Even when I move out of the house I expect myself to be paying a regular "income" to the family. My parents did it to theirs and it's just natural for me to follow suit.
How much Board do your kids pay?
- Thread starter sparky23
- Start date
Aah so you are the fly on my wall are you! LOL
No I don't think its quite as bad as that, its more about me still being 15 on the inside and needing young people to hang with. I enjoy listening to my sons attempts at learning guitar and tuning it for him, I enjoy listening to one sons metal music and bagging the other sons gangster rap, I like that there is always someone in the house when I have a husband who does shiftwork so I am never alone.
I think there is a danger of your scenario turning into reality for a lot of people though at this stage for us there is no reminiscing about olden days or complaining about jobs and he is a long way off being a sluggard - thats a horrible word by the way!
OMG how can you ask your kids to pay you rent? My dad pays for everything for me, including mobile phone (Im 20) and he bought me my car and pays for insurance and rego and repairs etc etc But I haveto put petrol most of the time.
I agree maybe the part of paying my mobile might not be that normal, but I dont know many kids that pay board to their parents!!!!!!! Help them out and let them save it. I have 80k in my bank account. Give them a head start.
Oh Im at Uni studyig finance/economics and finance law, Im not uneducated lol or a bum and I work as a casual.
I agree maybe the part of paying my mobile might not be that normal, but I dont know many kids that pay board to their parents!!!!!!! Help them out and let them save it. I have 80k in my bank account. Give them a head start.
Oh Im at Uni studyig finance/economics and finance law, Im not uneducated lol or a bum and I work as a casual.
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I wanted to pay board to my parents! Mum never asked, I just did it!
It was not a lot($20) 30 odd years ago, but I felt good contributing something.
I also banked $20 a week and what was left was mine to do with as I wanted.
Pay your bills and rent and bank... then spend. sure made sense to me then and now!
My 20 year old uni son pays me the grand sum of $20 board per week. I have to prise it out of him. He doesn't believe he uses $20 worth of food, electricity (he has his own air-con, ensuited bedroom - we don't have an ensuite), or water (looooong showers - another ongoing battle)
.You actually sound rather in the minority, and perhaps rather spoiled. I really don't think your parents are doing you any favours by paying everything for you. I will help my sons but first I want them to prove to me that they can resist spending everything they earn. You obviously are a good saver, but my son is a good spender. He also saves, but has rather expensive taste, so taking a measly $20 a week is my small way of making him pay his way (or a tiny part anyway).
Until he has to pay rent, food, power, water etc, he will have no clue just how much it costs to keep him.
One day I will help him but until he and his two brothers show me there true colours, I don't plan on "giving" them too much.
Why? Because my parents don't ask their child to pay them to live in their house. I think its so wrong but its only my OPPINION. I can never comprehend how a mother or father would ask their children to pay them board. I can understand if they ask them to pay them and then they put it in another account which will be thiers when they are older.
And I dont mind being looked at like a spoilt person, atleast im going to have more than what most grown couples have. And the way my dad got his wealth is most definayley NOT through paying his parents board haha.
I guess a small amount of rent or board might be the best thing to do for a child that doesnt like to save money and spends alot. Each to their own!
I'll prob (if anything) ask for an amount of rent and put it in an account that I will give them when they get married, therefore helping them save. That is when i have a child of my own.
I'll prob (if anything) ask for an amount of rent and put it in an account that I will give them when they get married, therefore helping them save. That is when i have a child of my own.
I'm 23 and pay the old lady anywhere from $50-$80 a week.
I see this as fair as I only eat there 3 maybe 4 times a week. And that's only dinner.
I buy my own food for breakfast and morning tea/lunch at work.
Plus I'm at the misses house most of the time anyway. Mum's always nagging me for more money. I would be happy to pay more if I was provided with all meals etc. But she does do my washing each week which is handy.
I see it as you should get what you pay for, with a little discount for being their child!
