How to Help an Adult Child Become Financially Independent

Source: Thinkstock

Source: Thinkstock

Having children can be a wonderful thing; watching them grow up, change, and continue to learn from you is a process that many parents deeply enjoy. At the same time, for most parents, there comes a time for their children to move out. Whether your child is 18 and you are ready for them to move out and start paying for their own bills, or your child is in their 30s and still living with and depending on you, you have to set a limit that works for you. If you are fine with your child or children living with you well into adulthood, that’s perfectly fine, but if you’re not you will have to take steps to get them to move out. In 2012, 36 percent of adults age 18-31 were living in their parents’ home, which is a startlingly high number. If your adult child is still living with you and you want them to leave, here are some ways you can encourage them to move out.

1. Make a plan

Sometimes parents expect their kids to turn 18 and then just move out, but that rarely happens. Unless your kid has a good job before they graduate high school, they probably won’t have the funds to afford an apartment. They will probably need time and encouragement in order to start making adult decisions. Many parents choose to financially support or help their kids while they are in college, but not all people go to college. This means that if your son or daughter isn’t going to school, they may need your help for a while in order to save up enough to support themselves.

The first thing you should do if you want your son or daughter to move out is ask. If you’ve never talked about the possibility, they may have no idea that you even want them to move out. Explain exactly why you need or want them to move. Next, make a set plan. Determine how long they can live with you before they must find their own place. If you are dealing with a much older person (meaning not an 18-year-old freshly entering adulthood) you may need to be more specific: pick a month and even a day.