Son got first job, fair rate for board

Aren't there issues with a mortgage (if you have one) if you charge someone money? Then there are tax and legal requirements.
 
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Not really. You aren't charging them rent at the figures kicking around here. Lucky if that's a share of household bills. No tax implications on paying your share of the bills.
 
Charge him £200 and put it in an ISA or savings account, then return to him when he's getting married / buying a house.

Teaches discipline, but also gives him something back later (minus the interest).

Assuming you can afford to keep him.
 
Reading this thread depresses the **** out of me, and makes me realise why we have such a societal problem with the family unit.

Why on Earth would you charge your own flesh and blood? Surely you want the best for the them? You don't need to be taking their money to teach them life lessons. Be the example yourself.

And if you need the cash, then they should volunteer of their own volition.

I'm setting just over a k a month to help my parents out financially. They helped me out massively growing up, and now that I've got my first job, I'm going to take care of them.

Maybe I'm just strange, but family is everything, and I can't see the point of such a short term gain such as charging. :/
 
Sudden said:
I don't think i'll ever understand this culture of charging your children.

Do you need the cash he contributes? If no, don't charge. If yes, then he should be contributing whatever you need, regardless.

But maybe that view is because I didn't grow up here.
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My parents always took 20% of my pay as 'board'.

When I moved out they confessed they'd actually been putting it all in a savings account for me. So not only was I used to paying bills out of my wage when I got my own place, I also had a decent rainy day fund.
 
MadMossy said:
Maybe that was the plan after all, some alone time for the parents hey ;-)
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Would make sense but they didn't want us to leave after I told them we're off to live on our own as it'll work out better for us and you won't need to worry about this anymore! :o
 
How about for example asking him for example £200 a month in rent. Then without letting on put £100 of it towards his keep and the other £100 into an isa or savings account of some sort that can only grow/ not lose money for his first house deposit when he moves out

This way you will teach him budgeting and help him out both ways. It is what i plan to do for my children
 
I probably wouldn't charge my kids but I'd insist that half of the 1200 take home was saved in an account I'd set up and administrate.
 
Hang on...so the 'child' is earning a wage, burning Electric,gas,using water,eating your food and causing general wear and tear and some think they shouldn't contribute...

Does my head in
 
MikeB said:
Hang on...so the 'child' is earning a wage, burning Electric,gas,using water,eating your food and causing general wear and tear and some think they shouldn't contribute...

Does my head in
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I don't need the cash and i'd want them to enjoy their lives and having them here wouldn't actually cost me any more than the food they eat so about £30/40 a week. Tbh i expect them to go to uni get used to living away and take home a min of £1600on their first job and be living in a different town.
 
Sudden said:
And that can't be taught without making them pay you?

My parents never charged me for something like that and I was fortunate enough that they provided for me, but that never meant I didn't appreciate the value of money so to speak. Was always careful about what I spent etc. and treat their money the same as I would mine.
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I'm in the same boat as still living at home. I would say me and the gf have saved up enough for a large deposit on a house but we both wish to save a little more for those hidden extras. I think if I had to pay £200 rent (on top of my £400 monthly commuting costs - would be cheaper to move closer to work) it would probably take another year or two to be in the position I'm in now. My parents know I save 50-75% of the rest of my monthly salary so they know it's not being wasted. I know full well if I was spending a lot then they would charge me.
 
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