Should I Help My Adult Child Financially?
“Behold, children are a heritage from the LORD…” Psalm 127:3-5
Due to a lagging economy and stale job market, many young adults are coming back home having found themselves with a good education, accompanied by large student loans, low to no job prospects and the need to count on their parents for help.
So how can you help your grown children get through this difficult period without creating a financial drain on your household and without fostering a dependent attitude (i.e., “enabling” them)? Here are a few suggestions if you have your adult child moving back home:
1. Have a written agreement between you/your spouse and your adult child.
2. Ask them to contribute financially.
3. Help them learn solid financial habits and understand budgeting basics.
4. Help them learn from your financial mistakes.
5. Be their best cheerleader. Encourage and pray for your child daily.
Today's tip brought to you by Mvelopes and Money4Life Coaching.