How to Get Your Adult Kids Out of the House

Now that many college seniors have flipped their tassels at graduation, parents are basking in the pride of having their college graduates back at home for the summer.

But once the euphoria fades, time goes by and reality sets in, many parents are left wondering how to empty the nest while still making sure their children are on sound financial footing.

It's a delicate balance, especially for those living in high-cost areas: Your children might not be babes-in-arms anymore, but they also might not be able to pay the bills alone. While allowing them to live at home saps the family resources and your own personal space, pushing them out before they're financially secure might cause more headaches.

Dianne Reichel, a financial counselor with GreenPath Debt Solutions, says she has seen plenty of parents cover their kids' expenses to the detriment of their own fiscal well-being.

"We tend to want to make everything OK for the kids," she says. "I see a lot of parents putting themselves in big financial binds because they give to the kids without taking care of themselves."

Having discussions early and setting up realistic goals are the keys to success, says Michael A. Branham, a financial planner at Cornerstone Wealth Advisors. The longer you wait, the more difficult it is to cut the cord.

"If you have a 30-year-old kid living in your house, sit down and talk to them and set down your expectations," Branham says. "You don't want to just push them out on their backside, but at times some gentle nudging -- and at times some tough love -- is really the best thing."

« Previous Page

1 2 3

Next Page »