Thanks for voting!If you’re a parent of a recent college grad, you may want to think twice about converting the spare room into the yoga room. More and more, college kids are finishing up school and moving back in with the ‘rents. At least until they can find something more “permanent.” Money Magazine says not to fret – it’s a sign of the times – and offers some tips to keep the happy family, well, happy during the big move back in.
The thought of a not-so-empty nest may leave you scratching your head. We get it. After all, you spent the better part of your kids’ young lives preparing them for the launching pad to independence. But consider this. The economy isn’t making it easy for them to find a decent job. That means recent grads are more likely to be crashing upstairs or in the basement until things blow over.
How to react? Help them develop positive behaviors they need to be financially independent. Sooner rather than later. Encourage them not to use their credit card to buy things they don’t need (with money they don’t have). Motivate them to save their money – they probably aren’t paying rent so they should have very few expenses. And it won’t hurt to make them do their own laundry, make meals and clean up a little. (You’re on your own with that one.) In other words, try not to be too tough on them. But don’t let them get too comfy, either. As a parent, it’s a fine line to walk but you’ll be glad you did it.
Tags: Financial Responsibility, Parent
Loading ...
Some of my siblings came back home and it really zapped their motivation for getting out and getting a job and becoming independent. They got into a pattern of waking up late, scanning some want ads and finding nothing, make a few calls to some leads they had, and then saying that hopefully things will be better tomorrow. It seems like they were in a perpetual state of “I’m just waiting to hear back from Joe”.
I took a job that I hated in another state after college because I was not going to move back home. I only stayed in that job for a year before something better opened up, but at least it got me working and being independent. I’m not saying that you should change the locks on your home and put a restraining order on the new graduate. But get them out of the house pronto even if it means they have to take a part time, low-payhing job and sharing a place with a few friends until they find a their career path.
I was forced to become financially self-sufficient at an early age through unusual circumstances, and had my own apartment, own car, everything, at 18 years old.
My teen-age kids have it slightly easier, but they do have to work and pay their own bills. The oldest pays rent, they all pay their phone bills, all dining out, clothing, gas and entertainment bills. They learned early on how to save and value a dollar earned.
Once they’re done with college, they can come back, but they already know they’re expected to contribute heavily to the household chores and finances, so the incentive to move is already there. I love ‘em, but they will get out as soon as they can.
Brent, while I agree there are benefits to making it on your own, there are those like me who landed a good job after college near home. Now with my salary and living at home, I’m saving so much, in a year or two I will have such a large cash reserve, it will put me ahead of people like you who are just barely making rent each month. Just throwing it out there… moving back home and saving does not mean you are lazy. If you ask me, its the way to go, if available
In my case I actually did find a decent job after college, far away from my home state. But, as the economy turned sour, I lost my job and had to move back home because I wasn’t secure enough to pay all my bills and find a job fast enough before I totally ran out of money. Moving back home has really helped out and I’ve been able to focus on my job search and where my next move will be. I think it’s perfectly fine to move back home right out of college if need be, but, I do agree that staying at home too long and getting into a “routine” is not good. Eventually, there will be a time when it’s time to move on and take a job that you might not want for a little bit. Also keep in mind that everyone’s situation is different. Good luck to everyone.