The first thing I did when I got a job was move to my Grans - as I knew she wouldn't take any housekeeping. I managed to save up enough money to buy a flat by the time I was 19. Not all people can be that disciplined I know. But the time I got to 23 I had 2 flats.
There is some good advice on here. It's so much harder nowadays - so the idea of taking money off of him and giving it back as a deposit is a great one.
You basically got two flats by poncing off your gran?
Think when i started work early 90s I was earning 9200 a year and was giving my folks 120 a month, which I reckon was about 15%. That went up to 150 over the next couple of years.
Personally I think it's important to get used to allocating some of your wages for non spending things. As soon as I started work I also took out a 10yr endowment which ended up earring f all, but got me into the mindset of saving and being disciplined with my earnings.
Bloody hell we charge 150 now maybe time to up the rent for my kids
Idle Jr (who I hope doesn't see this) has just begun his first full time job after college.
He wont be paid a fortune, but it'll be more money than he's ever seen in his life. We intend to let him keep the whole of his first pay packet, but it's time (at 19 and a half) that he made a contribution to his keep.
It's not something I've thought about previously, having assumed he'd spend the rest of his life having lie-ins and smoking dope, but does anybody have a guide for what is a fair contribution to the vast quantities of food that he inhales every time the fridge door is opened?
All contributions gratefully received.
A good lesson would be to know that it's possible to smoke dope AND hold down a job.
It's all well the old uns (40+) on here harking on about how they gave their old dears 9 shillings a month and what not but back then you could but a house for 40p and get a mortgage so long as you could spell your name and half tie your shoelaces.
The average house price in London (incorporating out to zone 6) is expected to be £1m within the next 15 years (extrapolate backwards the value of your house 15 years ago compared to it's value today and that figure doesn't seem pie in the sky). A 20% deposit in 2030 would buy you a flat now in or a house up north or a couple of ferraris. No way are wages going to inflate at the same rate and certainly not for the vast majority of working and middle class youngsters who are just starting out in the world of work.
Any parent that likes their kids and can afford to ought to be doing what Len and Brendan suggest ie take proxy rent to put in an ISA for example to then be bequeathed back to them as a deposit when they're in a position to fly the nest and hopefully get on the ladder. They'll also learn about financial responsibility this way too.
It's nigh on impossible to save for a deposit when renting in London for the average youngster unless they're on footballer's wages and live off beans on toast for years.
When I moved back into my parents house a few years ago after a career change and geographical move, my following job was £13k per year. My stepdad initially made me pay £433 per month which at the time was over 50% of my wages. After a few months it went down to £300 a month which was about 35% of my wages. All in all, due to the large cut taken out of my salary, I wasn't able to save for a deposit until I got a pay rise a couple of years later.
It isn't meant to be a sob story but more of a case of the first two replies to this thread are great and if that had been set up for me, I would have been on my own 2 feet again much quicker. It is right to charge for housekeeping but as long as it is reasonable compared to their take home pay.
We were looking at buying a flat for our daughter and renting it out until she was old enough. Should have done it a couple of years ago as we've probably missed the boat given the recent property price increases.
We were looking at buying a flat for our daughter and renting it out until she was old enough. Should have done it a couple of years ago as we've probably missed the boat given the recent property price increases.
The recent property price increases have stuffed the younger generation now. I really do feel sorry for them. I saw a house up at Shooters Hill has gone back on the market for 202,000 more than it was sold for 2 years ago. Ludicrous.
Most of you will be having your kids live at home until you pop off... saves them on inheritance tax though doesn't if it they are still living at home?
The recent property price increases have stuffed the younger generation now. I really do feel sorry for them. I saw a house up at Shooters Hill has gone back on the market for 202,000 more than it was sold for 2 years ago. Ludicrous.
Most of you will be having your kids live at home until you pop off... saves them on inheritance tax though doesn't if it they are still living at home?
Very bloody glad never wanted kids!
Really nice to see amongst the lighthearted "back in my day" stories is a recognition that housing and finances are incredibly difficult for someone who is just joining the workforce. "My generation" are often labeled as being entitled, lazy, and demanding. And while this can be true, it's true of parts of all generations. I graduated university in 2008, and had a job lined up from 7-8 months before graduation at a marketing/PR firm. As the effects of the recession hit, they took back the offer, and I believe they went under within a year. In hindsight, it was probably the best thing that could have happened. I was able to scrap by through lucky, some hard work, and intelligence, with start-ups and odds and ends contracting for 2-3 years, in which i got some incredible experience, but those times were precarious.
