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Money Minute
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Cutting Kids Off Financially
Money Minute
You have to consider when the right time might be for your kids to fend for themselves.
 

Some parents have been supporting their adult children after college. There are many reasons for this — some kids may have struggled with finding a job after finishing school; others may be crashing with their parents just to save and build a financial cushion. But as parents, you have to consider when may be the right time for your kids to fend for themselves. Some parents may even feel guilty about cutting off the kids.

But consider this: at some point, you need to teach your children to be independent and self-sufficient. If you keep paying for them, they won't learn how to pay for themselves. They need to experience real problem solving and the consequences of their decisions. Over time, this will build their self-esteem and confidence.

That said, it doesn't mean you have to cut off support suddenly. You and your significant other should come up with a reasonable timeline that outlines what you will stop paying for over time. Share this timetable with your kids so they have adequate time to prepare. And of course, if there's a real emergency, you can always jump in and help.

But beyond that, show your kids that you believe in their abilities to figure things out on their own. Give them the opportunity to confront their own struggles, and ultimately give them the chance to grow into responsible adults.




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