With the rise in adult children living back at home, parents of the boomerang generation are trying to find ways to help their children live independently. There are quite a few ways that parents can give their children stepping stones necessary to live on their own. Boomerang children move back home with their parents and ask for their help because they have not properly accounted for living on their own. It can be daunting, but with the right knowledge, parents can set their adult children up for success.
If you are a parent with a child planning on going to college, then you could provide them with assistance. There are a wide variety of scholarships and grants that incoming college students can apply for. If parents think about college when they first have children, then they can start investing in college savings accounts, like the 529. Student loan debt can be burdensome, so thinking about college in advance can give a child the edge when they are ready for college.
There are a myriad of opportunities that arise each and every day where parents can teach their children how to manage their money. We all know that debt is an issue for many people, but that doesn’t mean that has to happen to your children. If parents take the time to properly educate their children on how to manage their money, then they set them up for success right from the start. Managing money can be very difficult when moving from college student to career adult. If you give your children the proper tools to keep their finances in check, then they will be better off when they are on their own.
Cutting The Cord
Now, we are not talking about cutting your cable television here, we are talking about cutting your children loose, financially speaking. Some might feel this is harsh, but in many cases it can actually be quite helpful. Start gradually cutting back and be up front about it with your child. Give them a timeline for when your financial assistance will end. When you stop providing assistance to your adult children, it forces them into figuring how to live on their own. People tend to fight harder when they are motivated. Many parents can be scared to cut the cord because they feel their children will fail. While failing can be scary, it is also one of the greatest motivators.
As shown, there are ways for parents to give their children the right support in order to succeed when they are adults. Providing them a path toward education can be the most powerful, followed by giving them financial direction. If all else fails, then cutting the cord can really do wonders to helping children living independently.
Readers: Do you have an older child living at home? How have you been able to help your child develop independent living skills?