What Parents Need to Know When Their Kids Move Back Home
Most kids eagerly await the day when they get to move out on their own to either go to college or simply join the workforce and live by their own rules.
However, sometimes things do not work out quite like junior thought he might – giving him no option but to move back home to live with mommy and daddy.
According to a recent survey by the Pew Research Center, 24 percent of adults ages 18-24 have had to move back in with their parentals for economic reasons, which in most situations is due to a weak job market and the weight of student loan debt.
While some parents are fine with contributing support to the early life trail and error of their children, most do not want their kids moving back into their old room just so they can spend their days playing video games or watching television.
Ultimately, a move back home should be considered a reset button to help little junior gets his act together and learn how to be financially responsible enough to get out on his own — and stay there.
Parents who let their children move back in with them should consider how the change in their household will affect their budget. It is important to consider an overall increase in monthly expenditures on things such as utilities, groceries, cell phones, car payments, gas, entertainment, and sometimes even student loans.
It is also important for parents to discuss with their new young roommate exactly what is included and what is not. Conquering issues like whether or not the kid will contribute to things like rent, utilities and groceries is a good place to start. Detailing what is expected of them before they ever move back in is a great way to starve off any confusion.
Finally, establishing some goals and a timeline for little junior to find a job and save some money is crucial in helping him learn fiscal responsibility – and doing so without risking financial security of your own.