Rent
Hi, i hope you students can help point us in the right direction.
We are parents of a 16 year old, who has been lucky to get an appenticeship, and now has started work.
The dilemma is rent, she is earning a good wage, about £700 a month.
What do you think is a fair rent for her ?
10%, 15%, 20%, 25% 30%.
Or the third rule, third housekeeping, third save, third spend ?
Thanks all.
We are parents of a 16 year old, who has been lucky to get an appenticeship, and now has started work.
The dilemma is rent, she is earning a good wage, about £700 a month.
What do you think is a fair rent for her ?
10%, 15%, 20%, 25% 30%.
Or the third rule, third housekeeping, third save, third spend ?
Thanks all.
(edited 3 years ago)
Personally I think she should be giving u at least 10% but u should advise them to save up for a car, or to pay for their driving lessons etc. If they aren’t doing that then increase the rent. Tbh at 16 I think she shouldn’t be paying rent at all, you’re legally responsible to look after her so she should keep that money for herself. She could use that money to save up, buy herself clothes etc but when they turn 18 that’s when I would say they should pay rent. I don’t know anyone at 16 who pays rent to their parents.
(edited 3 years ago)
What other outgoings does she have? Car insurance, petrol, tax, phone bill, travel pass, subscriptions??
Is the £700 before or after tax?
I'd say it depends on your own financial situation. If you genuinely need help with bills etc then by all means, ask for a decent contribution. But if you're generally okay financially, then ask for enough to teach her the importance of budgeting. You can even save it up for her and give it back when she needs it i.e. deposit for a house, a holiday, new car.
Is the £700 before or after tax?
I'd say it depends on your own financial situation. If you genuinely need help with bills etc then by all means, ask for a decent contribution. But if you're generally okay financially, then ask for enough to teach her the importance of budgeting. You can even save it up for her and give it back when she needs it i.e. deposit for a house, a holiday, new car.
(edited 3 years ago)
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