Wow… How brave am I to write about this? Charging Your Teenager Board or Rent... And on this topic, you are either agreeing with me right now or (more than likely) disagreeing with me – for your own, very valid reasons…. And I get it... Honestly, I do! However, hear me out here. It's Important To Educate Them
If you have a teenager at home and they are employed, are you charging them rent? You love them so much that the thought just doesn’t cross your mind… I am not doubting your love for your teenage children, but this could be giving your offspring a false sense of entitlement and teaching them nothing about how to handle regular financial commitments.
How many times have you heard from them that they have no money, even though they are earning and potentially spending it all on drinks, shopping, holidays, and luxury goods that they simply cannot afford? If you skip into the future, what is going to happen when they keep that level of spending up? Most likely:
huge credit card debt
unable to pay for their own place, be it rent or a mortgage
no savings in the bank
and finally, constantly running to you, the parents, to borrow some cash that you know isn't actually borrowing.
To save all those future problems for your teenage children, it's the perfect time to teach them healthy spending habits. Especially, if they have a wage that fluctuates or the most likely thing, they are out of a job for a while. There is no shame in not having a job, it happens to everyone, and if you have taught them good spending habits then they can ride those periods with ease.
Give them the best start in life and teach them good money management. A life-long skill that they will eventually love you for it.
Why You Should Charge
Charging your teenager rent will create life-long skills, and I am not suggesting for one minute you prize 50% of your Beloved Child’s first pay cheque. Instead, I am suggesting that they contribute to the household that they live in.
You know… the one that you pay for. That house that you worked all your life for… and you work hard to pay off all your financial commitments…
Don’t they have their own room? A comfy bed, hot running water, heating and cooling, free access to the fridge and freezer, washing and ironing done…? Need I go on? Mothers often stomp around saying “you treat this place like a hotel”... And yet they don’t want to charge… It’s interesting isn’t it? Is your place a hotel? It Happened To Me. I Learnt From Paying Rent
Can you tell I have no children? I don’t, but is that really relevant…? Where my opinion stems from is my very own memories as a teenager; as the child paying the rent. I worked and still lived at home paying rent. My Father put the board/rent up so much that I was forced to move out, as I could no longer afford to live there.
I distinctly remember my Father saying to me; “If you find somewhere else, as cheap as this to live – tell us, and we will all come and live there”… Whilst I never saw eye to eye with my Father, he did have a point. He also stuck to his word and continually upped the rent. I ended up with various jobs including working at a night club 3 nights a week, I served bar meals at the local pub on a Saturday lunchtime and I became a (very successful) Avon Lady in the spare time I had left.
The point is, it made me learn and appreciate money, and how to live independently before I was living on my own. You can help your children too, by helping them learn this valuable life-long skill.
What Did It Teach Me?
What all this taught me was that, sometimes you have to think on your feet. That there is always options when you think there are none. That if you put your mind to it, you can change your financial future (if you are prepared to put the work in)… But the main thing that it taught me was that even when things looked pretty bleak, and when all my numbers didn’t add up, I had to make a plan, realise what I had to earn, and then set about earning it…
I couldn’t afford to move out of home, and I certainly couldn’t afford to stay there, and so I made a plan. I did my research, bought my first home (a studio apartment near the Parents) and lived off my tips for a good few years. I even kept the Avon money separate - as that was my holiday money (I went to Tenerife for 2 weeks).
So here I was, I spritely young woman with a home, savings in the bank, going on holidays, and with a strong work ethic. This is every parent's dream for their children that they can set themselves up. I bet, you want the same for your own kids. Am I right? The Future
So! If you want to get your children thinking about their financial future, understanding the necessity to pay their bills on time and understand how much they have coming in, versus how much they have going out, then do them a favour and ask them to contribute to the upkeep of the household they enjoy living in.
Some Parents even put the cash aside and give it to their child when they eventually do leave. A great way to save for your child (just don’t tell them).
It Eases Your Burden Too
I also see so many parents struggling to make ends meet… They struggle to pay the bills and keep a roof over everyone’s head whilst the majority of the household live rent-free and don’t pay for their food… Charging (or contributing; such a nicer word), is a “win-win” for everyone. You should NOT feel guilty about it; far from it. Try it and find out.
We Can Help
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