To charge rent or not

Every parent wants the best for their kids. If we’ve struggled in life, especially financially, we don’t want our kids to go through that.  Yet as my 20 year old son has been out of school for almost 3 yrs, I’ve come to wonder whether I’m actually hurting him more than helping by not expecting him to pay very much for rent or any of our household expenses. Since he brings in an income – and spends it all, it occurred to me that he actually spends quite a bit per month on those variable luxuries.

I’m not sure what a reasonable amount to charge your own kid is – but overall I think it would be what you would charge to rent out a room in your house to another independent adult who isn’t your kid. So why can’t I do that? It could give him the push that he needs to find a better paying job that is full time which he is certainly capable of.  In hindsight, I think I have done my son a great disservice in not expecting him to be more financially self-sustaining from the time he turned 18.  I would always say, “But he’s a good kid.” Another mistake I know I am making is not insisting he pay his rent on time. Is that going to make him be delinquent on his mortgage or rent payments or car payments (when he moves out). I give advice on buying RRSP’s but he thinks that’s a waste of money. I know he has his plan on how he is going to make money and I think that’s great, but I also wonder if it is a pipe dream. I do encourage him and hope with all my heart that his dream comes true.  We all have dreams so go for them and don’t give up.  Life is a hard job, and kids need to know that.  So for now I won’t raise his rent but I do expect more from him down the road.  Encourage our kids. Nette