I have friends who are bright, hardworking, and university educated who are still working in retail in their late 20s/early 30s. This is not for lack of ability or desire, but it is hard to get a foothold in more career-based industries, and just as hard to be able to afford to live in areas with such opportunities if you don't have a career. It's thought that my generation could be the first in American history to be worse off than their parents.
Housing prices have still not "normalized" despite the crash of 2008. It's estimated that, in California where I lived until very recently, housing prices are still inflated by 25-50%.
This is not meant as a sob story, or as a way of saying "pity us." It's rather more intended to shine a light on the fact that the recession of 2008 (amongst other factors) has set our large economy and work force back by a decade in a way where it is hard to see how it will recover.
It's a difficult one. We have lots of friends who have working children like us and there seems to be no 'norm' of what you take, more it depends on the parents' financial situation and the new worker's earnings. But we all agree it is crucial that they begin to pay their way, however big or small the contribution is they make.
very much my experience to, did not take any money of our daughter as she was a dance student, but that was 20 years ago. My twin sons now 27, left home and bought there own place's with there girl friends, to do so it seemed the more we took of them , the longer it would take for them to move out , with all the costs involved in deposits etc. They both earn decent money, but enjoy a decent social life. As we have often discussed 'we do not have an issue with helping you out, but I am not going to 'sponser' your social life'. I guess we both spoil them, but we have a good relationship with them, and as they are both getting married next year, and paying a small amount towards that. I did not have rich parents, and my father died when I was 16, I was lucky to get a full grant, but had to work in all the holidays, but I was hard up, did not have a car, few clothes etc. Often used to piss my money away, as you do as a student, even remember walking from Charlton to Croydon one day, got into college at lunchtime, always had my train fair after that, or dodged the barrier!. I paid my mother keep, she relied on it. it was not an option, I would sell an album, or 6, if I had to get money,
The first thing I did when I got a job was move to my Grans - as I knew she wouldn't take any housekeeping. I managed to save up enough money to buy a flat by the time I was 19. Not all people can be that disciplined I know. But the time I got to 23 I had 2 flats.
There is some good advice on here. It's so much harder nowadays - so the idea of taking money off of him and giving it back as a deposit is a great one.
You basically got two flats by poncing off your gran?
I wouldn't say poncing. She wouldn't have taken money - even if I left it on the side she wouldn't have accepted it.
We were looking at buying a flat for our daughter and renting it out until she was old enough. Should have done it a couple of years ago as we've probably missed the boat given the recent property price increases.
Not if you buy one in Middlesbrough - could get for wife and daughter to move there?
We were looking at buying a flat for our daughter and renting it out until she was old enough. Should have done it a couple of years ago as we've probably missed the boat given the recent property price increases.
Not if you buy one in Middlesbrough - could get for wife and daughter to move there?
I'm very glad I bought when I did, bear in mind I live in Medway friends of mine have just bought their first place as a couple for 120,000 more than I paid for my first drum as a single man ten years ago. Same style of house too. They are 36 and 29 and have a 35 year 95 % mortgage. I do not envy them
I really, genuinely don't worry about much beyond my control. House prices rocketing up the way they have is only God for two types of people.
Investors or developers with already substantial portfolios and those who are selling up to live in a caravan
We've settled on 10% which is at a similar level to others posting here. It's an important principle to at least chip in once you are earning & past the Saturday/holiday job phase, while still allowing them to save, if they have a goal to move on/out in the medium term
We've settled on 10% which is at a similar level to others posting here. It's an important principle to at least chip in once you are earning & past the Saturday/holiday job phase, while still allowing them to save, if they have a goal to move on/out in the medium term
So every time they get a pay rise they keep completely schtum! I would...
We were looking at buying a flat for our daughter and renting it out until she was old enough. Should have done it a couple of years ago as we've probably missed the boat given the recent property price increases.
Not if you buy one in Middlesbrough - could get for wife and daughter to move there?
Don't give her ideas, she might read this!
If your good lady read CL, she wouldn't be your good lady.
