Are you struggling with getting your adult child to move out? You're not alone. However, remember to also think about your own financial situation.
Matt, a wealth advisor at JDH Wealth, has received many questions from worried parents on this topic. Here, he gives advice on how to handle this delicate matter.
How Can I Talk to My Adult Child About Moving Out?
Matt starts by saying, “People ask me this a lot. It's a tough issue because we all want to help our children. The thing is, it can be hard to save enough for retirement, especially if there’s another person living at home.”
Matt advises talking about this topic early and often. “Be clear about why it’s important for them to move out by a certain age,” he says.
“Having a kind conversation while sharing your own financial goals can lead to a helpful discussion. The aim is to encourage them to become independent.”
Limit Credit Card Spending or Cut Them Off Cold Turkey?
Parents often wonder whether to gradually lessen support or sever ties entirely.
Matt counsels: “At a certain age, it’s time to let go completely. Give them advance warning so they’re prepared. Ultimately, children must learn to be independent.”
He recognizes that maintaining certain benefits, like phone plans or insurance, may still be necessary. “If they’re 26 and require some help, keep them on your plan, but fostering complete independence must remain the objective.”
Am I Doing the Right Thing? Will They Be Mad at Me?
Fearing to damage the relationship or upsetting your child is common. Matt acknowledges this truth.
"It'll not be easy," he admits. "You might be frustrated early on."
Matt tells parents that these feelings usually don't last long.
"Once you clarify the need of leaving home and establishing independence, they'll recognize that remaining there forever is not an option. Young adults often grow too comfortable in their family environment, making this step crucial toward personal growth."
Actionable Steps to Help Your Child Be Independent
Here are effective strategies parents can implement to foster their child's independence:
Define exit goals: Set a realistic timeline for moving out.
Develop a financial plan: Create a budget with income, expenses, and savings to live independently.
Monitor progress: Clarify expectations for household contributions and savings.
Address obstacles: Discuss challenges and provide guidance on handling them.
Lead by example: Demonstrate responsible financial and home management habits.
Conclusion
Matt highlights the importance of getting a fresh viewpoint.
“An outside opinion can be life-changing,” he says.
“Involving a third party can simplify the process and make it less stressful for everyone. At JDH Wealth, we assist families with difficult financial and emotional choices.”
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