I don’t think you can set an age on it. Too many variables from when they leave education, job they do/don’t get when they start in employment etc. By the time I bought my first house I was about 23, but had been in work nearly 8 years. If you don’t finish education until 22/23 then 8 years on is best part of 30.
On housing it does depend where you live/are based. Many areas in the UK outside of London and the SE property prices haven’t kept up with inflation. The average increase in the West Midlands for instance is around 15% in the last 10 years, inflation 32%. My sister has a lovely house in Nottingham which has barely gone up 15% in the last 15 years and some of that is due to home improvements. If it was in London/SE would probably have doubled and some in 15 years without touching it.
If you literally can’t afford to save then I do understand but I work with several early 20’s who are driving relatively flash cars paying £200-300 a month finance.
Now admittedly I’m not a car person, but I had a shitty Peugeot 106 for 4 years then bought my 04 fiesta off my bro in 2009 for a few k and am still driving it now and will keep doing so until it dies or starts costing to much.
Saving on car finance on a flash car each month could save you 20 odd thousand over a decade and that’s just one thing.
I know it’s not black and white for these type of scenarios but you get the jist.
Think for some it’s too easy to repeat the general consensus that it’s impossible and give up before they’ve tried. It’s surprising how savings can add up when you get into the routine.
Very true - and flash phones on a relatively expensive contract. One of the ways we were able to pay a huge amount off our mortgage was to take our own lunch to work. I know it sounds funny, but others would come in every day and buy sandwiches and pies and stuff from the food van, or from M & S or Sainsburys. Cans of coke from the corner shop, expensive coffees from Starbucks etc. We would make a sandwich, bring in a can from a six pack we bought at the supermarket, a bag of crisps from a multi-pack and make our own tea and coffee. Compared with some we were saving £10 a day between us. £50 a week extra off your mortgage (or saved for a deposit) is a lot of money. Add that to Craig's £250 or so on a car, that's five grand a year (yes I know there will still be costs - but you get my drift).
We often suggest to friends with kids what others have said - that if you want to help give them a start, charge them rent and save it for them.
I've got savings accounts for all my kids that they don't know about - only £25 @ month each (still £100 for me!) and won't be a huge amount, but will hopefully give them a bit of a start when they really need it (they certainly won't be having it at 18 to spunk away)
I've got savings accounts for all my kids that they don't know about - only £25 @ month each (still £100 for me!) and won't be a huge amount, but will hopefully give them a bit of a start when they really need it (they certainly won't be having it at 18 to spunk away)
We put money away for our daughter too. We were going to buy a flat and rent it out until she was old enough to decide what to do with it but this was before house prices started spiralling so we've missed the boat.
Other family have deposited money in her account too over the years (a bit of inheritance etc). I checked her statement the other week and she's got more f*****g money saved than I have.
I've always been able to rent or own a place since I was in my mid 20's and to be honest I was given enough help that housing costs haven't really been a huge problem for me financially. Looking at how younger members of my family struggle and are forced to live in cramped, overpriced house shares I realise how fortunate I've been in comparison. I fully expect my primary school age kids to be kicking their heals with me for far longer than I did with my own parents which given the opportunities I've had I can't complain about.
I've got savings accounts for all my kids that they don't know about - only £25 @ month each (still £100 for me!) and won't be a huge amount, but will hopefully give them a bit of a start when they really need it (they certainly won't be having it at 18 to spunk away)
We put money away for our daughter too. We were going to buy a flat and rent it out until she was old enough to decide what to do with it but this was before house prices started spiralling so we've missed the boat.
Other family have deposited money in her account too over the years (a bit of inheritance etc). I checked her statement the other week and she's got more f*****g money saved than I have.
Be careful how much you put into their names directly as there is a limit otherwise it’s still deemed as yours for tax on interest. (Think it’s £100 in interest from each parent per annum they can earn, not including junior Isa’s Which are fine).
