Son got first job, fair rate for board

I'm back living with my parents at the minute, and pay £200 per month, which is only about 10-12% of my pay depending on the month. Currently paying off debts in the hope of saving a deposit by the end of next year.
 
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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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My point precisely wouldn't`t put it better myself.

No wonder the young of today get into so much financial troubles or end up on the dole, all of a sudden bang they are in the big wide world having to pay out money and have spent it all on their gadgets/clothes etc leaving none for bills.
 
I like the idea of taking the rent off them and putting it in a savings account without telling them, until they need it for their own deposit.

The best of both worlds.
 
Can only echo what has been said. I'd charge a relatively large percentage of board. Say 40-50% of his income. Use of that what you require for his food and share of bills then put the rest in an ISA for him, but don't tell him about that. The cost of living with you might make him start to think he may as well spend that money on his own place which means he might start to think about standing on his own feet somewhere soon (result for you) and when he does finally think he is ready to make that leap, he will have a nice lump of money to help him that he didn't expect (result for him + kudos to his awesome dad ;) ).
 
To those saying young adults should not pay, with the stats that show that the average age of a young adult leaving home is now 30+ years old just how long should parents finance their kids for? Get real, I was earning about 60% of what both my parents earned when I left school, how could I sit their eating, sleeping, using water, gas and electric and not contribute!
 
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Personal circumstances dictate this. It isn't the 1940's anymore when everyone paid into a pot to run the household.

If my child was a scrote who did nothing around the house I'd be charging to make a point.

However, I'm not raising my child that way, so his contributions will be helping to cook/clean/muck in with the family.

Financial 'real world' training will be showing them how to save and budget.

All that said, he's 9 months old.... I've got a while yet.
 
Mason- said:
I agree with you.

The idea of 'teaching them a lesson' about money is ridiculous. If a child gets to 16 or whatever age they have a job and they don't understand how money works then you have bigger problems and/or you've been a soft touch on them when they were younger. I'd want to help them save up as much money as possible so that they can put down a deposit for a house. The only exception would be if the parents actually needed the money which is fair enough.
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Completely agree here.

I would only charge my kids if I knew they weren't actively saving a good portion of their salary. Which lets face it, half of those who have replied on here have said they've put it in a savings account to help for a deposit when they leave, how is that any different to them putting that money into a savings account in the first place.
 
Conanius said:
Personal circumstances dictate this. It isn't the 1940's anymore when everyone paid into a pot to run the household.

If my child was a scrote who did nothing around the house I'd be charging to make a point.

However, I'm not raising my child that way, so his contributions will be helping to cook/clean/muck in with the family.

Financial 'real world' training will be showing them how to save and budget.

All that said, he's 9 months old.... I've got a while yet.
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Just out of interest, do you put any money away now for your child when he is older?
 
zegna said:
who will never benefit from this.
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Firstly that's only the same as saying an adult who lets face it an 18 year old is, moves out and rents they get no benefit as the house still is not theirs.
Now as far as I know my rent didnt go towards any deposit for my first house because they never said, however for all I know it may have done as I did get some money towards our deposit.
 
Semple said:
Completely agree here.

I would only charge my kids if I knew they weren't actively saving a good portion of their salary. Which lets face it, half of those who have replied on here have said they've put it in a savings account to help for a deposit when they leave, how is that any different to them putting that money into a savings account in the first place.
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Because they think it's money gone, it's money they will never get back. If they knew it was coming back to them I think it would be different. By having them pay a proportion of their money they realise just how difficult it is to do the same when they own their own place. I wish my parents had done the same for me. I never paid board, I also wasted much of my money on crap. Looking back, I wish I was more careful. I'm comfortable now, but I'd be much more comfortable if I'd knew more restraint. It doesn't matter how you look at it, at 16/18 suddenly earning, you're a youth and liable of being daft with your cash.
 
My parents didn't or wouldn't charge me for rent, paid for private school, university fees and bought me an apartment. I will do the same for my kids.

I don't understand the whole charging your kids for "board", like they are just some random stranger staying in your house. If its a matter of needing money then contributing to buying their own food and helping out as needed is just a necessity but charging rent just for the sake of "teaching a lesson" seems silly.
 
Conanius said:
Yes I do, started as soon as he was born. He won't stand a chane of university otherwise. Why do you ask ?
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I've started saving for my child and I don't even have a child, I thought that might be perceived as daft. Doing the maths though, to pay for uni, I would be required to save a hefty amount a month say if we were to have children in a year say. Would it be rude to ask how much you intend to save a month?
 
My children are just over 2 and the other is 4 months. We have just put any child benefit we get in their accounts just now. Can't remember how much that is, but their accounts are growing.
 
I paid 160pm when I earnt 565pm. 800pm and now 1300pm. Its a fair rate and although my rents don't need it. I'm glad they can buy stuff they want.
 
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