by Carla Visocchi

Created on: January 13, 2009

The idea of a young adult earning money in order to pay rent in their parents' home is somewhat unacceptable. Although it teaches them responsibility, and of course allows them a glimpse into the real world, it does not assist them in physically getting out into the real world on their own.

Young adults acquire part-time jobs in order to make money for leisure purchases they would like to make, as well to save up for events that may arise. The idea of saving money is so that they could get a car, go to college, and hopefully move out of their parents' home. If a significant amount of money is going towards paying the rent, there is no way that a young adult can have leisure spending money, as well as save up for necessities.

As long as the children live in the home, paying the mortgage and the bills should be solely the parents' responsibilities. Parents should be there to support and provide for their children as best as they can. They are there to assist their children with necessities, and also guide them into the right direction. Parents should not be taking advantage of their young adults to pay their bills, merely because they have a part-time job. They should realize that their children need every cent of their income, both for leisure and saving purposes.

Of course, parents can teach their children budgeting and practical money managing at any age, and in different ways. Parents can show children their bills to show the reality of the cost of living. They can also set a good example by demonstrating good budgeting skills. Budgeting is a key skill in order to be responsible for your money. Although some young adults have the balanced mindset, and have no problem controlling spending habits on their own, many do not.

Parents should sit down with their children and assist them in setting up a personal monthly budget. Have them set up a notebook, and write down the categories in which they will be spending money in for the month. Then, figure out a realistic amount of money that can be spent within each category, considering both their income, and the cost of what they are purchasing. Each time they make a purchase, they must write down the item that they bought, the cost, and the amount of money left over in that category. This budgeting technique will help young adults manage their money better, and it will also help parents monitor how much money their child is spending.

There are several ways in which a young adult can learn to be smart with their own money. Paying rent does not have to be one of them.

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