I left home at 21, was in a band and with two of the other guys, Too Tall Phil and Fat Kev, we rented (in those days, mid '80's rent was a pittance) a conversion flat in Leehurst Rd Hither Green, we played the pub and club circuit, didnt make it, so a couple of years later I went home, saved a few grand up and me and my then girlfriend (later wife and the 3 Juniors mum) walked into the Woolwich with 3 weeks joint payslips, got 4x joint income and bought our first slum in Dartford for £63k. 1988/89 it all fell to pieces under the Tories (what a surprise) and we were left with negative equity, the mortgage rate went to 13+%, so we had to sell a few belongings, borrowed more money, and moved to South Darenth, then got divorced, lost the lot, managed to rent a place, saved a few quid and 4 years later bought the house I now own with my now wife.
The reason for the diatribe above is that although it was difficult then it was not impossible to own your now home, and renting was very cheap, so it was an option.
Junior has worked his arse off, saved and saved, and now has his own flat, which he shares with his girlfriend. The other two still live at home, they pay a very small fee which TBH doesn't really cover the food they eat, its more of a gesture on their part. Its a huge worry to me that the other two will never get to own their own property, and even renting is astronomical and I feel that they have been let down by the government over the last 10 years or so. They are under no pressure to move out, I do wish I was wealthy enough to bung them a good few grand each to help them buy, but having started again with nothing, post my divorce, I just dont have the finances. I really do hold this government accountable for the state of the housing market in the UK.
My stepson, left home last year and lives in a caravan with his pregnant girlfriend, they are aiming for a council flat, but that, as they say, is another story.
If you literally can’t afford to save then I do understand but I work with several early 20’s who are driving relatively flash cars paying £200-300 a month finance.
Now admittedly I’m not a car person, but I had a shitty Peugeot 106 for 4 years then bought my 04 fiesta off my bro in 2009 for a few k and am still driving it now and will keep doing so until it dies or starts costing to much.
Saving on car finance on a flash car each month could save you 20 odd thousand over a decade and that’s just one thing.
I know it’s not black and white for these type of scenarios but you get the jist.
Think for some it’s too easy to repeat the general consensus that it’s impossible and give up before they’ve tried. It’s surprising how savings can add up when you get into the routine.
Very true - and flash phones on a relatively expensive contract. One of the ways we were able to pay a huge amount off our mortgage was to take our own lunch to work. I know it sounds funny, but others would come in every day and buy sandwiches and pies and stuff from the food van, or from M & S or Sainsburys. Cans of coke from the corner shop, expensive coffees from Starbucks etc. We would make a sandwich, bring in a can from a six pack we bought at the supermarket, a bag of crisps from a multi-pack and make our own tea and coffee. Compared with some we were saving £10 a day between us. £50 a week extra off your mortgage (or saved for a deposit) is a lot of money. Add that to Craig's £250 or so on a car, that's five grand a year (yes I know there will still be costs - but you get my drift).
We often suggest to friends with kids what others have said - that if you want to help give them a start, charge them rent and save it for them.
This with bells on P - i'm always astounded by the money people spend during a week (inc my wife (grrrr), but she's a social worker constantly on the go, so I kind of get it).
I think I've taken packed lunch for all of my working life (bar the odd pub days, team meals here and there etc) but I reckon it's literally saved me thousands in that time.
I've got savings accounts for all my kids that they don't know about - only £25 @ month each (still £100 for me!) and won't be a huge amount, but will hopefully give them a bit of a start when they really need it (they certainly won't be having it at 18 to spunk away)
We put money away for our daughter too. We were going to buy a flat and rent it out until she was old enough to decide what to do with it but this was before house prices started spiralling so we've missed the boat.
Other family have deposited money in her account too over the years (a bit of inheritance etc). I checked her statement the other week and she's got more f*****g money saved than I have.
Be careful how much you put into their names directly as there is a limit otherwise it’s still deemed as yours for tax on interest. (Think it’s £100 in interest from each parent per annum they can earn, not including junior Isa’s Which are fine).
Cheers, will look into it as there's a fair bit in there.
If you literally can’t afford to save then I do understand but I work with several early 20’s who are driving relatively flash cars paying £200-300 a month finance.
