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Editorial: Laying Down The Law, With Your College Grad’s Finances

By: Arif Halaby | Total Financial Solutions

When the day comes that you receive that phone call that your son or daughter is returning home after graduating college and having to deal with college grad’s finances, how are you going to feel?  For some relationships, having each other close is “a dream come true”.  For others, it could be a nightmare.

Your 20 something decides that the big bad world is tough and assumes that coming back to your house is the best financial move. Well, maybe it is.  The hardest part for them may be realizing that there are still some rules.

Probably not the same rules as when he or she was a teenager, but close.  A common example is letting you know when they will be home late, or not coming home at all.

College Grad’s Finances

One of the hardest discussions is going to be the ‘overnight friends’ conversation.  Before you allow your kids to return, outline what your values are and what you will tolerate.  Do not be shy about what is an absolute ‘moral no-no’ to your new life.

The time when the kids would come home and eat everything in the refrigerator or cupboard is over.  No more coming home and finding empty containers.

Setting the boundaries of calling before dinner and letting you know if they will be joining you is a must.  Maybe “family dinner” only happens a few days a week and every other day is ‘on their own’. Pitching in money for grocery shopping is also needed.  Remember, the goal is for them to eventually leave and make it on their own.

Teaching them to shop for themselves is part of the training.

In order to have a chance at enjoying your empty nest years, you have to agree to a timeline on some important items such as how soon they should have a job, their own apartment, and starting to pay for their expenses, including the ‘parent plus’ loans.  For some families, it is dream to have the kids live in the same neighborhood or even the same house.

For others, having their children make the big move out and never come back is the next move towards retirement.  Whatever your dream, make sure you agree on the set of expectations on both sides.

Editorial: Laying Down The Law, With Your College Grad’s Finances

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