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You are here: Home / personal finance / careers / Financial Advice for Parents With Adult Children Living at Home

Financial Advice for Parents With Adult Children Living at Home

By Teresa

Disclosure: Articles may contain affiliate links. As an Amazon Associate, we earn from qualifying purchases (at no additional cost to you). See our full disclosure here.

Last updated on March 28th, 2024 at 09:33 pm

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:

Financial Advice for Parents With Adult Children Living at Home

Financial Advice for Parents With Adult Children Living at Home

Require Your Adult Children Living at Home to Pitch In

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.

Consider a Contractual Agreement

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.

Financial Advice for Parents With Adult Children Living at Home

Help Your Child Create with Budgeting

If your young adult has a difficult time managing money, you may be able to provide some guidance. For example if they have multiple credit cards with balances on them, you can teach them about the debt snowball method of paying down debt. Or, they may need to consider credit counseling or getting a credit card consolidation loan.
 

Help them look for ways to cut back on spending or for opportunities to increase their income. There are lots of ways to earn extra cash (both online and offline); it’s just a matter of finding something that works for them.

Encourage Savings

Ultimately, your child will need to learn the importance of saving in order to afford to get back out on their own. No matter how old they are, some financial education can help them toward that goal.
 

Whether they already have a savings plan or not, this is a pivotal time to talk to your child and encourage them to put money away. A nice incentive might be to match some of their savings efforts at the end of a predetermined period, if this is something you’re able to do. This way, they can meet debt-reduction and savings goals faster.

Wrapping Up

Having adult children living at home certainly present its challenges. The dynamics of the parent-child relationship have changed, and will likely create friction at times.
 
When it comes to finances, the best thing you can do is evaluate your circumstances, iron out what you expect your child to help with, and put it in writing for accountability. With time, your child will get back on their feet again, and thanks to you will have the financial skills necessary to take life by the horns. 
 
If you’ve had adult children living at home, what advice do you have? Leave us a comment below.

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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Filed Under: personal finance / careers, parenting and family Tagged With: 20 somethings still living at home, adult children in the home, adult children living at home, contract for adults living with parents, financial advice for parents with adult children living at home, financial tips for the sandwich generation, financially dependent on parents, how to handle adult children living at home, when should parents stop paying, when your adults child moves back home, when your adults child moves back in, when your child moves home after college

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