Now admittedly I’m not a car person, but I had a shitty Peugeot 106 for 4 years then bought my 04 fiesta off my bro in 2009 for a few k and am still driving it now and will keep doing so until it dies or starts costing to much.
Saving on car finance on a flash car each month could save you 20 odd thousand over a decade and that’s just one thing.
I know it’s not black and white for these type of scenarios but you get the jist.
Think for some it’s too easy to repeat the general consensus that it’s impossible and give up before they’ve tried. It’s surprising how savings can add up when you get into the routine.
Very true - and flash phones on a relatively expensive contract. One of the ways we were able to pay a huge amount off our mortgage was to take our own lunch to work. I know it sounds funny, but others would come in every day and buy sandwiches and pies and stuff from the food van, or from M & S or Sainsburys. Cans of coke from the corner shop, expensive coffees from Starbucks etc. We would make a sandwich, bring in a can from a six pack we bought at the supermarket, a bag of crisps from a multi-pack and make our own tea and coffee. Compared with some we were saving £10 a day between us. £50 a week extra off your mortgage (or saved for a deposit) is a lot of money. Add that to Craig's £250 or so on a car, that's five grand a year (yes I know there will still be costs - but you get my drift).
We often suggest to friends with kids what others have said - that if you want to help give them a start, charge them rent and save it for them.
This with bells on P - i'm always astounded by the money people spend during a week (inc my wife (grrrr), but she's a social worker constantly on the go, so I kind of get it).
I think I've taken packed lunch for all of my working life (bar the odd pub days, team meals here and there etc) but I reckon it's literally saved me thousands in that time.
Set Mrs S's Alarm 10 minutes earlier - that's all it takes to knock up a sarnie and grab a Fanta out of the fridge...
All this said, and whilst I don't think they are a great idea if you expect to see a return on your investment, shared ownership places are everywhere now. MHS are always flogging them, gets you a stake in a property and I have to say, they are affordable. My sister in law and her boyfriend both have jobs with what I'll describe with no disrespect meant, paupers wages. And they seem to have more disposable dough than me!
Depends of course where you want to live. MHS are primarily in Medway and Maidstone. So the money you save in property price you might well swallow in commuting costs.
Or take a stand, say fuck this to the commute and get a job for less money locally. I don't miss the 2 hours plus travel each day and fuel spend for the sake of earning a bit less working less than 10 minutes from the front door
If you literally can’t afford to save then I do understand but I work with several early 20’s who are driving relatively flash cars paying £200-300 a month finance.
Now admittedly I’m not a car person, but I had a shitty Peugeot 106 for 4 years then bought my 04 fiesta off my bro in 2009 for a few k and am still driving it now and will keep doing so until it dies or starts costing to much.
Saving on car finance on a flash car each month could save you 20 odd thousand over a decade and that’s just one thing.
I know it’s not black and white for these type of scenarios but you get the jist.
Think for some it’s too easy to repeat the general consensus that it’s impossible and give up before they’ve tried. It’s surprising how savings can add up when you get into the routine.
Very true - and flash phones on a relatively expensive contract. One of the ways we were able to pay a huge amount off our mortgage was to take our own lunch to work. I know it sounds funny, but others would come in every day and buy sandwiches and pies and stuff from the food van, or from M & S or Sainsburys. Cans of coke from the corner shop, expensive coffees from Starbucks etc. We would make a sandwich, bring in a can from a six pack we bought at the supermarket, a bag of crisps from a multi-pack and make our own tea and coffee. Compared with some we were saving £10 a day between us. £50 a week extra off your mortgage (or saved for a deposit) is a lot of money. Add that to Craig's £250 or so on a car, that's five grand a year (yes I know there will still be costs - but you get my drift).
We often suggest to friends with kids what others have said - that if you want to help give them a start, charge them rent and save it for them.
This with bells on P - i'm always astounded by the money people spend during a week (inc my wife (grrrr), but she's a social worker constantly on the go, so I kind of get it).
I think I've taken packed lunch for all of my working life (bar the odd pub days, team meals here and there etc) but I reckon it's literally saved me thousands in that time.
