A MUM has divided opinion by revealing that she charges her kids rent and bills every month.
Milly, who posts under @budgetwithmilly, uploaded a video showing her taking the payment from her three children.
She explained: “Today, my kids’ rent is due, so let’s collect their payment each week.
“They get paid £5 for the chores 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 has paid his rent this month, and once their payment has been made, we mark it off on the tracker sheet to confirm the payment in the binder.”
Milly said that before they spend the remaining £2, they ask their kids if they can afford the purchase, if it’s a “want or a need”, and if their future selves would be happy with the buy.
The mum explained: “This is to help them not emotionally spend on toys and sweets and develop an understanding of how to spend their money towards other categories such as savings, spending, etcetera, as this is something schools don’t teach kids, and we wanted our kids to learn about expenses and bills in a safe environment, and this has worked amazingly for us.”
Milly has made her youngsters Stiffany, Jordan and Hannah, budget binders, which they use to track their outgoings.
The binders have three labelled pockets in them, one for rent, one for food, and one for bills, and they place their cash in the relevant binders.
Then, on the first of the month, Milly collects the money from them.
The children place the remaining £2 into a separate pocket, for their savings.
Her video has racked up 67,000 likes, but has sparked a debate in the comments.
Many people weren’t sure about the idea, and said she was “ruining their childhood.”
One said: “do they get evicted if they don’t pay.”
A second added: “nooo let kids be kids.”
A third commented: “I’m glad my parents didn’t do this.”
Another joked: “I would be saving up to move out.”
However, some agreed with her that teaching kids financial responsibility from a young age can help them later in life.
One person chimed in: “am I the only one that thinks this is a good idea?”
Meanwhile, one shared: “This is what all parents should be doing.”
Mum-of-two and Fabulous Digital Senior Reporter Sarah Bull weighed in on parents charging their kids rent. She explained:
“Kids are expensive! That’s a fact, and one that anyone entering the world of parenthood will be aware of.
“However, with the cost of living crisis hitting hard, it’s becoming increasingly difficult for many people to treat their kids in the current climate.
“So, some mums and dads have started charging their children rent.
“I do understand the concept. After all, it could be enough to cover a McDonald’s dinner for them or a trip to the pound shop.
“It also helps teach them about money and can advance their mathematical skills.
“But it’s not something I ever plan on implementing for my children.
“In my opinion, kids should be kids. And as paying for rent is something they may well have to worry about in their futures, I certainly don’t want them worrying about where it’s coming from at this age.
While charging kids for “rent” may seem extreme to some, others think it is fair if they are over the age of 18.
According to the Office for National Statistics 2021 census there are 4.9million adult children still living at home with parents in England and Wales.
A report by comparethemarket.com has found a staggering 74 per cent of parents feel there isn’t enough information on hand when it comes to knowing how much to charge their adult children for rent.
More than half of or 55.1 per cent of parents surveyed admitted asking the kids to ‘pay to stay at home’.
However, two out of every five parents or 44.9 per cent said they do not charge their adult children rent, letting them live at home for free with mum and day covering all their costs.
One quarter of parents or 24 per cent admitted they cannot afford to pay for the mortgage or rent, as well as bills, without their kids paying rent monthly.
The survey revealed the average amount charged by parents around the UK is just £25.55 per week – which works out as £110.71 per month.
According to the poll, on average, parents request £68 towards their mortgage or rent, £31 on bills, and £33 on food, from each child, per month.
Despite what parents ask their children to contribute financially, over half or 51 per cent admitted they were unsure of what they actually should be charging.