And the vast majority of my friends still living at home pay nothing and get absolutely everything done for them! I'm somewhat jealous.
I'm gonna try and milk it for another 3-5 yrs as I have only 1 IP at the moment and want another 2-3 before I buy my PPOR.
I see this as fair as I only eat there 3 maybe 4 times a week. And that's only dinner.
I buy my own food for breakfast and morning tea/lunch at work.
Plus I'm at the misses house most of the time anyway. Mum's always nagging me for more money. I would be happy to pay more if I was provided with all meals etc. But she does do my washing each week which is handy.
I see it as you should get what you pay for, with a little discount for being their child!
And the vast majority of my friends still living at home pay nothing and get absolutely everything done for them! I'm somewhat jealous.
I'm gonna try and milk it for another 3-5 yrs as I have only 1 IP at the moment and want another 2-3 before I buy my PPOR.
this is what we did..
my oldest is now 22.
she paid board right from the time she started casual work at 14 ....30% of her net wages....we gave her no hint what was happening with her money but said the payments must be regular and no exceptions and the rewards will be hers long term........she only complained once on the first day we discussed it.
when she turned 18 we bought her a car. she paid half deposit, we gave her the rest, only $4k..
when she turned 21 we gave her the board money back and doubled it with a gift inc interest............
She had almost $50K cash at hand plus her own savings...she has now purchased a selection of 12 share holdings as of Feb this year....already it has almost doubled in this time..in fact as I type it is worth $93k on paper if she bailed out today....
When it hits $150k she will cash in half and will start her property portfolio in conjunction with me on a set of units which we have been discussing for some time....
Its a good way to start your kids off on the right footing with investing be it they dont have any idea initially...probably best that way anyway.
Before she was not so good with money, now she can see the rewards she is a very conservative person with waste even at her young age......
Our other kids are under the same plan as well, hopefully they also can benefit long term.
If anyone is charging their kids board may I suggest you use the money to benefit them long term rather than just an exercise of forcing kids to pay for living under your roof.....pointless to discuss money issues with most until they are at least 18-21.....
If your living comfortable there is no reason not to encourage your children to invest in almost any worthwhile avenue that generates long term revenue.
cheers
my oldest is now 22.
she paid board right from the time she started casual work at 14 ....30% of her net wages....we gave her no hint what was happening with her money but said the payments must be regular and no exceptions and the rewards will be hers long term........she only complained once on the first day we discussed it.
when she turned 18 we bought her a car. she paid half deposit, we gave her the rest, only $4k..
when she turned 21 we gave her the board money back and doubled it with a gift inc interest............
She had almost $50K cash at hand plus her own savings...she has now purchased a selection of 12 share holdings as of Feb this year....already it has almost doubled in this time..in fact as I type it is worth $93k on paper if she bailed out today....
When it hits $150k she will cash in half and will start her property portfolio in conjunction with me on a set of units which we have been discussing for some time....
Its a good way to start your kids off on the right footing with investing be it they dont have any idea initially...probably best that way anyway.
Before she was not so good with money, now she can see the rewards she is a very conservative person with waste even at her young age......
Our other kids are under the same plan as well, hopefully they also can benefit long term.
If anyone is charging their kids board may I suggest you use the money to benefit them long term rather than just an exercise of forcing kids to pay for living under your roof.....pointless to discuss money issues with most until they are at least 18-21.....
If your living comfortable there is no reason not to encourage your children to invest in almost any worthwhile avenue that generates long term revenue.
cheers
We only started charging our son in his second year at uni, and mainly because he did pretty much nothing around the house to contribute.
We will wait to see how he handles himself financially and decide to what extent to help him. I don't plan on giving him anything back just so he can buy a new plasma with it
.And it is a great idea that kids may invest in something worthile that generates long term revenue, but I don't think $150 jeans and croc skin shoes will give off much income
.Each to their own. I have a smile when people with young children say how they will do things when the kids are older. I have lived through those years and, believe me, you just have to learn to roll with the punches and just when you think you have your child "pegged" they change again.