I'm a nightmare for this, reckon I spend between £5-£10 @ day on food in the City......if I bring a packed lunch in, it's gone before 8am !
If you literally can’t afford to save then I do understand but I work with several early 20’s who are driving relatively flash cars paying £200-300 a month finance.
Now admittedly I’m not a car person, but I had a shitty Peugeot 106 for 4 years then bought my 04 fiesta off my bro in 2009 for a few k and am still driving it now and will keep doing so until it dies or starts costing to much.
Saving on car finance on a flash car each month could save you 20 odd thousand over a decade and that’s just one thing.
I know it’s not black and white for these type of scenarios but you get the jist.
Think for some it’s too easy to repeat the general consensus that it’s impossible and give up before they’ve tried. It’s surprising how savings can add up when you get into the routine.
Very true - and flash phones on a relatively expensive contract. One of the ways we were able to pay a huge amount off our mortgage was to take our own lunch to work. I know it sounds funny, but others would come in every day and buy sandwiches and pies and stuff from the food van, or from M & S or Sainsburys. Cans of coke from the corner shop, expensive coffees from Starbucks etc. We would make a sandwich, bring in a can from a six pack we bought at the supermarket, a bag of crisps from a multi-pack and make our own tea and coffee. Compared with some we were saving £10 a day between us. £50 a week extra off your mortgage (or saved for a deposit) is a lot of money. Add that to Craig's £250 or so on a car, that's five grand a year (yes I know there will still be costs - but you get my drift).
We often suggest to friends with kids what others have said - that if you want to help give them a start, charge them rent and save it for them.
This with bells on P - i'm always astounded by the money people spend during a week (inc my wife (grrrr), but she's a social worker constantly on the go, so I kind of get it).
I think I've taken packed lunch for all of my working life (bar the odd pub days, team meals here and there etc) but I reckon it's literally saved me thousands in that time.
I'm a nightmare for this, reckon I spend between £5-£10 @ day on food in the City......if I bring a packed lunch in, it's gone before 8am !
I'm the same, if I do a pack up it rarely lasts until lunchtime. That said, I don't tend to eat lunch at lunchtime as I'd rather go for a wander, have a long dump and play with my phone, sometimes and this must be a sign of age, get my head down for 20 minutes in the van.
We live in an instant World(except CAFC take over) it's got to be new,it's got to be top of the range,it's got to be now!! When I rented the cooker,fridge were 2nd hand.The washing was done in the bath and hung up to dry u still my Nan gave me a spin dryer (not heated) which pisse d water everywhere.Lived in the main room until I could afford to get the two bed rooms kitted out.
They (whom ever) want the place,the kit all to be straight out of Home Owners Weekly. It's tough as shit to get on that first ring but FFS dont EXPECT it all instantly.
I've got savings accounts for all my kids that they don't know about - only £25 @ month each (still £100 for me!) and won't be a huge amount, but will hopefully give them a bit of a start when they really need it (they certainly won't be having it at 18 to spunk away)
We put money away for our daughter too. We were going to buy a flat and rent it out until she was old enough to decide what to do with it but this was before house prices started spiralling so we've missed the boat.
Other family have deposited money in her account too over the years (a bit of inheritance etc). I checked her statement the other week and she's got more f*****g money saved than I have.
Be careful how much you put into their names directly as there is a limit otherwise it’s still deemed as yours for tax on interest. (Think it’s £100 in interest from each parent per annum they can earn, not including junior Isa’s Which are fine).
Cheers, will look into it as there's a fair bit in there.
I wouldn't worry too much, the parental settlement rules as described will only apply to money that you their mother has given them you can discount gifts from other relatives such as Grandparents or any non family members.
Given the way interest rates have been what you and Mum have given them would have to be a very considerable sum to earn £100.00 interest per annum. If it is a problem, then as mentioned above divert as much as possible into ISA's leaving a minimal balance in the interest earning account.
We live in an instant World(except CAFC take over) it's got to be new,it's got to be top of the range,it's got to be now!! When I rented the cooker,fridge were 2nd hand.The washing was done in the bath and hung up to dry u still my Nan gave me a spin dryer (not heated) which pisse d water everywhere.Lived in the main room until I could afford to get the two bed rooms kitted out.
