Being supportive of adult children doesn’t always involve writing a check. It can mean saying no to the “kid” who overspends and always asks for money. Here are some suggestions to help your adult children become financially sound without depleting your savings (or damaging family relationships).
- Talk to your financial advisor. Get an accurate picture of what giving money to spendthrift kids means for your financial goals. Understanding that may help you set firmer money boundaries.
- Help them create a budget. You may be able to offer nonjudgmental budget planning guidance, including ongoing budgeting assistance to help them build a more stable financial future.
- Make an appointment for them with a financial advisor. Money can be a tough topic to broach with family—it may be best to hand that baton to professionals.
- Find non-financial ways to ease their financial burden. This could mean looking after their kids now and then to save on daycare, giving them your gently used sofa when you get a new one, or even letting them move back into their old room for a little while so they can pay off debt. Get creative!
