Should you send money to your parents?

Current means: Giving money to your parents makes sense if you are in a situation that allows you to budget a set amount to send them each month. Don’t go into debt to support your parents—you’ll put yourself at a financial disadvantage even if it helps them.

Can parents take their child’s money?

It’s not illegal to take money from your kids in most cases, although, of course, there are exceptions, like if the child’s money is in a specific trust and you abuse the funds. Simply confiscating your child’s funds sends the message that it’s okay to take whatever you need.

Is it legal for your parents to steal your money?

As others have said, there’s no legal issue unless the money is in trust. Therefore it’s not stealing if a parent takes money or anything else. Otherwise, it would be a crime for a parent to send you to your room with no toys, etc.

Should children be allowed to get pocket money?

Kids will buy things without asking their parents and when parents will get to know this they can stop giving pocket money. Children will argue for pocket money and there will be a fight between children and parents. So i would say that children should not get pocket money.Thank you

Should parents give money to their adult children?

When parents give money to an adult child, they’re compromising their own financial health. They’re sacrificing saving for retirement (or other goals), which means they’re hurting themselves as well as their kids!

Should parents pay their children to clean the House?

However, If it was only the parents cleaning, It might take them a longer time than everyone helping with cleaning the house. On top of that, If you give the children pocket money for doing the house chores, They will only clean when there is money.

Should you lend money to your child?

Also, if the money is lent to alleviate a financial emergency, it may take the young adult time to start paying it back. So when lending money to your child, don’t hold your breath waiting to be paid back or part with money you will need anytime soon. Failing to make your own financial security your top priority.