They (whom ever) want the place,the kit all to be straight out of Home Owners Weekly. It's tough as shit to get on that first ring but FFS dont EXPECT it all instantly.
I don't think you are generalizing there either. Brand spanking new stuff is easily and readily available and when places like DFS do sofas that cost next to nothing and on 0% it's hard to argue with.
When I had that first place I got everything second hand, some really good gear as well. 12 years on though I'm in more of a position to get new stuff and I do. Something to bear in mind though is a lot of new stuff just isn't made to last and isn't practical to repair. The surge for shitty flat pack furniture ensures a lasting, circular economy as it's that cheap a lot of people ding it out when they move. My wife loves flat pack, I detest it, I'd always rather spend a bit more on even solid pine stuff. We've saved a lot of dough by sanding down pine stuff I've had for years and staining it nice trendy colours whereas the flatpack shite will be useless when we move.
I've got savings accounts for all my kids that they don't know about - only £25 @ month each (still £100 for me!) and won't be a huge amount, but will hopefully give them a bit of a start when they really need it (they certainly won't be having it at 18 to spunk away)
We put money away for our daughter too. We were going to buy a flat and rent it out until she was old enough to decide what to do with it but this was before house prices started spiralling so we've missed the boat.
Other family have deposited money in her account too over the years (a bit of inheritance etc). I checked her statement the other week and she's got more f*****g money saved than I have.
Be careful how much you put into their names directly as there is a limit otherwise it’s still deemed as yours for tax on interest. (Think it’s £100 in interest from each parent per annum they can earn, not including junior Isa’s Which are fine).
Cheers, will look into it as there's a fair bit in there.
I wouldn't worry too much, the parental settlement rules as described will only apply to money that you their mother has given them you can discount gifts from other relatives such as Grandparents or any non family members.
Given the way interest rates have been what you and Mum have given them would have to be a very considerable sum to earn £100.00 interest per annum. If it is a problem, then as mentioned above divert as much as possible into ISA's leaving a minimal balance in the interest earning account.
I've got savings accounts for all my kids that they don't know about - only £25 @ month each (still £100 for me!) and won't be a huge amount, but will hopefully give them a bit of a start when they really need it (they certainly won't be having it at 18 to spunk away)
We put money away for our daughter too. We were going to buy a flat and rent it out until she was old enough to decide what to do with it but this was before house prices started spiralling so we've missed the boat.
Other family have deposited money in her account too over the years (a bit of inheritance etc). I checked her statement the other week and she's got more f*****g money saved than I have.
Be careful how much you put into their names directly as there is a limit otherwise it’s still deemed as yours for tax on interest. (Think it’s £100 in interest from each parent per annum they can earn, not including junior Isa’s Which are fine).
Cheers, will look into it as there's a fair bit in there.
I wouldn't worry too much, the parental settlement rules as described will only apply to money that you their mother has given them you can discount gifts from other relatives such as Grandparents or any non family members.
Given the way interest rates have been what you and Mum have given them would have to be a very considerable sum to earn £100.00 interest per annum. If it is a problem, then as mentioned above divert as much as possible into ISA's leaving a minimal balance in the interest earning account.
Anything over £4K in a nationwide kids account pays over £100 a year in interest.
Edit: don’t forget the £100 is totally allowable to earn each year so if you e given them over £4K in total (whenever it was given) you are over...
I've got savings accounts for all my kids that they don't know about - only £25 @ month each (still £100 for me!) and won't be a huge amount, but will hopefully give them a bit of a start when they really need it (they certainly won't be having it at 18 to spunk away)
We put money away for our daughter too. We were going to buy a flat and rent it out until she was old enough to decide what to do with it but this was before house prices started spiralling so we've missed the boat.
Other family have deposited money in her account too over the years (a bit of inheritance etc). I checked her statement the other week and she's got more f*****g money saved than I have.
