Adult children saving at home

[TryNSaveee]

Any adult children here struggling to save whilst living at home? I have my own outgoings like most of us, I pay £500 rent to live at home and my mom has asked that I start doing my own food shopping now. I'm very fearful that I'll never get up out of my childhood bedroom and into my own place. Savings are taking a while as I owe my mom £2000 that she lent me for car repairs. I'm looking for higher paying jobs as I'm on a pretty rubbish salary at the moment, I just had to take what I could get job-wise

Living as an adult isn’t easy, if you’re on minimum wage you should be bringing in around £1,800 a month. You have £1,300 after that for your own costs and savings, you borrowed money so it’s right to pay that back but you might negotiate how much per month you give her. You’ll not find room and board for £500/month so I’m not sure you have another option. It’s hard, but it’s also life - your costs will never be as low as they are now.

Yep, fully aware. Just wanted to know if anyone else in their 20's was in the same boat as me. Seems like the only people my age living on their own have a partner

I think the other alternative is a room in a house share.
£500 a month to your mum AND getting your own groceries seems a bit expensive to me. But it’s still probably the cheapest option.

I think the only way out is with a partner/friend or by improving your job prospects. At your age I'd go for improving your job! I don't think you'll get it much cheaper if you live separately, once heating and council tax etc is taken into account. Is your mum broke? I wonder why she's charging so much, if she's not.

What’s your breakdown?

500 rent
200 groceries?
200 car repayments?

That leaves at least a grand and I can happily tell you on a household income of £110k with 2 kids we do not have £1k each fun money a month 😂

I really get it’s hard nowadays but I can’t see how you can’t be putting £500 a month into savings at the minimum unless you have a horrid commute or something.

£500 a month would give you a deposit on a flat within 3 years in most areas of the country.

Are you in an expensive area? £500 is a bit high IMO but I don’t know your mother’s financial situation.

Saying that, in the grand scheme of things £500 really isn’t much. I don’t understand how you’re struggling to save if that’s been your only set outgoing, we need more information.

I moved out when I was 18 and rented until I managed to save up enough to buy a small place of my own at 26 (31 now so not she’s away) then I met my husband and we combined and bought our 5 bedroom house last year. My point is I feel like everyone feels like they can move out until they have a house deposit but there is other options if you feel you need your space.
on the other hand if it works great. My neighbour still has his children at home and they are older than me (32 and 34) and they all seem happy with the arrangement

£500 rent seems high especially if that doesn’t include food. My dd is 23 and working in a low paid job (just above min wage) after graduating whilst looking for something else and pays a token rent of 150 so she can save in order to move out.

You pay &500 a month to your mother??
😱😱😱
I charged my daughters like £50 a month and it went into a savings account which when I used to get it, I paid their child benefit into it and when they left home they all had their money back!

Ds pays no rent to us and we cover all food and basic toiletries even at 23. He graduated 2 years ago and has been working ever since. He does however have an incredibly healthy savings amount over his LISA and ISA. This is our way of helping him onto the property ladder. House prices usually only ever go up so the longer it takes him to save the longer he is living here.

I think you should look at a house share/spare room situation.£500 a month and then not even food is a lot. Spareroom.com is a good place to start just to see what you could be paying.

My eldest earns £35k and gives me £350 a month. They told me the other day they’ve saved £8000 since October. In between they’ve had a couple of nice holidays. I pay for their car and running costs as they share with a sibling. They seem to still do plenty. Not sure that their net is, maybe £2200? So after my £350 they’ve 1850, I guess maybe 800 a month in savings and £1000 spends?

I also cover basic toiletries just shampoo shower gel tooth brushes and tooth paste I just buy with the shopping and keep in the family bathroom

Wow! I feel like my mum was really quite tough on me. A decade ago, I paid my mum £600 a month for a bedroom which had a small en-suite (which used to be a walk in airing cupboard, it was that small), And that didn’t cover food or toiletries.

