setting a poor example in my opinion and it drives me crazy!!
| WoodyM |
| (member) |
| 27/06/2009 13:45 |
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Re: Children (young adults) living at home - rent?
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Totally agree, our two have had p/t jobs since they were 13yr and have always had to contribute in some way. £25 seems a little high to me but you have to weigh up the pros/cons. Our daughter pays £13 per week but has always done her own washing and does a lot of cleaning for me. We bought her a car (cheap one) but she runs it. She is also expected to save in her ISA. Son still at Uni and always very short of money !! back now and has a summer job and is looking for a 2nd one. Hardly any of their friends have had to work and most have had cars (new with personalised plates!!) bought for them, but we discussed it and they understand our feelings - it is'nt about the money it is about responsibility within the family. If they are a bit short of money I ask them to cook us a meal instead.....
| xxxSummerxxx |
| (member) |
| 27/06/2009 19:17 |
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Re: Children (young adults) living at home - rent?
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Goodness i was paying my Mum 20-00 over 20 years ago,she too was a single parent with a large house to run. I would also suggest at least 20-00 per week. Our "Children" really need to know how to contribute towards the daily costs of a home.
| SueEllen |
| (member) |
| 28/06/2009 14:45 |
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Re: Children (young adults) living at home - rent?
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I totally agree with you Summer. I had to pay £25 and that was 25 years ago although I did move out and got a flat for the same amount. She was paying over £100 per week for her uni halls so I was thinking around the £50 mark or a bit less and putting some away and giving it to her if she goes back to uni (she's taking a year out and saying she doesn't want to go back) or towards her first deposit on her first flat.
| chilla |
| (member) |
| 29/06/2009 08:46 |
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Re: Children (young adults) living at home - rent?
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I worked for my parents when I left school; they paid me £35.00 and my mum took £30.00 off me for housekeeping!
I certainly think she should pay something, it's the principle. If you find it difficult to decide a figure, then negotiate housework in lieu.
| ChrissiFi |
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| 29/06/2009 13:13 |
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Re: Children (young adults) living at home - rent?
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When I started work over 20 years ago I paid £20 a week for bed, breakfast and some evening meals. On top of that I was expected to do my share of housework and not ask to be paid back if my mum asked me to pick up something for dinner on the way back from work. £25 these days sounds remarkably cheap!
Some of my friends parents who were better off charged what rent for a bedsit would have cost pluls extra for food and then handed the rent element back to help with renting or buying a first home.
The important thing is that she realises what things cost so you should be expecting her to budget for clothes, car etc AFTER she's paid her living costs and not the other way around.
| scottishmags |
| (member) |
| 29/06/2009 14:06 |
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Re: Children (young adults) living at home - rent?
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Hi Sue Ellen
My son doesn't earn much over the minimum wage but gives me £200 a month. Like you, I believe the principle is important.. and any less than that bears no relation at all to what living really costs, so doesn't teach them much I feel. We may well give him a chunk back when he eventually gets his own place, but that will be our decision..
Mags
| JulieJ |
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| 29/06/2009 17:15 |
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Re: Children (young adults) living at home - rent?
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I agree - the principle is essential. Even if the parents are swimming in money (!), they should still charge their children, and then put the rent money into a bank account for them or something like that. But children must learn to budget - and then live within their means!
Besides, if they get endless Bank of Mum and Dad overdrafts, the Bank will have so much less to leave them when they inherit it!!!
I think I read somewhere that as working adults, we should assume a third of income goes on living expenses (the boring stuff like paying for electricity etc), a third goes into savings, and a third (at most!) can be spent on 'nice stuff' - anything from clothes to holidays.
I also read somewhere that every young adult should have sufficient savings in the bank to live off for six months, if push comes to shove.
Another thing for them to do is start a pension. I know they'll roll their eyes, but as we all know, a pound saved into a pension at l8 is worth a squillion quid by the time their 65 (or 95 - which will probably be the retirement age for their generation!!!!!)
Until someone can live without being bankrolled by M and D, they're not grown up, whatever their lifestyle (research students excepted).
Julie
| MrsBucket |
| (member) |
| 29/06/2009 22:27 |
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Re: Children (young adults) living at home - rent?
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We have always charged our children rent as soon as they were earning a wage. We charged a 1/3rd of their wages as this is roughly what they would pay out for rent. At the time they complained and felt it was harsh but always paid (standing order set up) but now they have left home they all say that this helped them as they didn't get used to having all their money for themselves and moving out wasn't too much of a shock financially.
If they didn't like it they could move out at any time!
| hussy |
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| 30/06/2009 12:17 |
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Re: Children (young adults) living at home - rent?
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I agree in principle with all of you, but when my ED left school she worked for a year before going to uni, instead of rent we made her save for uni, she was staying at home during uni and we gave her a very small allowance and she used her savings, she finished uni with no debt. Then she set up her own business, so we allowed her to live rent free until that got off the ground, she really was plowing everything back into the business. That is now doing very well, and at 22 has moved in with her fiance and is getting married in Dec. She is very aware and responsible about finance and I have no regrets. However her two younger siblings are a dfferent story, and I don't think we will do the same with them. If there is no good reason for them not to pay then they will. They have nevr wanted for anything but are starting to seeit as their right - not on in this house.
| ChrissiFi |
| (member) |
| 30/06/2009 13:12 |
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Re: Children (young adults) living at home - rent?
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Whether they're paying rent or paying the equivalent into an account that they can't access either way they are learning how to budget and live within their means and that's what's important. The point about starting a pension is very important. In my first job you had to pay into the company pension scheme as soon as you reached 21 - I'm now very grateful that I started saving in a pension fund very young.
| wispa |
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| 30/06/2009 18:56 |
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Re: Children (young adults) living at home - rent?
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I did a deal with my daughter - we agreed a certain amount for rent, and I would pay for a cleaner.
Or..she paid less, and she did the cleaning.
It worked for both of us - I spent less time doing housework, she saved money!
Worth a try!
..wispa
| JulieJ |
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| 01/07/2009 10:33 |
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Re: Children (young adults) living at home - rent?
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I'd certainly someone to do my hoovering!
Julie.