Be careful how much you put into their names directly as there is a limit otherwise it’s still deemed as yours for tax on interest. (Think it’s £100 in interest from each parent per annum they can earn, not including junior Isa’s Which are fine).
Cheers, will look into it as there's a fair bit in there.
I wouldn't worry too much, the parental settlement rules as described will only apply to money that you their mother has given them you can discount gifts from other relatives such as Grandparents or any non family members.
Given the way interest rates have been what you and Mum have given them would have to be a very considerable sum to earn £100.00 interest per annum. If it is a problem, then as mentioned above divert as much as possible into ISA's leaving a minimal balance in the interest earning account.
I've got savings accounts for all my kids that they don't know about - only £25 @ month each (still £100 for me!) and won't be a huge amount, but will hopefully give them a bit of a start when they really need it (they certainly won't be having it at 18 to spunk away)
We put money away for our daughter too. We were going to buy a flat and rent it out until she was old enough to decide what to do with it but this was before house prices started spiralling so we've missed the boat.
Other family have deposited money in her account too over the years (a bit of inheritance etc). I checked her statement the other week and she's got more f*****g money saved than I have.
Be careful how much you put into their names directly as there is a limit otherwise it’s still deemed as yours for tax on interest. (Think it’s £100 in interest from each parent per annum they can earn, not including junior Isa’s Which are fine).
Cheers, will look into it as there's a fair bit in there.
I wouldn't worry too much, the parental settlement rules as described will only apply to money that you their mother has given them you can discount gifts from other relatives such as Grandparents or any non family members.
Given the way interest rates have been what you and Mum have given them would have to be a very considerable sum to earn £100.00 interest per annum. If it is a problem, then as mentioned above divert as much as possible into ISA's leaving a minimal balance in the interest earning account.
Anything over £4K in a nationwide kids account pays over £100 a year in interest.
Edit: don’t forget the £100 is totally allowable to earn each year so if you e given them over £4K in total (whenever it was given) you are over...
That's a good rate but it is £100 per parent so £8k per annum for a couple.
Just in the process of buying my first flat, i'm 24 and i have definitely overstayed my welcome. Between 18 - 22 i was at university so i've been back about 20 months, can't wait to get out now. Nothing against my parents but i need my own space. My sister moved out last month and she was 29, no idea how anyone could stay that long......
Moved out when 23 into rented accommodation with two mates. Met my now wife who is a nurse, and through the NHS we managed to get on to the key worker scheme, who granted us 15% of the house purchase price which was used as the deposit. Without that we worked out it would of taken us 8 years between us to save the same amount for a deposit. We were very lucky as they stopped that scheme the following year
I've got savings accounts for all my kids that they don't know about - only £25 @ month each (still £100 for me!) and won't be a huge amount, but will hopefully give them a bit of a start when they really need it (they certainly won't be having it at 18 to spunk away)
I've got savings accounts for all my kids that they don't know about - only £25 @ month each (still £100 for me!) and won't be a huge amount, but will hopefully give them a bit of a start when they really need it (they certainly won't be having it at 18 to spunk away)
We put money away for our daughter too. We were going to buy a flat and rent it out until she was old enough to decide what to do with it but this was before house prices started spiralling so we've missed the boat.
Other family have deposited money in her account too over the years (a bit of inheritance etc). I checked her statement the other week and she's got more f*****g money saved than I have.
Be careful how much you put into their names directly as there is a limit otherwise it’s still deemed as yours for tax on interest. (Think it’s £100 in interest from each parent per annum they can earn, not including junior Isa’s Which are fine).
Cheers, will look into it as there's a fair bit in there.
I wouldn't worry too much, the parental settlement rules as described will only apply to money that you their mother has given them you can discount gifts from other relatives such as Grandparents or any non family members.
Given the way interest rates have been what you and Mum have given them would have to be a very considerable sum to earn £100.00 interest per annum. If it is a problem, then as mentioned above divert as much as possible into ISA's leaving a minimal balance in the interest earning account.
