Having kids is a great responsibility that never actually finishes, even when they finally grow up. Dealing with house expenses, day-to-day living and a grown-up child at home can be overwhelming, so you must come up with strategies to handle this matter appropriately.
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A few years ago, almost a third of males between 20 to 34 years of age in the UK were still living with their parents. This can be a symptom of a financial crisis and despite all recovering efforts to enhance the job market and improve the UK economy, young adults still have a hard time trying to live independently.
In addition to the difficulty of finding a steady job, other social factors have an impact here too. Young adults tend to marry a lot later than previous generations did and parents are more favourable to unknowingly motivate their kids to live at home.
There’s a good side to this because most parents enjoy having their kids around which enhances family bonds. Now, these bonds are very important to everyone involved, but they also come with an increase in overall costs. In these situations, parents are still the ones supplying almost all support for their adult children.
Regardless of the reason, if you have a grown-up child living with you, there are some considerations to make so that the burden isn’t that heavy and is more manageable.
Create good money habits
This is something that is better if done while they’re still kids, but that may no longer be an option here. But still, even if they have already grown up, you must try to take some time to educate your child to use money wisely, through budgeting and good saving habits.
Making budgets before spending money is a great habit that is helpful during any stage of life. It gives control and shows areas where we can make cuts, save or use for entertainment.
If you have a grown-up child living with you, try to create some sort of allowances and then help them to budget that money, so they know where is it going and even try to save a little.
If your child has debt, they should focus on getting rid of debt as soon as possible before even considering incur in new debt at least while he/she is still living with you. Talk to your kids about their expenses and ways to little by little clear them up entirely.
Once they start getting familiar with making a budget you can take it to the next level. They can start saving for the future and start looking at good and new employment options.
Talk about possible career plans
Talk to your kids about their plans for their future. Do they have a job? how are they planning on getting one? Ask them for how long they’re planning to be with you, so you can plan your finances based on this. Do they have any career prospects? Something they like to do and possibly make a profit out of it?
Instruct your kids on the importance of having a career and working hard to accomplish goals in life. Offer them the opportunity to continue living with you if they look for part-time jobs or similar.
Set House Rules
Discuss with your kids’ rules that can make day-to-day living a good experience. You need to discuss if he-she is going to be contributing to cover some expenses – like utilities or food or rent – and see how they feel about it.
Talk about yours and his-her expenses and have a common understanding of how things will work in the future.
Check for PPI
It may be the best opportunity for you to find out if there’s money available to you. PPI is the best way to receive unexpected tax-free money.
You can quickly check if there’s any PPI under your name that you can claim. Remember that after the PPI scandal, the government is encouraging citizens to find out if they were mis-sold any PPI in the past and to reclaim the money from that. The due date to do this is the 29th August 2019, so it is best if you hurry and get the process started.
This can represent a good source of money that can help with your finances now that you have your kids with you again. This can also help them to get back on track and start building their future.
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