Has your adult child recently moved back home? You’re not alone. In fact, 1 in 4 young adults ages 18 to 34 are now living with their parents.
Young adults are moving back in with their parents in record numbers for many reasons. One big reason is financial situations, including massive student loan debt, expensive rent in big cities, etc.
Although having your children move back home sounds great financially, it can also be extremely difficult emotionally and physically. Here are some tips to ensure living with your adult child goes as smoothly as possible.
If your young adult child is moving back home, don’t assume they will be a loser the rest of his life. Just because they are living at home right now, does not mean they will forever. Give them time to get their financial situations under control.
One of the first things you should do when your child moves back home is set clear rules for your household. For example, you may want to lay out certain chores they should be responsible for. At the same time, remember to let your child have a say in what they want. Make the conversations collaborative. Be open to their suggestions and do not shut them down. This will only make tensions worse.
Give them freedom
When your kids move back home after being away at college, they will be used to having more freedom than they did as teens. You might have to let go of enforcing a curfew.
Have them contribute
Even though the reason your child moved back home is to save money, they should also be required to contribute something to living expenses. This will teach them the value of budgeting and create healthy financial habits.
Set up a deadline
Parents should be clear about how long they want to support their adult child. Tell your child when you expect them to be out and on their own. Setting these expectations early on can save tension in the future.