How much to charge 18 year old son to live at home??? If any??? (punish, teenage)
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When I was a teenager (a million years ago) it was normal practice (where I lived and amongst my friends) to contribute a small part of earnings to our parents. Even though it was only Saturday and vacation jobs we all did it.
I think that young people should understand that running a home costs money and that a small contribution is fair and reasonable.
Start by charging him about a third of what he would pay to rent a room elsewhere. You want to prepare him to be on his own, so look at what prices are in your area. If the situation is the same next year, charge $50 more and increase it by $25 every six months. If he's still at home at 22, raise the rent quarterly.
Set aside 15% to return to him unconditionally when he is ready to move out, with another 15% in "matching funds." (You'll match what he has saved on his own up to that amount.)
If he goes into some kind of training program, either count that as "college" or charge a reduced rent, depending on whether it should prevent him from earning.
Decide on a long-term plan and present the whole thing to him.
Add your two salaries up. You make 200 bucks and he makes 100 bucks that is 300 bucks. To determine how much he pays divide his salary by the total and you will have the percentage of each bill if the rent is 30 bucks he pays 10. This way he gets to experience the same financial burden you do.
If you make 2000 bucks and he makes 100 then he only pays 4.7%. Personally I think it is the fairest way.
If the rent is 450 a month he will pay like 21 dolars or so but proportionally the financial burden for you both is the same.
Of course he doesn`t need to know how much you make so you can just figure out what to charge by doing the math by yourself. If he is smart enough to back calculate to find out how much you make he is smart enough to know to mind his own business and be happy he has a good and fair mother.
Not true. I never went to college or a trade school. I have a full time job making really good money. Nobody got the job for me. I started at the bottom and worked hard to climb the ladder.
Started paying into Social Security at age 12 and was earning $50 a week... paid each Friday and Friday night Mom got $20... so $80 a month at age 12.
My Father also paid at an early age... it was way back in the 30's and the Depression... he had a paper route and did odd jobs turning everything over to his parents and every penny counted.
Now... my younger siblings never had to pay a dime...
When the topic came up after as one was graduating from High School... he said he already had a place and moved out at 18... one day after graduation and never lived at home again...
A lot of my contemporaries would just be happy to have a kid that is not in trouble on so many counts... they would rejoice to be in your situation.
Not true. I never went to college or a trade school. I have a full time job making really good money. Nobody got the job for me. I started at the bottom and worked hard to climb the ladder. My company just paid me to move over 800 miles for a promotion. I am working with people still trying to pay off debt from school.
All I have is a GED.
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Sales?
Quote:
Originally Posted by johnrex62
I can point to one that has a better than average salary with no college degree and zero help from friends or family.
I wouldn't charge anything as long as he is working and doing something worthwhile (like saving or investing) at least some of the money he makes. But that's just me - I am not a strict or demanding parent and I like giving my kid as much as I can.
Start by charging him about a third of what he would pay to rent a room elsewhere. You want to prepare him to be on his own, so look at what prices are in your area. If the situation is the same next year, charge $50 more and increase it by $25 every six months. If he's still at home at 22, raise the rent quarterly.
Set aside 15% to return to him unconditionally when he is ready to move out, with another 15% in "matching funds." (You'll match what he has saved on his own up to that amount.)
If he goes into some kind of training program, either count that as "college" or charge a reduced rent, depending on whether it should prevent him from earning.
Decide on a long-term plan and present the whole thing to him.
Quote:
Originally Posted by amil23
Add your two salaries up. You make 200 bucks and he makes 100 bucks that is 300 bucks. To determine how much he pays divide his salary by the total and you will have the percentage of each bill if the rent is 30 bucks he pays 10. This way he gets to experience the same financial burden you do.
If you make 2000 bucks and he makes 100 then he only pays 4.7%. Personally I think it is the fairest way.
If the rent is 450 a month he will pay like 21 dolars or so but proportionally the financial burden for you both is the same.
Of course he doesn`t need to know how much you make so you can just figure out what to charge by doing the math by yourself. If he is smart enough to back calculate to find out how much you make he is smart enough to know to mind his own business and be happy he has a good and fair mother.
I agree that using some type of "real world" measure is important, even if your son doesn't pay a large percentage he should start to know how much things cost.
For example if most kids his age pay $600 per month in rent when they share an apartment in your city use that as a start. You shouldn't charge him the full $600, but state a % of it, lets say 10% or 20% for him to pay.
It doesn't cost any extra (or very little extra) for the electricity, heat and cable used in your house but let him know what they cost you (so he isn't shocked when he has to pay electricity, heat, cable, etc when he does get his own place).
Now, I am sure that it raises your food bill, maybe even dramatically, when he lives at home. Let's say your food bill jumps up $200 a month. He may not be able to pay that much unless he has a good part time job but, if, it were me, I would charge it and then waive the extra amount or just have him again pay a percentage.
In addition to charging him for staying at home, you should talk to him about saving money. Take a look at how much a room in a house would cost on craigslist around you, and charge him that. Charge him something for food, too. Then bank it all for him (without telling him) and when he needs money for a deposit on an apartment, or a downpayment on a car, give it to him.
I like this idea.
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