My mum reasoned that she would miss out on the single person discount on her council tax if I continued to live at home, and that it was still below what I would pay for a room in a share house (zone 3, round the corner from a London tube station). I was able to save a good chunk of money each month but even a decade ago, the cost of living wasn’t as crazy as it is now. I feel for you OP.

I have three adult children living with me (though one is about to start uni). I'm on minimum wage so can't help them much financially, but I also don't charge them that much to live here. Yes the older ones are struggling to find full time work, so you are ahead of my 20+ year olds if you have a job and a car.
Are you putting some savings into a high interest savings account, savings into a LISA, roundups, all the little things that help. It's not easy and I don't know of anyone young/their friends owning or renting alone, most are still at home, a few are with partners or friends (which is kind of how it's always been when renting or buying )
Good luck, I hope you find that better paying job soon (that's another problem with the economy, minimum wage, asking for at least a year or two of experience, training in manual handling, fork truck licence, decent qualifications etc but no one will take young people on and give them this experience and training!)

I'm not sure what my mom brings in but she is self employed and has said many times the business isn't bringng in enough money for her to pay herself properly but at the same time she doesn't want to work for anyone else, isn't looking for a new job etc and I think she had been hinting at me giving her more money. I am considering renting my own place but my goal like many others is home ownership. I have a LISA that I pay into. My outgoings are about £1000 before food shopping if that helps. Bring in just under £1800 (would have a bit more if I stopped putting into my pension). But yes, job hunt continues. Boyfriend search also continues (slightly joking slightly not haha)

As a mother of adult children both of whom are on the property ladder it blows my mind that your mother charges you £500 a month. I have never charged my kids a penny.

Please do not stop putting into your pension

I'm wondering how your Mum will manage when you move out , if she needs you to pay that much . We only take £100 a month from our daughter, she's just bought her own house, she's 33 and single . It's taken her around 5 years to save the deposit

It is much harder for your age group. I lived with my mum until I moved in with a boyfriend a few years after uni, but in the last decade or so, it seems mor young people are reluctant to commit (friends' children say) and it's not just about higher costs, they tell me too many just act like they're teenagers, plus you all have a much harder time getting jobs. My kids are young, and believe me, I sympathise and my kids will probably be in your situation in a decade or two.
All I can advise is talk honestly with your mum about what you can both afford, and if you want to move in with someone you find, talk seriously about what you both can afford and are happy with. If he or she seems to be messing you about, don't let them.

Hmm it’s tricky as my immediate reaction was that £500 a month seems a lot to charge your own DD. I don’t charge mine anything so that she can save but I’m struggling a bit financially and was thinking about starting to.., but it would not be more than £200 so she can carry on saving. I’m a single parent in London and I genuinely need that money to contribute to outgoings.

My ideal Would be to put it into a savings account for her for when she moved out but I would only be charging her rent in the first place as I need the money! She’s also minimum wage.

Personally I think it’s a bit high, especially if you have to do your own grocery shopping too. Yes you could argue that you wouldn’t get cheaper elsewhere but you wouldn’t be paying rent to your own parent elsewhere.

You could always join the Forces. It pays really well even when training. Outgoings are low. Plus loads of useful training.
They have a house deposit scheme so you can borrow with no interest.

Plus might help on the man front.

How much is the actual rent per month for the house or does your mum own it?

You've got to think of other bills too, gas, electric, council tax, WiFi, water - it all adds up

You can eat fairly cheaply and well depending on where you shop. Jacket potatoes are filling and cheap, beans tuna ect. Make spaghetti bol and freeze half ect ( lentils are filling and good for you )

Your rent is reasonable for your income. However, it is not what I would charge my child if I wanted them to save unless I was actually putting the money into savings for them.

have you looked into rooms for rent and house shares in your area? Is there anything cheaper?

DS brings home more than that and he pays £200 per month which includes food if he wants it and he does eat at home quite a lot. I think that plus groceries is far too much to be paying.

I think your mum is charging you far too much. It doesn’t cost that much for you to live there.