And I know that we have plenty more "learning" to come as each of our boys grows older.
I am more than happy to help them into their first house, as long as they do some hard yards first.
At 20 years of age you are an adult. You should be paying your own way and not relying on your parents. You admit to having $80k in the bank, yet your father pays for everything you want. I presume your mother cooks and cleans for you too.
By doing this, they are sheltering you from the real world. Creating financially dependant adult offsprings. What would you do (heaven forbid) if some tragedy befell your parents and you had to look after yourself? Could you cope? Would you even know where to start?
By comparison, my younger child is still at highschool and pays for her own expenses with her part-time job, including the purchase and running costs of her car. Although she does not like it, she has had to learn by experience, how to budget and the difference between a need and a want, which will help her immensely in latter life. We talk to her regularly about financial responsibilty, and we know that should anything happen to us, she has the life skills to be self sufficient.
I had my 21st party and got 11k cash from that. Apart from that its from a casual job and not having to pay for anything apart from petrol. And obviously all the money I got from my birthdays, xmas, easter etc from other years.
Skater Im actually 21 (sorry musta pressed wrong number!), and nah I cook and help her clean our house. I cook and clean more than all my friends actually and Im not just saying that!!
I definately will be the first to admit I was very ignorant (and maybe still am slightly) with how the so called 'real world' is.
Its just my opinion guys!
An example of 2 different up bringings would be me and my bf. He is 6 yrs older than me and when we met 4 years ago he had 20k debt. He had to buy his own car, pay for his internet, and foxtel and pay for his mobile but didnt haveto pay board. When I went to his house and realised I nearly died and anyways 1 yr with me he had no debt, doesnt pay for foxtel coz I made him shut it off (so his mum pays for it now as she wants it still lol).
My dad is helping us build a duplex ( he bought property for 670k, building duplex for max 600k, but he is making us pay him 200k so he isnt just giving it to us).
That is how I found his site, to see if aound 270m2 is big enough for a couple and maybe 1kid in the future??????
At 20 years of age, please explain how you can amass $80k in savings. Did Daddy contribute to this too?
No offence its the net, and yes our Gen Y types and sms's quickly to cut down words to make it quicker. LOL (laugh out loud)
And yes for god's sake my dad has helped me!!! Thats exaclty my point!! People I am saying you should help you kids as much as you can like my dad.
Hi guys.
Now before we start slamming Gen Y, I'll just say that not all the kids are spoilt brats.
Exibit A.
I pay for MY own car, Phone Bill, Rego, Insurance etc. I bought it MYSELF with MY own money that I have EARNT MYSELF and i'm 17!
I'm in year 12 this year, I have TWO casual jobs and I also do sport at least FOUR times a week, and have a long term BF, and I manage all this MYSELF!
I don't have an ipod, I don't have expensive clothing, I don't have a X Box, I don't have any of these because I DON'T NEED THEM TO BE HAPPY!
And i'd prefer to be independant, self sufficient and learn from mistakes, so I end up on top.
Mandystoj, You are SPOILT beyond belief! You get friggen $11k for your birthday! Yes you got your BF out debt in a year, congrats, But that isn't because you are financially educated!
Now i'm sure you have a wonderful life and have everything you want and need. Good for you, but at your age you shouldn't be relying on everyone else to pick up on what YOU can't do yourself.
I bet Daddy is paying for your Uni degrees as well? Because after all he's buying you a duplex, OH sorry i forgot IT'S NOT A GIFT, because you're paying $200K out of $670K, you poor, poor CHILD!
GROW UP!!!
Get your head out of the sand! Take some responsibility!
Mum and Dad aren't going to be around forever.
Are you going to come to their aid when they are older and have no money because they've spent their whole life taking care of their selfish, nieve child.
