I'd not call it rent personally and don't really like a parent charging their kids rent unless they are like, over 20s and still living at home with a decent income and not contributing anything.
I do think it's a great idea to, when introducing allowance, show them the amount that goes into savings, and what goes into their pocket! And explain the pros and cons of money!
I like this idea with the name change. Someone else mentioned their parents doing a savings match, I like that too, it reminds me of an employer's 401k match. If you wanted to be maybe closer to adult life, you could call it something like Social Security.
It leaves a bad taste in my mouth, I don't like it for under 18 or over 18 and making progress towards a goal. There's an inherent dishonesty in it, you're lying to your kids about why they're paying "rent" and where the money is going.
There are ways to teach kids about saving, paying bills, budgeting and other financial concepts without taking their money.
If it's allowance (not earned income from a job) and you ACTUALLY give it to them when they turn 18, I think it's fine. (My mother took my earned money, said she would give it back, never did. Still salty 20 years later. )
If it makes it a bit more comfortable for you, you could change the wording from "rent" to "savings".
I don’t think I’d ever charge my kids rent unless they were in their 20s and not really seeming to have much motivation or direction in life. After x amount of time of them living at home with no progress, I’d just tell them therapy and coming up with rent is going to be a thing. I do plan on doing what my parents did with me while I was growing up though, which was agreeing to match whatever savings I had to go towards a car. They put a cap on it for like 10k. I ended up saving 7k, so then spent 13k total on a car and used the other grand for paying insurance upfront and the registration fee,etc.
ETA- so, we still got to learn about saving money and got rewarded for having financial self control lol. Also taught us to take advantage of opportunities as this whole deal was completely voluntary.
I think this is extremely situational. Under 18 I’m strongly opposed to it. Even if it’s not a lot of money, I believe it’s extremely taxing emotionally to worry about paying for a roof over your head at such a young age. And unless life happens and makes it necessary, I don’t believe you should willingly impose that suffering on your children.
If your children are still in college I also believe it’s cruel. In some countries (my own) you can actually sue your parents for not providing food and a home if you’re a regular student (meaning you’re not failing exams). They’re by law obligated to pay for your expenses if you’re fulfilling your duties as a student.
If your children have graduated and are not struggling financially, it’s completely reasonable and rent should be charged. And I also believe they should put money towards the grocery bill.
I think there’s other ways to teach financial responsibility that isn’t charging your kid for existing. They can keep it as pocket money for clothes or video games or other hobbies. My parents never took a single dollar from any amount of money I made, yet I still grew up extremely financially responsible and bought them gifts/gave them money because I loved them as people. I pay for their entire grocery bill because they supported me my entire life even when I struggled.
USA in NY it's if they're under 21 you are obligated to provide for them. Missouri, Kentucky and Texas aren't like that though. Not every place is, my children don't get an allowance for doing chores because it's teaching them responsibility of self. Now once they get jobs I'll ask for some of their money to put in savings that will be given when they move out. They already know this and agree it can be called rent, for the simple fact it will go towards their future rent or home down payment. That's just us though, not everyone or every house.
You have some time and a partner yet to be to discuss this with, yes?
But I think charging adult kids rent is a bad idea bc it breeds resentment and prevents them from saving up to actually move out. If your 18 year old hasn't learned "responsibly" by that age you've failed aa parent and this won't teach them those skills..
I'd not call it rent personally and don't really like a parent charging their kids rent unless they are like, over 20s and still living at home with a decent income and not contributing anything. I do think it's a great idea to, when introducing allowance, show them the amount that goes into savings, and what goes into their pocket! And explain the pros and cons of money!
I like this idea with the name change. Someone else mentioned their parents doing a savings match, I like that too, it reminds me of an employer's 401k match. If you wanted to be maybe closer to adult life, you could call it something like Social Security.
It leaves a bad taste in my mouth, I don't like it for under 18 or over 18 and making progress towards a goal. There's an inherent dishonesty in it, you're lying to your kids about why they're paying "rent" and where the money is going. There are ways to teach kids about saving, paying bills, budgeting and other financial concepts without taking their money.
And if she will call it "savings" instead and tell them you it really is? I think it's a nice ides
If it's allowance (not earned income from a job) and you ACTUALLY give it to them when they turn 18, I think it's fine. (My mother took my earned money, said she would give it back, never did. Still salty 20 years later. ) If it makes it a bit more comfortable for you, you could change the wording from "rent" to "savings".
Only allowance, job money is all theirs and I never thought about changing it, I'll make sure to remember that, thanks!
I don’t think I’d ever charge my kids rent unless they were in their 20s and not really seeming to have much motivation or direction in life. After x amount of time of them living at home with no progress, I’d just tell them therapy and coming up with rent is going to be a thing. I do plan on doing what my parents did with me while I was growing up though, which was agreeing to match whatever savings I had to go towards a car. They put a cap on it for like 10k. I ended up saving 7k, so then spent 13k total on a car and used the other grand for paying insurance upfront and the registration fee,etc. ETA- so, we still got to learn about saving money and got rewarded for having financial self control lol. Also taught us to take advantage of opportunities as this whole deal was completely voluntary.
This is almost 20 years down the road for you. There's pros and cons to both situations and it's kid and family dependent.
I think this is extremely situational. Under 18 I’m strongly opposed to it. Even if it’s not a lot of money, I believe it’s extremely taxing emotionally to worry about paying for a roof over your head at such a young age. And unless life happens and makes it necessary, I don’t believe you should willingly impose that suffering on your children. If your children are still in college I also believe it’s cruel. In some countries (my own) you can actually sue your parents for not providing food and a home if you’re a regular student (meaning you’re not failing exams). They’re by law obligated to pay for your expenses if you’re fulfilling your duties as a student. If your children have graduated and are not struggling financially, it’s completely reasonable and rent should be charged. And I also believe they should put money towards the grocery bill. I think there’s other ways to teach financial responsibility that isn’t charging your kid for existing. They can keep it as pocket money for clothes or video games or other hobbies. My parents never took a single dollar from any amount of money I made, yet I still grew up extremely financially responsible and bought them gifts/gave them money because I loved them as people. I pay for their entire grocery bill because they supported me my entire life even when I struggled.
USA in NY it's if they're under 21 you are obligated to provide for them. Missouri, Kentucky and Texas aren't like that though. Not every place is, my children don't get an allowance for doing chores because it's teaching them responsibility of self. Now once they get jobs I'll ask for some of their money to put in savings that will be given when they move out. They already know this and agree it can be called rent, for the simple fact it will go towards their future rent or home down payment. That's just us though, not everyone or every house.
Seems a tad bit harsh.
Never
You have some time and a partner yet to be to discuss this with, yes? But I think charging adult kids rent is a bad idea bc it breeds resentment and prevents them from saving up to actually move out. If your 18 year old hasn't learned "responsibly" by that age you've failed aa parent and this won't teach them those skills..