Pregnancy & Parenting

Financially helping our children

Pregnancy & Parenting

Posted by: wendywendy

28th Mar 2009 11:47pm

To what extent to we continue to help our children get established? I was s single parent for the teenage years of my 2 children and although my young adults are working hard, they dont see light at the end of the tunnel in buying their own homes. Do others think we should be buying houses for our kids, keeping them at home longer, help them with their own repayments??? I'm interested in hearing all views....


Comments 7

Shoneking
  • 12th Aug 2011 09:34am

I think keeping kids at home longer is the most practical way of helping keep costs down but I think it's more important to teach them to budget and to save from a young age. As soon as a child is old enough to get an after school job we should teach them to have a second account exclusively for savings. Lets say 10% of every paycheque should go into this second account and remain untouched for at least a year; that way the child (or teenager) will be able to see the real results of having a dedicated savings plan. Once they become an adult and enter full-time employment having them stay at home into their 20's is a simple way of saving them the cost of rent, utilities and having to buy their own furniture and appliances until they are really ready to go out on their own.

Anonymous
  • 20th Apr 2011 10:54am

i think it sounds like you have already taught about hard work, which is a great start,help them out by letting them stay at yours but make sure you done make them to confortable either, ie get them helping around the house and make them pay board, and food, if you are in a position where you can help them with a deposit for a house, maybe do that so that they have to work for the rest and that way it seems a little bit more realistic, and they can maybe see the light at the end of the tunnel.

Anonymous
  • 11th Jan 2011 03:17pm

I think that kids can stay home only if there parents are able to teach them how to budget. My dad tought me when i was young. they made me bank my money and buy my own things he tought me how to save. Mum showed me how to budget my money the way she does hers. i left home when i was 17years old i have been doing well every since. If My parents didnt teach me these things i think it would have been a struggle.

Anonymous
  • 17th Dec 2010 10:01pm

I think it's great that some people are able to help their young adults gat a foot in the door so to speak.I think there needs to be give and take,and that the young ones show appreciation for their parents efforts,not just expect help,but work out a way to get help,that suits everyone concerned,especially if there are other dependants in the home.

Ollie
  • 12th Jul 2010 08:12pm

It has to be a balance between how they spend whatever money they have and how much you are in a position to support them. I will always be there for my kids and if they are in a mess financially, I will be there to help them fix it. It is not just a matter of give, give, give.
If they have erred, it will be discussed, better ways to continue for the future, ways they may not have been aware of. If it is necessary to bail them out immediately, then perhaps there us a deal made whereby they can pay back, either in money or kind.
I could never stand back and watch my kids get into serious trouble, when I could have helped them but selfishly didn't.
They lack our experience, have many temptations influencing their lifestyles and spending power in this global world, that perhaps may not have been so prevalent for us at their age...... and they are allowed to make human mistakes.
You cannot 'keep' them at home unless they want to stay at home. It can give them a good financial start, but getting out and being independent also allows them to learn the real world realities. They can only take this step when they think they are ready.
I will always support my kids because I love them. Who else can they depend on when they seriously need a hand ?

Kj1809
  • 20th Mar 2010 11:41pm

I believe parents should start helping their kids when they are young - around 6 to 8 years old kids need to start learning the value of money. Parents also need to not only give pocket money but teach children to budget and save. If the kids earn pocket money, a specific amount is saved each time the pocket money is given. This way when they get that first job it's already ingrained to save. If they don't/cannot get a job in high school but receive some form of handout, then they must still save a set amount. If parents start a savings account when their children are born that they put ten dollars into each week/fortnight then by the time the kids reach an age they might need some money they have either got a nest egg or the payment needed. This account could be topped up with the pocket money savings and/or first job money.

solstice
  • 12th Jun 2009 03:23pm

They are not going to learn anything by staying at home they need to learn to budget and find ways to save like not going to clubs and paying high prices for way to many drinks that are not necessary to exist. Walk instead of driving everywhere share a house or flat and reduce the costs of living. Get a small deposit and buy something thats out of the way and rent it out to gain a better deposit for something better down the track, there are so many ways they can help themselves if they just thought about it more.

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