Under what circumstances should your son/daughter start contributing?

[Xordium]

... They are 7.... Jesus!

Yep, and good money management, like all of life skills, starts young. Unless of course you want to propagate generations of codependent people.

It's not rocket science if a 7 year old can't go through a few numbers and tell you which one has the highest interest rates you want to stop the saving for their future and start putting some serious time into their educational standards.

If you can't explain that money in the bank can't be physically stolen but is protected by the government to a certain value per institution then really how the hell are you going to explain other more expansive topics to a child.

 

[RaohNS]

Yep, and good money management, like all of life skills, starts young. Unless of course you want to propagate generations of codependent people.

It's not rocket science if a 7 year old can't go through a few numbers and tell you which one has the highest interest rates you want to stop the saving for their future and start putting some serious time into their educational standards.

If you can't explain that money in the bank can't be physically stolen but is protected by the government to a certain value per institution then really how the hell are you going to explain other more expansive topics to a child.

It does, but it also starts simple.

I doubt a 7 year old should be concerned with interest rates. That's what a responsible parent takes care of. They see a Trust that gives a good return and they put their chips in.

Again. They are 7 and will interpret it as cops and robbers if you say money is protected in banks.

Someone please tell me I'm not alone on this.

 

[neil_g]

My parents have never asked for money and would never take money from me if I offered.

If I have children I'd never take a penny off them for living at home, it's a home not a hotel.

remember a lot of financial support is removed as soon as a child hits 18. great if you can afford to prop up your kids but I don't think its unreasonable to ask for a contribution towards food/bills once they are in full time work and capable of moving out but choosing not to.

 

[Admiral Huddy]

Easy this, when they have left full time education.. We have supported our elder two all the way through their education in anyway we could but once in full time or part-time work thereafter, they need to have responsibility..

We charge 20% of their earnings.

 

[Xordium]

It does, but it also starts simple.

I doubt a 7 year old should be concerned with interest rates. That's what a responsible parent takes care of. They see a Trust that gives a good return and they put their chips in.

Again. They are 7 and will interpret it as cops and robbers if you say money is protected in banks.

Someone please tell me I'm not alone on this.

You may want to explore the KS2 syllabus for Maths ... (that is not to say they do interest but when comparing decimal fractions a lot of the 'real world' examples use % so they can apply knowledge which is kind of the point of knowledge)

 

[Admiral Huddy]

No we don't need the money.. but they need to have responsibility ( sorry i edited my post) of the cost of living one way or another. Life at home is dirt cheap for them considering the housing costs and general costing of living.. generally, they don't have a problem with it and they know they are better off .. I can't answer the latter part of your question.. Sorry

 

[bayo000]

As soon as I finished school and signed up for JSA I gave my parents one third of it.

As soon as I got my first job I moved out, had no other option really as the job was abroad!

Don't have my own kids yet but I'm planning to "charge" them as soon as they finish full time education and have some sort of income, even JSA as I did. Though any money I get from them will go into a saving account for their first deposit but they will not know that.

 

[RaohNS]

You may want to explore the KS2 syllabus for Maths ... (that is not to say they do interest but when comparing decimal fractions a lot of the 'real world' examples use % so they can apply knowledge which is kind of the point of knowledge)

I get that but I don't believe and wont be having my kids pick a mortgage rate at 7 or get them to fill in forms. I will make the judgements because I am an adult and will instill in them some fiscal responsibility and teach them to be parsimonious.

A fool and his money.

 

[Tosno]

I'd only take money from my child(ren) if we were struggling to pay the bills. Something undesirable pocketing your childrens earnings, unless they are wasting the family money on dodgy things.

 

[Xordium]

I get that but I don't believe and wont be having my kids pick a mortgage rate at 7 or get them to fill in forms. I will make the judgements because I am an adult and will instill in them some fiscal responsibility and teach them to be parsimonious.

A fool and his money.

The only fool here is the fool that can't read a post and see that mortgage was never mentioned!

You are aware at the age of the seven that with most banks it's the child account with parental input.

TBH if a kid can't pick the highest interest rate for a savings account then their parents have got bigger worries because they are quite obviously failing at school.

And again to your last little soundbite if you never install the ability to think in your children then yes they will be the fools that will be easily parted with their money.

 

[Ryan-3]

When they're working in a full time job and if your mum could do with their contributions to help cover any potential replacements, unexpected bills, etc., then they should be contributing. Even if it's only a small amount, but they can still contribute through doing things instead of expecting it from elsewhere and being bone idle.

She could keep track of how much they've contributed and return it at a later date towards them moving out?

