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Tom Meaglia, ChFC®, AEP®,
CLU®, CRPC®, MSFS
Chartered Financial Consultant
Investment Advisor Representative
Chartered Retirement Planning Counselor
CA Insurance Lic. #0567507
Meaglia Financial Consulting
2105 Foothill Blvd., #B140, La Verne, CA 91750
Toll Free: 800-386-3700
Bus: 909-593-6105
Cell: 818-681-8600
Fax: 909-593-6120
Email: tom@meagliafinancialconsulting.com
Website: www.meagliafinancialconsulting.com
May/June 2021
On Their Own
Student loan debt, job loss during the pandemic or even fear of being on their own are some of the reasons why many young adults decide to live with their parents. Here are some steps you can take to get your child started along the path to independence.
Decide on a Timetable
Ask your child what he or she thinks is a realistic time frame for moving out. By agreeing on a date in advance, your child may be more likely to adhere to it. Knowing there’s a date when the arrangement will end might help all of you to make the best of the situation.Give Budgeting Lessons
Now is the perfect time to discuss the steps involved in creating a budget. Ask your child to track spending for a few weeks. Your child’s current expenses might include car insurance, student loan payments and cell phone plan costs. But, in the future, your child also will need to budget for items such as rent, utilities and food. Banking websites often have good information about budgeting, so suggest that your child check them out.Encourage Automatic Savings
Your child should have money from each paycheck automatically transferred to a savings account. Doing so can provide the cash needed to rent an apartment and start an emergency fund.Offer to Match Funds
Provide an incentive to leave the nest by offering to match any money your child saves while living at home.CONTACT US
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Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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