How to Help Adult Children Stand on Their Own Two Feet Financially

Many parents will face the challenge of helping adult children after financial difficulty. Maybe you need to teach your adult children to be financially independent so they grow as adults. There is help available for parents who attempt to help their kids out.

Instructions

    • 1

      Start a dialogue with your adult children about money. Share your experiences, both good and bad, so the kids know everyone struggles at times.

    • 2

      Give them guidance but not your money. You can give them advice and help them learn without bailing them out and paying their bills. Allowing them to go through the struggle is one of the best financial lessons you can teach them.

    • 3

      Help them go over their expenses and income, and set a budget that's realistic. Let them see that spending on one luxury will mean cutting back on another.

    • 4

      Build in savings to the budget. Teach your children that the best thing they can do for their future is save and invest. Put aside some money each pay period that is not to be touched.

    • 5

      Help them contact creditors to negotiate lower interest rates. Coach them to find solutions to make their monthly debt more manageable, so they can pay it off sooner.

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