Financial Advice for Parents With Adult Children Living at Home

Sometimes young parents think their responsibilities end (or at least decrease) once their children graduate high school and head off to college. However, this isn’t always the case.

 

Once in awhile, getting children to leave the nest is a challenge, while other times parents welcome their children back into the home–particularly if they’re struggling financially.

 

Whatever your circumstances might be, having your now adult children living at home is a LOT different than living with them when they were small. You now have an older, able-bodied adult in the home occupying a lot more of your space, resources, and of course, food.

 

The cost of living can go through the roof if you’re not careful, making the adjustment to being in the same space with your child a lot harder–especially if you’re nearing retirement or are on a fixed income.

 

One of the best things you can do for your household is to start looking at ways to cut back on spending so that you can accommodate your needs and the needs of your child until they’re capable of providing for themselves. Keep reading for some suggestions:

Whether your child never left the nest or simply is down on their luck at the moment, they need to be contributing financially in some capacity. Whether it’s getting a full or part-time job, doing odd jobs for neighbors, or doing things around the house until they’re able to financially pitch in, you want to ensure that they’re doing something productive to aid the household.

While this might sound more like landlord-tenant than parent-child, your child is an adult. They need to be taught life skills such as being financially responsible and accountable. Drafting a contract or lease of sorts lets adult children living at home know that while you’re there to support them through this period in their lives, you expect them to have some level of responsibility.

 

Negotiating a monthly amount for rent, food, and their share of utilities will help them get into the habit of being accountable for their own expenses.

 

When drafting this agreement, you may want to add a behavioral clause as it pertains to what you expect of them while living under your roof. This can include guidelines about visitors, alcohol, and whatever else you deem necessary to make this living arrangement as comfortable as possible.

Help Your Child Create with Budgeting

 

If you’ve had adult children living at home, what advice do you have? Leave us a comment below.

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Also read:
How to Save for a Rainy Day: Try These 5 Smart Saving Strategies
Get Your Truly FREE Credit Report and Credit Score Online
Get Your Finances Back on Track: 12 Strategies to Beat Debt 

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