Well, if they were doing it tough but both really trying to make their way and just not having luck then yes. Definitely I would help my kids.
I don't know that I would if they were doing fine though, I'd be more inclined to set up a trust fund for THEIR kids or offer to pay something like school tuition for a year or something.
That way any left over money that they have from not having to pay that could go towards a family holiday or something.
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19-06-2012 12:48 #81
19-06-2012 12:55 #82Senior Member
- Join Date
- Jan 2009
My partner saved at least $50k in 5 years as well, while in low end retail and admin jobs, earning between $25 - $40k a year. BUT, he lived at home with his parents for that period, which was between finishing year 12 and turning about 22. They didn't charge board or food, so basically he was able to save his whole wage, other than his very basic expenses like petrol. He probably spent $10 - $15k on travel during that period as well.
But, he was only able to do it as he was freeloading off his parents. I don't think they charged him board as he was the last child at home, and his mum didn't want him to leave, lol.
19-06-2012 13:05 #83
Agree, 80K is a LOT of money to save, but it can be done. We did it over about 2 or 3 years (not on huge wages). We just lived on one wage, and saved another religiously and just lived in a little one bedroom place. It’s hard, but we felt really happy we did it ourselves. I think if it had been given to us, we wouldn’t have the same appreciation for just how much money that is. My best friend and her partner did the same. Just lived simply for a few years and did it all off their own backs.
I really like the idea people have mentioned about giving money as a “surprise”. I.e. if your kids have saved up a substantial deposit and are going for a home loan you could surprise them at the last minute with extra money to put into their mortgage. We’d probably do something like that. We really want to teach our kids that if you want to save, you have to sacrifice in the short term.
19-06-2012 13:12 #84
I haven't thought as far as mortgages yet but I do really want to pay for a good education for my kids. Private school then Uni fees if we can afford it.
When DH and I were house hunting I wished his parents would offer to help us. DH refused to ask because he never wants to rely on anyone else, which is something I now admire. He saved $400k from age 22-32, so I'm grateful that his parents taught him the importance of saving and hard work. I really want to teach our kids the same values.
19-06-2012 15:40 #85
Meh. People can hand over massive amounts of money to their kids if they want. I just won't be one of them.
TBH, if I had several hundred thousand sitting around in my bank, I'd be using a lot of it before I die. I didn't get to be selfish and greedy before kids... so I'm going to do it once they're grown. I might pay for them to come along on a trip as well... but I will be spending it in a way I enjoy.
I'm not one who expects an inheritance either, and my kids will be sadly disappointed if they expect a massive payout when I die. They can get my assets and whatever money is left, but I won't be saving a whole massive sum of money just so they can go buy a new house/car/etc once I keel over.
19-06-2012 15:56 #86
I really don't understand people who are saying "we never got a hand so I won't be doing it for my kids either"
I want to be able to provide a better life for my DD not burden her with the same struggles I have had and if I had the money to be able to provide her financial freedom then I would.
Don't forget paying for a household doesn't stop at the mortgage. She would still have to pay rates, water, electricity, insurance, maintenance etc. so it's not like she can sit back and not work.
Oh and OP, that was a really random thing for your MIL to say seeing as you weren't actually talking about it!!
Last edited by Eleven Eleven; 19-06-2012 at 16:05.
19-06-2012 15:57 #87
Haha what an annoyingly random comment!!
I would pay it off in a heartbeat given I had enough money left afterwards!!
19-06-2012 15:59 #88Senior Member
- Join Date
- Nov 2007
The Following User Says Thank You to Benji For This Useful Post:
Clementine Grace (19-06-2012)
19-06-2012 16:02 #89
I don't have much money, but I still help dd out when I can.
19-06-2012 16:05 #90
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