• February 23, 2018

Is It Time to Close the Bank of Mom and Dad?

Like many of my peers, I know that there comes a time when we must cut those apron strings and learn to stand on our own two feet. Inevitably, this means no more bank of mom and dad!

I’m often speechless when I hear of people my age taking money regularly from their parents.  How will these young adults ever learn to be financially stable if they think it’s okay to run back to their parents whenever they need subbing?

Parents, it’s about time you started getting wise and put your financial needs first!

Reassess the Situation and Explain Your Reasoning

Look at why your son or daughter is asking for financial support. If they’ve recently lost their long-term job and need short-term funding, and a roof over their head, then offer your assistance. However, also make it clear that you expect them to look for a new job whenever they can and how long you can reasonably continue with such an arrangement.

If their intent is moving back with you because they’d rather go out partying and spend their money, rather than pay rent and bills with it, then make a stand here beforehand. Tell them what your rates will be once they return. See how they react when they know they won’t be getting a free ride at home either!

Explain Your Decisions but Don’t Try Negotiating

You might be looking at downsizing and want to keep cash aside, you may be looking at moving, or perhaps you plan to start putting more into your pension and retirement plans. Whatever your reasons never feel the need to defend such decisions. It is enough to simple say that your money will remain your money.

Next time you find your perfectly capable adult son or daughter looking to you for their next sub, try saying no – you could be doing them a world of good!

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