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Back in May of 2016, we took a look at so-called “boomerang children”, who move back in with their parents after graduation. This is a trend that has only grown in recent years and shows no signs of slowing down. With winter graduations happening now and spring graduations just around the corner, now seems like a good time to revisit our tips for this type of transition.
1. Maintain open lines of communication. This may seem obvious, but having open and honest conversations between children and parents regarding money, debt and expectations can lead to tense, albeit critical conversations
2. Convey clear expectations. Having a well thought out plan for basic expectations can help mitigate problems in the future. For example, setting expectations for how long the arrangement will last and what steps will be taken to secure long-term employment or launch a career is crucial. This information is important for truly understanding how the new housemate may impact the parent’s financial or retirement plan.
3. Be mindful of enabling behaviors. Allowing children the opportunity to move back home frees them up to pursue their careers without the burden of rent or household bills. Viewing this offer as an opportunity you are affording your children helps to avoid allowing the child to aimlessly live rent free.
If you have any questions, don’t hesitate to ask us. You can check out our original post on this topic HERE.