How much rent do your kids pay (at home)?
Discussion
Both of mine are now settled in good full time salaried jobs. Not enough to leave home unfortunately so looks like they will be hanging on at home for a a year or two at least.
So, those of you with working adult kids living at home, what rent to they pay and is it in relation to what they earn?
So, those of you with working adult kids living at home, what rent to they pay and is it in relation to what they earn?
About 10 years ago when i lived at home for a few months in my early 20s I was paying about £200 to my mum a month, I was probably earning £23k a year at the time.
I imagine over half that went on the increased food bill of having someone else under her roof, then the rest towards utilities.
I would have felt as if i was royally taking the piss if i hadn't paid anything.
I imagine over half that went on the increased food bill of having someone else under her roof, then the rest towards utilities.
I would have felt as if i was royally taking the piss if i hadn't paid anything.
Not there yet at 13 and 10, but I paid £200 per month when I returned home after Uni at the turn of the century.
I saved money* when the now Mrs PB and I bought our first house as our monthly mortgage payment was only £300-odd. Those were the days!
I saved money* when the now Mrs PB and I bought our first house as our monthly mortgage payment was only £300-odd. Those were the days!
- Of course I didn't save money because the utility providers insisted on being paid and there was no-one magically restocking the fridge. ;-p
I never paid anything. Parents wouldn’t take anything at all. When I moved back after my divorce at 22 and stayed till I was 28 and earning c.£50k, they still refused to take anything. They didn’t see the point as they “didn’t need it”
I’d like to think I’d have the same approach with my daughter (she’s only 5 though)
I’d like to think I’d have the same approach with my daughter (she’s only 5 though)
We charged our eldest £150 per month, a year after he left education, until he went travelling last month. Pretty much covered his internet usage. In fairness we just put it into a savings account as we don't need it and it got him into the habit of meeting financial commitments. It'll all go back towards deposit / advance rent when he's back in the UK and wants to get a place of his own; a nice little surprise for him.
Our other two are only 11 and 9 - we send them down the mines at the weekend to pay their way.
Our other two are only 11 and 9 - we send them down the mines at the weekend to pay their way.
Going back to 1973 when I started work my take home was just under £60 per month and I paid £8 'Board'.
Most people did the same.
To be fair my parents were not well off at that time and it made a big difference to them.
I thought it only fair and proper to contribute.
As my salary increased so did my 'Board'...probably in line with the original amount.
Even when I got my own house I still paid a reduced amount as I often ate with them in the evening.
Most people did the same.
To be fair my parents were not well off at that time and it made a big difference to them.
I thought it only fair and proper to contribute.
As my salary increased so did my 'Board'...probably in line with the original amount.
Even when I got my own house I still paid a reduced amount as I often ate with them in the evening.
We started off on £200/month when they were just starting out on around £18K/year. But fortunately we don't need the money so unbeknown to my son(s), we save the money into a separate account for them, to be given to them when they are looking to buy.
As it happens, they both save lots of their salary anyway so we have never bothered to increase it as they progressed, as there seemed little point and both are now on far better money.
Even if you don't need the money, I think it's important they contribute. Rather than not charge them, just charge them and save the money for them.
As it happens, they both save lots of their salary anyway so we have never bothered to increase it as they progressed, as there seemed little point and both are now on far better money.
Even if you don't need the money, I think it's important they contribute. Rather than not charge them, just charge them and save the money for them.
TwigtheWonderkid said:
We started off on £200/month when they were just starting out on around £18K/year. But fortunately we don't need the money so unbeknown to my son(s), we save the money into a separate account for them, to be given to them when they are looking to buy.
This is what happened with my parents. The day I moved out they gave me the money back with an agreement it was to be used for the house (repairs, buying furniture, etc)Alucidnation said:
We charge ours £1000/month each, but that includes food/washing etc.
However, it all goes into separate accounts.
They have no knowledge of this, and when they eventually get a place of their own, they will have it all back.
Same happened to me, but I was living with my older sister and brother for approx 2 years. They unexpectedly returned all my rent (around £3.5k but this is nearly 3 decades ago, so a tidy sum! ) when I moved out to buy my own flat. Humbling lesson and completely changed my relation with my sister and brother. However, it all goes into separate accounts.
They have no knowledge of this, and when they eventually get a place of their own, they will have it all back.
deadtom said:
I have no kids, but My parents' rule for my siblings and I was always that if we were in full time education then room and board was free, otherwise £200 / month, which seemed quite reasonable even to my generally unreasonable younger self.
I and my siblings were treated similarly by my parents. If working, then ‘rent’ was a third of whatever your take home was. This meant there weren’t really any unexpected shock changes to our finances when we each moved out. Interestingly even now, 25 years later, all three of us still apportion our income in the same way. Third for mortgages, third for food and regular bills, third for savings and disposable. Seems to work well.
Alucidnation said:
We charge ours £1000/month each, but that includes food/washing etc.
However, it all goes into separate accounts.
They have no knowledge of this, and when they eventually get a place of their own, they will have it all back.
Fair play on the giving it back (I have heard of many doing similar), but that sounds a steep sum for bed & board, even including food and washing! I dare say you could quite easily find a room for £400/£500 a month and cook/wash for a few hundred more! With 2/3 kids that's a chunky sum towards a mortgage! However, it all goes into separate accounts.
They have no knowledge of this, and when they eventually get a place of their own, they will have it all back.
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