Younger adults moving back in with their parents
The average student has more than $30,000 in student loans
KNOXVILLE, Tenn. (WVLT) - During the pandemic, more adult children moved back in with their parents than any other time in recorded history. John Vandergriff with Blue Ridge Wealth Planners said there are ways to establish good financial habits for both the parents and their children.
“Parents sacrifice for the children all the time but you have to make sure you’re in a healthy situation so you can be a benefit to them long term... As a parent, you want to do things that are beneficial to your children but you don’t want to give them everything because you know, the world isn’t going to give them everything so you can make it to where you’re meeting in the middle, helping them practice a budget practice being financially independent but building to a way they can do it on their own,” he said.
Clarify expectations, teach financial independence, consider your own needs and seek professional help. Vandergriff said before they move in, set clear expectations by drawing up a contract. Determine how much your adult child will pay for rent, groceries and utilities. You may even want to include a projected move-out date. Help them create a budget that they can use when they go out on their own.
While it’s ok to help your children, make sure your finances are in order before giving others money.
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