A mother has divided opinion after revealing she makes her children pay rent and bills every month.
Milly, who is under post @budgetwithmillyuploaded a video of herself accepting payment from her three children.
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She explained, “My kids’ rent is due today, so let’s collect their payment every week.
“They get paid £5 for the jobs they do around the house, and we charge them £1 for rent, £1 for food and £1 for utilities at the start of each month.
“Jordan paid his rent this month and once the payment is made we will mark this on the tracker sheet to confirm the payment in the folder.”
Milly said that before they spend the remaining £2, they ask their children if they can afford the purchase, if it is a ‘want or a need’, and if their future would be happy with the purchase themselves.
The mother explained: “This is to help them not to spend money emotionally on toys and candy and to understand how to spend their money. money to other categories such as saving, spending, etc., because this is something schools children don’t learn, and we wanted our children to learn about spending and accounts in a safe environment, and it has worked amazingly well for us.”
Milly has created budget folders for her daughters Stiffany, Jordan and Hannah, in which they keep track of their expenses.
The folders have three boxes with labels: one for rent, one for food and one for bills. They put the money in the folders provided for that purpose.
Then, on the first of the month, Milly collects the money from them.
The children put the remaining £2 in a separate bag to save.
Her video has received 67,000 likes, but has also sparked a discussion in the comments.
Many people were not sure about the idea and said she was “ruining their childhood.”
One of them said, “Will they be thrown out if they don’t pay?”
A second added: “No, just let kids be kids.”
A third commented: “I’m glad my parents didn’t do this.”
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Another joked: “I would save money to move.”
However, some agreed that teaching their children to be responsible with finances from an early age can help them later in life.
One person joined in the conversation: “Am I the only one who thinks this is a good idea?”
Meanwhile, someone shared: “This is what all parents should do.”
Should parents charge their children rent?
Mother of two and Fabulous Digital Senior Reporter Sarah Bull gave her opinion on parents who let their children pay rent. She explained:
“Children are expensive! That is a fact, and one that anyone entering the world of parenthood will be aware of.
“But with the cost of living rising so much, it is becoming increasingly difficult for many people to treat their children in the current climate.
“Some mothers and fathers have therefore started charging their children rent.
“I understand the concept. After all, it could be enough to pay for a McDonald’s dinner for them or a trip to the pound shop.
“It also helps them learn about money and improve their math skills.
“But it’s not something I’ll ever use with my kids.
“I think kids should just be kids. And since paying rent is something they might have to worry about in the future, I certainly don’t want them to be worried about where it’s coming from at this age.
While it may seem extreme to some to make children pay “rent,” others think it is fair if they are over 18.
According to the office According to the National Statistics Institute’s 2021 census, there are 4.9 million adult children still living at home with their parents in England and Wales.
A report from comparedmarket.com found that a whopping 74 percent of parents feel there is not enough information available about how much rent to charge their adult children.
More than half (55.1 percent) of parents surveyed admitted to asking their children to “pay to stay home.”
However, two in five parents (44.9 percent) said they do not charge their adult children rent, allowing them to live at home for free and their parents to pay all the costs.
A quarter of parents (24 percent) admitted they would be unable to pay their mortgage, rent and bills if their children did not pay their rent every month.
The research found that parents in the UK charge an average of just £25.55 a week, which equates to £110.71 a month.
According to the survey, parents charge an average of £68 for their mortgage or rent, £31 for bills and £33 for food per child per month.
Despite the financial contribution parents ask their children to make, more than half (51 percent) admitted they were unsure what they should actually ask for.