Now i admit they are giving you the money and stuff so that's their doing, not yours, But you are still accepting them. Grow up and use your own money and brain.
Parents charging board aren't SELFISH, aren't MEAN, and AREN'T money hungry!
They are preparing their children for the future so they don't screw themselves over in later life.
Thanks Lil Skater.
Now before we start slamming Gen Y, I'll just say that not all the kids are spoilt brats.
Exibit A.
I pay for MY own car, Phone Bill, Rego, Insurance etc. I bought it MYSELF with MY own money that I have EARNT MYSELF and i'm 17!
I'm in year 12 this year, I have TWO casual jobs and I also do sport at least FOUR times a week, and have a long term BF, and I manage all this MYSELF!
I don't have an ipod, I don't have expensive clothing, I don't have a X Box, I don't have any of these because I DON'T NEED THEM TO BE HAPPY!
And i'd prefer to be independant, self sufficient and learn from mistakes, so I end up on top.
Mandystoj, You are SPOILT beyond belief! You get friggen $11k for your birthday! Yes you got your BF out debt in a year, congrats, But that isn't because you are financially educated!
Now i'm sure you have a wonderful life and have everything you want and need. Good for you, but at your age you shouldn't be relying on everyone else to pick up on what YOU can't do yourself.
I bet Daddy is paying for your Uni degrees as well? Because after all he's buying you a duplex, OH sorry i forgot IT'S NOT A GIFT, because you're paying $200K out of $670K, you poor, poor CHILD!
GROW UP!!!
Get your head out of the sand! Take some responsibility!
Mum and Dad aren't going to be around forever.
Are you going to come to their aid when they are older and have no money because they've spent their whole life taking care of their selfish, nieve child.
Now i admit they are giving you the money and stuff so that's their doing, not yours, But you are still accepting them. Grow up and use your own money and brain.
Parents charging board aren't SELFISH, aren't MEAN, and AREN'T money hungry!
They are preparing their children for the future so they don't screw themselves over in later life.
Thanks Lil Skater.
Well said!
Excellent post, very well said Lil Skater!
Hi guys.
Now before we start slamming Gen Y, I'll just say that not all the kids are spoilt brats.
Exibit A.
I pay for MY own car, Phone Bill, Rego, Insurance etc. I bought it MYSELF with MY own money that I have EARNT MYSELF and i'm 17!
I'm in year 12 this year, I have TWO casual jobs and I also do sport at least FOUR times a week, and have a long term BF, and I manage all this MYSELF!
I don't have an ipod, I don't have expensive clothing, I don't have a X Box, I don't have any of these because I DON'T NEED THEM TO BE HAPPY!
And i'd prefer to be independant, self sufficient and learn from mistakes, so I end up on top.
Mandystoj, You are SPOILT beyond belief! You get friggen $11k for your birthday! Yes you got your BF out debt in a year, congrats, But that isn't because you are financially educated!
Now i'm sure you have a wonderful life and have everything you want and need. Good for you, but at your age you shouldn't be relying on everyone else to pick up on what YOU can't do yourself.
I bet Daddy is paying for your Uni degrees as well? Because after all he's buying you a duplex, OH sorry i forgot IT'S NOT A GIFT, because you're paying $200K out of $670K, you poor, poor CHILD!
GROW UP!!!
Get your head out of the sand! Take some responsibility!
Mum and Dad aren't going to be around forever.
Are you going to come to their aid when they are older and have no money because they've spent their whole life taking care of their selfish, nieve child.
Now i admit they are giving you the money and stuff so that's their doing, not yours, But you are still accepting them. Grow up and use your own money and brain.
Parents charging board aren't SELFISH, aren't MEAN, and AREN'T money hungry!
They are preparing their children for the future so they don't screw themselves over in later life.
Thanks Lil Skater.
Excellent post, very well said Lil Skater!