And again to your last little soundbite if you never install the ability to think in your children then yes they will be the fools that will be easily parted with their money.

Or believe in Farage.

 

[d_brennen]

I'd only take money from my child(ren) if we were struggling to pay the bills. Something undesirable pocketing your childrens earnings, unless they are wasting the family money on dodgy things.

How about taking the money off them on the understanding that they get it back when they need a deposit for a large purchase, such as a house and or car?

I pretty much left home at 18, I enjoyed bringing ladies home too much which isn't really desirable for anyone at home but sadly this isn't always possible these days cost wise

 

[Gixer]

I cannot remember what age I started doing chores but I know my brother and I used to share washing up, mowing lawn, sweeping leaves up and cleaning our rooms once a week.

As soon as I got my first wage packet 25% went to the parents and that is how it was until I moved out. It was only 25% of my basic wage however so if I worked overtime then the extra money was my own.

If I have children I'd like to think I could afford to pay for 100% upkeep of the family but if they get a job and are living at home my plan will be to take 25% and put it into a savings account for them for later in life. I would not tell them that this is what I am doing though.

 

[Terminal_Boy]

Get your kids earning money from you for doing "chores" from an early age. Teach them the reasons you save and the best way to investigate where to put your money - they can get the basic principles from an early age.

There is no reason whatsoever to save money for your kids - it removes the responsibility from them and denies them the tools to actually manage their own affairs - that's hardly helpful imo. That's treating them like kids still - don't be shocked when they still behave like kids ...

Start them from say the age of seven earning money by doing various chores.
Get them to see which bank gives the best interest.
Get them to fill in the forms.
Help them read the forms and explain hard terminology.
Show them a nice house in your area - say that's what you are saving for.
Show them the local ****hole - say that's your destiny if you don't.

That way you've given them the skills and motivation!

Top parenting!

"Do you want to choose where you work when you're older?" is a good thought provoking question when they're old enough to understand.

 

[almoststew1990]

How much does the Mum spend on the sons that isn't food, clothes etc- i.e. phone contracts, spotify...? And How much do the Son's "borrow" on a night out, petrol money? If it's any more than a negligible amount , I would certainly be asking for rent/ 'service charge' for water, gas etc, especially if the Mum is working hard to support the family.

I worked whilst studying at college, earning about £200 a month in 2007 (£4.17p/h yo!) but my Mum and Dad didn't ask for rent and I can't say that it ever crossed my mind. Looking back, I am glad as I was able to buy an xbox 360 and go out for nights out with my friends independently and I don't view this as wasted money (you're only 17 once). My Mum and Dad are probably of the same opinion. This is in the context of doing chores (mowing the lawn, dishes, laundry) since 13, and certainly never being spoiled with gifts or whatever in the slightest.

After university I paid £150 a month once I had got a job (about 2 months).

 

[RaohNS]

The only fool here is the fool that can't read a post and see that mortgage was never mentioned!

You are aware at the age of the seven that with most banks it's the child account with parental input.

TBH if a kid can't pick the highest interest rate for a savings account then their parents have got bigger worries because they are quite obviously failing at school.

And again to your last little soundbite if you never install the ability to think in your children then yes they will be the fools that will be easily parted with their money.

Now now. New posting guidelines.

A child can pick the highest interest rates but quite often that transferring to adult life will mean an account with more risk. At 7 they do not have the capacity to understand that.

At the end of the day I have my beliefs you have yours. I will do what I feel best for my kids and you yours.

 

[Xordium]

Now now. New posting guidelines.

Sorry to break it to you but that only applies to specially selected groups.

 

[Doogles]

Easy this, when they have left full time education.. We have supported our elder two all the way through their education in anyway we could but once in full time or part-time work thereafter, they need to have responsibility..

We charge 20% of their earnings.

I live with parents and don't mind paying board cos at the end of the day when they die I will get it back

 

[Raumarik]

I started paying digs the instant I started working, parents didn't ask, I offered. Was about 15% of my take home so not much but then again I did chores too. I was 18, would expect my daughter to do the same, more if she's not helping out with dishes, washing..

If she is letting them away with this then she only had herself to blame tbh, they won't be in a rush to leave and will struggle to cope with the cost of living if they do.

 

[Josh]

I paid 15% of whatever I made a month to my parents, the rest was my own after car insurance/savings were put into the savings. They didn't need the money, far from it but it made me feel a little more grown up.

I'll probably do the same for my children, as long as they are in full time education then they won't have to pay, as soon as they start full time work they can help to contribute.