Most parents let ‘boomerang’ kids off rent-free
ows that of those people who set a udget for Christmas, 57 per cent them spend more than they anned – by £153 on average. More an one in 10 who set a Christmas udget bust it by at least £300. For any people, this adds to the le of debt they’ve built up ver the year. Sticking th minimum payments will ean your ending mistakes aunt you for onths, or even ars, so commit to aking regular onthly repayments e day after payday. you get a new w-interest loan credit card, it’s mpting to take dvantage of your ll credit limit. But means running up ore debt and building bigger problem. If you’re ing to get back on track this ar, fight the temptation. nce you have paid off any pensive short-term debts, money you’ve saved each month can be channelled into an easy access savings account. The aim should be to build up three to six months’ worth of expenses that you can use in an emergency. They’re not the most thrilling diary entries, but it pays to know when insurance policies are up for renewal, or savings bonuses or interest-free credit periods expire, so you can switch and save. A QUARTER of “boomerang” adults who move back into their parents’ home with their partner in tow do so to save for a house deposit, research suggests.
But 12 per cent make the move because they can no longer afford their rent.
Only 30 per cent of parents charge their adult children rent, with the average monthly payment standing at £115.60. Partners are even less likely to pay rent, with less than a fifth charged for staying with their partner’s parents, The average payment is £109.90. ● MUMS are more likely to instigate conversations about finances with their children and rely on technology to help, according to research from Fidelity International. Some 28 per cent of the mums surveyed are happy to speak to their kids about money management, compared with 19 per cent of dads. ● PERSONAL loan rates are rising – just as households start to feel the squeeze from Christmas debts. The average rate advertised on a £7500 loan over five years stood at 4.8 per cent last month – the highest level since 2016, according to website Moneyfacts.co.uk.