If a person tells you that he only allocates 12.5% of his income to rent and basic supplies (water, light …), he would surely surprise you. Or you would think that it is a millionaire. However, it is not the case: it is a child of only 7 years who, despite his speedy age, pays for rent to his parents and has an investment portfolio and an financial planning newspaper.
Now, how is it possible that you are already paying rent? Because his mother, Samantha Bird, 31, forces him to do so, since he wants to teach him financial education. “I did not grow up with a lot of financial education, so going out to the real world was a shock and it cost me a lot,” he told the half ‘Sky News’.
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“I wanted to give my children a small advantage in a safe way and in a casual environment,” he explains, which is why he began to charge his children, aged 7, 8 and 10 respectively, three dollars a month for expenses. To all of them, pay $ 6 a week for domestic tasks and encourage them to fill in a monthly agenda to budget the day of payment of invoices.
After this practice, she says she has noticed that her children “have a lot of confidence in themselves in regards to money”, something that believes that she and her husband lacked. The couple, in 2019, contracted a debt of $ 40,000 for the mismanagement of their monthly expenses and credit card payments, so they had to spend “two difficult years” learning “everything that can be over the money”. His mission, thus, is to make sure that “this does not happen to my children.”
“This generation of children feel a bit with the right to everything and expect them to be provided with things that I would never have expected at their age.”
There are parents who are also charging their adult children rent, when they turn 18 or find work. Carole Fossey, from Manchester, is one of them, making his 21 -year -old son pay for about 300 pounds per month. “I think this generation of children, and it is totally our fault for pampering them too much, sometimes they feel a bit right to everything and expect things that I would never have expected when I was their age,” he says, justifying his measure.
The objective he has is to teach his son to contribute to domestic tasks and encourage him to better manage his money. Another couple ensures that these results are achieved, stating that their children, aged 29 and 27, left their home with a very prudent attitude towards money precisely because they had been charging a rent since they were 17 years old.
“We have friends who have not done so and repent, because their children charge on Friday and Sunday have already spent everything in new clothes,” he says, explaining that in his case the rent was 20 pounds when they worked part -time and 50 pounds when they worked full time.
Other couples, on the other hand, are completely against these measures. Emma Citron tells it clearly for the aforementioned medium: “I prefer to live on the street rather than charge my children rent.” Her 27 -year -old son continues to live for free with her while saving to pursue a master’s degree.
“We do not always value children.