I've got savings accounts for all my kids that they don't know about - only £25 @ month each (still £100 for me!) and won't be a huge amount, but will hopefully give them a bit of a start when they really need it (they certainly won't be having it at 18 to spunk away)
We put money away for our daughter too. We were going to buy a flat and rent it out until she was old enough to decide what to do with it but this was before house prices started spiralling so we've missed the boat.
Other family have deposited money in her account too over the years (a bit of inheritance etc). I checked her statement the other week and she's got more f*****g money saved than I have.
Be careful how much you put into their names directly as there is a limit otherwise it’s still deemed as yours for tax on interest. (Think it’s £100 in interest from each parent per annum they can earn, not including junior Isa’s Which are fine).
Cheers, will look into it as there's a fair bit in there.
I wouldn't worry too much, the parental settlement rules as described will only apply to money that you their mother has given them you can discount gifts from other relatives such as Grandparents or any non family members.
Given the way interest rates have been what you and Mum have given them would have to be a very considerable sum to earn £100.00 interest per annum. If it is a problem, then as mentioned above divert as much as possible into ISA's leaving a minimal balance in the interest earning account.
Anything over £4K in a nationwide kids account pays over £100 a year in interest.
Edit: don’t forget the £100 is totally allowable to earn each year so if you e given them over £4K in total (whenever it was given) you are over...
That's a good rate but it is £100 per parent so £8k per annum for a couple.
Not 8k per annum but overall.
You are allowed to earn £100 per annum on money given to you (the child) by a parent, which yes on 2.5% interest rate is £4k, but my understanding is th is whenever it is given, i.e. if you give your child £1k per annum (one parent) by Age 4 they will be earning over £100 interest on that accumulated £4k and the amount over £100 the parent needs to declare and pay tax on (if applicable to their own circumstances/personal savings allowance).
This only applies from parent to child, so a grand parent for instance can gift what they like (although IHT might then come into play/need to be considered).
I've just turned 23. Moved out to go to uni but moved back in when I graduated as had no choice. Couldn't afford anywhere else even though I went straight into a grad job.
Yeah, but look at all the money you waste on watching Charlton.
I've just turned 23. Moved out to go to uni but moved back in when I graduated as had no choice. Couldn't afford anywhere else even though I went straight into a grad job.
Yeah, but look at all the money you waste on watching Charlton.
Not when you are u11!
Kidding if Tony Small Cahunes is reading and thought about using his goons to threaten me.
I've just turned 23. Moved out to go to uni but moved back in when I graduated as had no choice. Couldn't afford anywhere else even though I went straight into a grad job.
Yeah, but look at all the money you waste on watching Charlton.
Not when you are u11!
Kidding if Tony Small Cahunes is reading and thought about using his goons to threaten me.
Sorry, Canters - I forgot to put in the smiley. And I forgot about your charming Tony and Dozy Daisy ambush.
Just turned 23 myself and currently rent out in Spain just outside of Barcelona where I now work.
Left at 18 for uni, hated it and didn't get what I wanted from it and the idea of an office job in something completely unrelated like recruitment seemed awful although some uni friends have gone down that route and seem to be doing okay out of it.
Cleaned dishes at Comptoir in Bluewater for 6/7 months and between my savings and help from mum and dad, which I'm extremely grateful for, was able to get myself qualified as an English teacher to foreign learners.
Not sure I'll be here forever and expect I might yo-yo.. enjoying my time but money as an EFL teacher isn't great and long term options are still a worry as I don't think you can rent forever.
The parents have sold our old house in Dartford and moved up to the peak district.. can't say coming back is very appealing as although I love them to pieces it's only them I know around there.. Guess we'll just have to see happens.
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I'll tell that to my CEO who seems to think we have 50,000 of them.
To build new affordable housing.
We built 815 affordable housing units last year and plan to break the 1,000 barrier this year.
Some people can't afford housing.
On housing it does depend where you live/are based. Many areas in the UK outside of London and the SE property prices haven’t kept up with inflation. The average increase in the West Midlands for instance is around 15% in the last 10 years, inflation 32%. My sister has a lovely house in Nottingham which has barely gone up 15% in the last 15 years and some of that is due to home improvements. If it was in London/SE would probably have doubled and some in 15 years without touching it.