Ha yes suppose I did come across quite bitter! Was meant to just point out that the first two replies to this thread were very good. Next time I'll just "like" them!
A couple of months back was working with 19 year old lad on £300 a week often come in on a Monday and say he done £150 on a Friday night come in one day massive argument with his mum all kicked off she was putting his rent up from 25 to 30 pound a week . Would come in some days saying mum done me a lovely steak last night £120 don't even cover the council tax in Bromley.
A couple of months back was working with 19 year old lad on £300 a week often come in on a Monday and say he done £150 on a Friday night come in one day massive argument with his mum all kicked off she was putting his rent up from 25 to 30 pound a week . Would come in some days saying mum done me a lovely steak last night £120 don't even cover the council tax in Bromley.
Idle Jr (who I hope doesn't see this) has just begun his first full time job after college.
He wont be paid a fortune, but it'll be more money than he's ever seen in his life. We intend to let him keep the whole of his first pay packet, but it's time (at 19 and a half) that he made a contribution to his keep.
It's not something I've thought about previously, having assumed he'd spend the rest of his life having lie-ins and smoking dope, but does anybody have a guide for what is a fair contribution to the vast quantities of food that he inhales every time the fridge door is opened?
All contributions gratefully received.
Never mind him, let's hope his new employer doesn't read this!
A couple of months back was working with 19 year old lad on £300 a week often come in on a Monday and say he done £150 on a Friday night come in one day massive argument with his mum all kicked off she was putting his rent up from 25 to 30 pound a week . Would come in some days saying mum done me a lovely steak last night £120 don't even cover the council tax in Bromley.
Can you ask him if his mum's single.
Christ you've not even moved your family on to Middlesbrough yet!!
Idle Jr (who I hope doesn't see this) has just begun his first full time job after college.
He wont be paid a fortune, but it'll be more money than he's ever seen in his life. We intend to let him keep the whole of his first pay packet, but it's time (at 19 and a half) that he made a contribution to his keep.
It's not something I've thought about previously, having assumed he'd spend the rest of his life having lie-ins and smoking dope, but does anybody have a guide for what is a fair contribution to the vast quantities of food that he inhales every time the fridge door is opened?
Comments
you may want to sort out his drug problem first before worrying about housekeeping money.
A good lesson would be to know that it's possible to smoke dope AND hold down a job.
The average house price in London (incorporating out to zone 6) is expected to be £1m within the next 15 years (extrapolate backwards the value of your house 15 years ago compared to it's value today and that figure doesn't seem pie in the sky). A 20% deposit in 2030 would buy you a flat now in or a house up north or a couple of ferraris. No way are wages going to inflate at the same rate and certainly not for the vast majority of working and middle class youngsters who are just starting out in the world of work.
Any parent that likes their kids and can afford to ought to be doing what Len and Brendan suggest ie take proxy rent to put in an ISA for example to then be bequeathed back to them as a deposit when they're in a position to fly the nest and hopefully get on the ladder. They'll also learn about financial responsibility this way too.
It's nigh on impossible to save for a deposit when renting in London for the average youngster unless they're on footballer's wages and live off beans on toast for years.
Most of you will be having your kids live at home until you pop off... saves them on inheritance tax though doesn't if it they are still living at home?
Very bloody glad never wanted kids!
I have friends who are bright, hardworking, and university educated who are still working in retail in their late 20s/early 30s. This is not for lack of ability or desire, but it is hard to get a foothold in more career-based industries, and just as hard to be able to afford to live in areas with such opportunities if you don't have a career. It's thought that my generation could be the first in American history to be worse off than their parents.
Housing prices have still not "normalized" despite the crash of 2008. It's estimated that, in California where I lived until very recently, housing prices are still inflated by 25-50%.
This is not meant as a sob story, or as a way of saying "pity us." It's rather more intended to shine a light on the fact that the recession of 2008 (amongst other factors) has set our large economy and work force back by a decade in a way where it is hard to see how it will recover.
I really, genuinely don't worry about much beyond my control. House prices rocketing up the way they have is only God for two types of people.
Investors or developers with already substantial portfolios and those who are selling up to live in a caravan
come in one day massive argument with his mum all kicked off she was putting his rent up from 25 to 30 pound a week .
Would come in some days saying mum done me a lovely steak last night
£120 don't even cover the council tax in Bromley.