Charging Your Teenagers Rent -- The Arguments for and Against

It is one of the great parenting divides -- equal in stature to the debate about breastfeeding or bottle feeding, to spank or not, and ideas about whether kids should go to private or public schools. The debate over whether to teach kids about money by charging your children rent is a practical issue for some parents and a matter of principle for others. While some simply need kids that are earning their own money to contribute to their upkeep costs, others see it as important for teaching kids about money before they move out. Today we are looking at the case on either side.

Charging your children rent: the arguments for

• Children learn that money does not come for free
• They experience the truth that if you consume things, you must pay for them
• They can be better prepared for life outside the home
• It contributes to the parity and wellness of all family members

Most of the single arguments that believe charging your children rent revolve around the fact that teaching kids about money is a good thing, and the earlier they learn life's lessons, the better. This is a good point; your children will eventually be forced to pay rent or be kicked out onto the streets, and often the lessons learned in childhood are the ones that stick with us for life. If children are earning money (through chores or from a job), it seems reasonable that they also contribute to their own upkeep. However, that is certainly not all there is to the arguments!

Charging your children rent: the arguments against

• Many people believe that if we choose to bring children into the world, we are financially responsible for them until they are independent
• The age and earning capacity at which to charge rent can seem unfair
• Children can be forced to grow up too quickly and lose the halcyon days of childhood
• The lessons don’t necessarily translate to the application

One of the main arguments against charging your children rent for staying at home is that until your kids move out, they are your responsibility. They didn’t choose to be born (as they will no doubt remind you at one stage during teenagerhood).

Another telling argument from the parent's point of view though is that teaching kids about money through charging them rent doesn't always translate into action later in life. In fact, sometimes it does the opposite. Speaking form personal experience, I felt that charging me rent was unfair, when I was paid abysmally for the chores I did around the house ($1.20 for making dinner, when buying a small meal from McDonalds cost $3.95) and had never had any money to myself anyway. There were never any extra chores available to do, and I wasn't allowed to get a paper route -- so I simply resented being charged rent out of my government benefits when I went to the university at 16. Not feeling that I had ever had the money to treat myself earlier in life led to quite an irresponsible attitude later, trying to correct the situation! Obviously every case is different … but do realize that in trying to teach your kids about money, you may teach them something you don’t intend.