Figuring out how to navigate the adult world is already difficult. Wide-eyed students leave college with dreams of landing their dream job, making money, and finally being completely independent. All too often reality comes crashing down and these young adults figure out just how unforgiving the real world can be. This past year has brought on a fresh set of challenges as more and more adults are having to move back in with their parents after losing jobs and places to live. It’s hard to get back on your feet after being knocked down but these tips are sure to help.
Make a Plan
If you are a parent and your adult child out of work and living at home, come up with a game plan together that lays out what the options are if the child doesn’t find employment in a certain period of time.
Kids take on responsibility
If the adult children have an income, they should contribute to the household expenses.
If they can’t contribute financially, they can find other ways to pitch in. It can be cleaning the house, cooking or other chores that help ease the burden on other family members.
Don’t forget about retirement savings
For the adult kids, Sprung advises contributing a minimum of what the company matches up to a maximum of 10% — and working the expenses out around the remaining 90%
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