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Moms with Teens... is this a good plan?

Posted by on Mar. 12, 2014 at 12:42 AM
  • 71 Replies

 My kids are still pretty young, but I have this plan and was wondering if it was a good idea. When they first start high school, I want them to try to get a part-time job and give themselves at least one day off a week so they can catch up on any school work.

Then I want them to start paying me "rent" every week/month/etc, but it won't really be rent. I will be putting the money back for them to use after they move out, and also to show how much money it can cost just for rent. I also want them to try to have their own savings and maybe even try to have at least one bill for them to be responsible for--like a phone bill or something of that sort.

I was never really taught about budgetting and had to learn about it the hard way. I just think it would be very helpful for them in the long-run.

Also, I was wondering if helping them apply for a credit card would be too much (or do you have to be 18?). I would love for my kids to get a head start on having good credit when they're young.

I just know so many kids, myself included, that have just went out into the world not knowing what to expect and then fall into a financial crisis.

 

So... good idea? Bad idea? Anything that you would add to it?

by on Mar. 12, 2014 at 12:42 AM
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Replies (1-10):
poisonedtaco
by Gold Member on Mar. 12, 2014 at 1:11 AM

 bump

Anonymous
by Anonymous 1 on Mar. 12, 2014 at 1:13 AM
Making your kids pay you rent whether you give it back to them or not is horrible in my opinion.
JackieGirl007
by on Mar. 12, 2014 at 1:13 AM

 I don't see anything wrong with it. I had a credit card when I was 15 that my mom cosigned for. I might have been 16, but yeah I had good credit. That's the ONLY financial thing I learned though. I paid stuff off right away.

I'm trying to get my teens to take the Dave Ramsey class.

poisonedtaco
by Gold Member on Mar. 12, 2014 at 1:15 AM

 Why? I want them to know about managing money and having to pay bills. What would you do to teach that? I just wish my parents would have taught me something instead of making me figure it out.

Quoting Anonymous: Making your kids pay you rent whether you give it back to them or not is horrible in my opinion.

 

Jamie1972
by Ruby Member on Mar. 12, 2014 at 1:15 AM

Credit cards you need to be 18, unless there's a co signer if I'm not mistaken. But making your kids pay rent at 14/15 seems a bit extreme even if it's not rent per se. At 16 if they get a job take 50% of it each week from them. Then teach them to budget what is left.

lovemymini
by Emerald Member on Mar. 12, 2014 at 1:15 AM
No. This is a terrible I idea.

My son is only 6, but I want him to be focused on his education, not paying me rent.

An 18 year old has no business having a credit card.
curvygurl1912
by on Mar. 12, 2014 at 1:15 AM
My dd is 13 and I am not doing anything like that. She will be prepared for the real world by the time she has to live in it. I won't make my kid get a job either. It will be her choice.
MommyOfOne2710
by Platinum Member on Mar. 12, 2014 at 1:15 AM
I think it would be useful. I never learned about that stuff and am still figuring it out. I think the "rent" thing is a good idea.

ETA: I would probably start this at 16/17 depending on the child. I'm unsure about the credit card part though.
poisonedtaco
by Gold Member on Mar. 12, 2014 at 1:16 AM

 What all does the Dave Ramsey class teach?

Quoting JackieGirl007:

 I don't see anything wrong with it. I had a credit card when I was 15 that my mom cosigned for. I might have been 16, but yeah I had good credit. That's the ONLY financial thing I learned though. I paid stuff off right away.

I'm trying to get my teens to take the Dave Ramsey class.

 

MrsDavidB25
by Stacey on Mar. 12, 2014 at 1:17 AM
1 mom liked this

 I have teens. I cannot fathom making them pay me rent whether I am saving it or not. Right now they need to concentrate on school, sports, and a small part time job. Right now DS 16 does landscaping  for a company when help is needed.

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