2020 had been a year unlike any other, and living situations have changed for many families. Read the story here.
“There’s one more vital detail to spell out, perhaps in your agreement itself: when you expect your kid to move out. Newberry stresses that you can’t simply assume they’ll leave ‘when the time is right.’ With no clear end date, it will always be easier for them to stay than to make an effort to find a place of their own.”
Some advance planning can really help to make sure you have a positive experience when adult children move home. I shared my advice for making it work with Wells Fargo Conversations.
Finances are always a concern when adult children move back in with their parents. I shared some advice on how to make a family budget and addressed the issue of whether adult kids should past rent in this interview by Lisa Coxon:
I spoke with Myles Ma at Policygenius about how to budget for adult children moving home.
“It’s a really good idea for parents to sit down with their adult children and work through this budget,”– Christina Newberry
Read the story at Policygenius.
It was a pleasure to appear this morning on the Global BC Morning News to talk about how to deal with adult children living at home. You can watch the entire segment below.
I spoke with AARP recently about how to prepare for adult children boomeranging home after college — something I did myself 17 years ago. (Still think this is a new or temporary trend?)
Here’s the key point, which I can’t emphasize enough:
The end goal, Newberry says, is not to kick them out as soon as possible but to “help them get to the point where they are ready to leave.”
You can read the rest of the article on the AARP’s website, or check out the video below for five key strategies to make the situation work. I recorded this video way back in 2009, so the audio is not the best, but it’s worth bearing with it for the important information.
I spoke with Global BC reporter Rumina Daya today about a new CIBC report that shows one in four parents are spending more than $500 a month to help their adult children cover expenses such as rent, groceries and cell phone bills, and that the most common form of financial support parents provide for their adult kids is free room and board at home (71 per cent). You can see Rumina’s story on Global’s website here.
That’s the topic addressed by an article in the Deseret News that features my advice:
Even a modest amount of cash paid to parents every month carries a benefit beyond the merely financial, Newberry added.
“Adults have financial responsibilities, so it’s important to maintain them even if your child is living at home,” she said. “It’s good for their self-esteem.”
That’s the question posed by a Globe and Mail article published yesterday that features my advice for parents whose retirement is being threatened by adult children living at home:
“A family needs to sit down ahead of time and work out a budget … look at what their existing costs are in terms of paying for their home and things like heat, electricity, insurance and food, then estimate how those costs will be impacted by having another person living at home.
“It’s easy for adult children to go in expecting that it’s not going to cost anything or to be completely unaware of what the costs are.”
Read the rest of the article on the Globe and Mail’s website.