When and what amount for kids paying rent?

This must be an Aussie/Anglo Saxon thing. My Italian, Greek, Lebanese, Macedonian, Chinese friends never paid board/rent even when they were in there 30's and still living at home. I never personally paid rent/board to my parents and I won't make my children pay either unless they're ******* their money away getting drunk every weekend or doing God knows what, if they start doing that then i will charge "rent" which will basically be a forced form of savings, i'll take the money and invest it for them so they will have at least something when they move out or learn how not to be drongos.

 

Interesting thoughts! My parents made me pay rent. I think it was $30/wk over 25 years ago. I will help her with a budget and it is so nice that she is paying for her clothes, hair, make up, phone and phone credit. Good point about insurance! She does have good savings - part will go towards a car and possibly European holiday then she's going to start saving towards a deposit on a house, shares or other investment. Great job list Myf! She's not planning on moving until mid-twenties at this stage but I'm sure that could change! I'm ok with that. I Would like to see her get a good deposit for her own place.

 

I agree on the 20% of net income metric. It is good to get them ready for the real world and this is one step closer to achieving that.

My Mum always said that when I started working some board would have to be paid.

It was a great deal looking back as it was like living in a full serviced apartment with food and utilities included. Cheers Mum.

 

Agreed. Our 18yo is on my policy but he still has to pay for it.

 

Its just not the Italian way, never charge children board, does not sit well with me.

 

Yeah but they need to do some work ...like doing jobs on property and punching in data !

 

I wouldn't charge them board but, I have already started educating them early on about how money works and basic principals, compounding etc. As soon as they earn their first pay, a fixed amount will be set aside as a saving until it's enough to invest. I'd like for them to learn the value of money like we did. Also doing chores around the house is a must to learn the value of commitment, dedication and hard work.

 

Our kids have already sussed out the restaurants near one of the IPs. Are aware of the Transport options (rail, light rail, bike track, bus & road infrastructure) to the point of working out that it'd be two trains to school and arguing over whether to change at Central or Wynyard.

Would I charge them rent when they start to earn, of course.

They've learned the value of location.