We often suggest to friends with kids what others have said - that if you want to help give them a start, charge them rent and save it for them.
Other family have deposited money in her account too over the years (a bit of inheritance etc). I checked her statement the other week and she's got more f*****g money saved than I have.
The reason for the diatribe above is that although it was difficult then it was not impossible to own your now home, and renting was very cheap, so it was an option.
Junior has worked his arse off, saved and saved, and now has his own flat, which he shares with his girlfriend.
The other two still live at home, they pay a very small fee which TBH doesn't really cover the food they eat, its more of a gesture on their part. Its a huge worry to me that the other two will never get to own their own property, and even renting is astronomical and I feel that they have been let down by the government over the last 10 years or so.
They are under no pressure to move out, I do wish I was wealthy enough to bung them a good few grand each to help them buy, but having started again with nothing, post my divorce, I just dont have the finances.
I really do hold this government accountable for the state of the housing market in the UK.
My stepson, left home last year and lives in a caravan with his pregnant girlfriend, they are aiming for a council flat, but that, as they say, is another story.
I think I've taken packed lunch for all of my working life (bar the odd pub days, team meals here and there etc) but I reckon it's literally saved me thousands in that time.
My eldest is 22 now and there is no chance of him affording to buy or even rent despite working full time.
Depends of course where you want to live. MHS are primarily in Medway and Maidstone. So the money you save in property price you might well swallow in commuting costs.
Or take a stand, say fuck this to the commute and get a job for less money locally. I don't miss the 2 hours plus travel each day and fuel spend for the sake of earning a bit less working less than 10 minutes from the front door
They (whom ever) want the place,the kit all to be straight out of Home Owners Weekly. It's tough as shit to get on that first ring but FFS dont EXPECT it all instantly.
Given the way interest rates have been what you and Mum have given them would have to be a very considerable sum to earn £100.00 interest per annum. If it is a problem, then as mentioned above divert as much as possible into ISA's leaving a minimal balance in the interest earning account.
When I had that first place I got everything second hand, some really good gear as well. 12 years on though I'm in more of a position to get new stuff and I do. Something to bear in mind though is a lot of new stuff just isn't made to last and isn't practical to repair. The surge for shitty flat pack furniture ensures a lasting, circular economy as it's that cheap a lot of people ding it out when they move. My wife loves flat pack, I detest it, I'd always rather spend a bit more on even solid pine stuff. We've saved a lot of dough by sanding down pine stuff I've had for years and staining it nice trendy colours whereas the flatpack shite will be useless when we move.
Edit: don’t forget the £100 is totally allowable to earn each year so if you e given them over £4K in total (whenever it was given) you are over...
You are allowed to earn £100 per annum on money given to you (the child) by a parent, which yes on 2.5% interest rate is £4k, but my understanding is th is whenever it is given, i.e. if you give your child £1k per annum (one parent) by Age 4 they will be earning over £100 interest on that accumulated £4k and the amount over £100 the parent needs to declare and pay tax on (if applicable to their own circumstances/personal savings allowance).
This only applies from parent to child, so a grand parent for instance can gift what they like (although IHT might then come into play/need to be considered).
Kidding if Tony Small Cahunes is reading and thought about using his goons to threaten me.
And I forgot about your charming Tony and Dozy Daisy ambush.
Left at 18 for uni, hated it and didn't get what I wanted from it and the idea of an office job in something completely unrelated like recruitment seemed awful although some uni friends have gone down that route and seem to be doing okay out of it.
Cleaned dishes at Comptoir in Bluewater for 6/7 months and between my savings and help from mum and dad, which I'm extremely grateful for, was able to get myself qualified as an English teacher to foreign learners.
Not sure I'll be here forever and expect I might yo-yo.. enjoying my time but money as an EFL teacher isn't great and long term options are still a worry as I don't think you can rent forever.
The parents have sold our old house in Dartford and moved up to the peak district.. can't say coming back is very appealing as although I love them to pieces it's only them I know around there.. Guess we'll just have to see happens.