WHILE some matrics are planning to move out of home next year, perhaps into their university res or to embark on a Gap year overseas, others might plan to stay living at home until they find their feet in the working world.
With a tough employment market it’s becoming more common for children to stay living at home.
All part of growing up?
Many parents feel that their child should be introduced to some of the financial responsibilities that come with adult life while living at home.
It’s a sticky subject to tackle and some parents might feel guilty when asking their adult children to pay rent.
From sharing the utility bills to contributing a certain percentage of their salary towards rent, the extent to which a child contributes financially will vary from family to family.
Making it count
- Without your kids knowing, keep aside all the rent money they pay and put it all into a savings account. One parent suggested giving that rent money back to their child when they’re ready to move out.
- If you’re allowing your child to stay at home so that they can focus on their studies and so that they don’t have to stress about working overtime to cover rent, there are other ways to get your child involved in the contributions. Perhaps suggest that they pay a small percentage of rent, or that they cover the cost of electricity and some groceries while they’re living there.
- Teaching your child to share responsibility by contributing towards rent or living expenses will prepare them for the day they move out.
- Your child might enjoy knowing that they’re contributing and feel better about not free-loading off you.
Source: Parent24
