Has the Time Come for Your Child to Move Out?

Physician's Money Digest, February 2006, Volume 13, Issue 2

Wall Street Journal

Journal

Remember:

Naturally, you want your children to befinancially comfortable, and as a result, youallow your children to live at home aftercollege to save money. But what happenswhen the time comes to let your adult childgo out into the world? According to the, if a child stays athome for an extended period of time, theymay become overly dependent. They maylose the desire to move out and startcareers because they feel they have a good,inexpensive living situation going. Whileyou are helping your children out by lettingthem stay in your home, the added cost canhold back your own retirement plans. Thearticle recommends that you set upa financial strategy with your child to preparethem for life on their own. Start bycharging them rent, which will help themadjust to making such a monthly paymentand will alleviate some of your financialburden. Also, try to set a tentative move-outdate. If your child is living at homewhile going to grad school, have them paypart or all of their tuition costs, so puttingoff starting their career has a financialprice. The point is not only toease your financial situation, but to prepareyour child for adulthood.