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.