It’s one of the rites of passage – moving out of home. Generally moving out of mom and dad’s house happened when we were 19-24, depending on schooling and finances.
Given the cost of university, housing prices, unstable job situations, getting married later in life, etc … young adults are delaying moving out till they’re in their late 20s. Some don’t move out till their 30s and we won’t even talk about the ones which are still living at home in their 40s.
When it’s time for your “adult” child to move out, and rent their first apartment, help make this move of independence a smooth transition. Deborah-Diane from hubpages suggested these were key topics to review with your child:
Finances: They’ll need a job with enough income to cover expenses, deposit and rent.
Budget: Establish a budget to live within their means.
Roommate: Most likely needed for financial reasons. See our April blog, Are You Ready To Live With A Roommate? to keep the relationship from derailing.
Savings: Set up banking and retirement accounts (to establish their own credit) preferably with pre-authorized withdrawals so a small amount of money is deposited into each account every month.
Know how to cook: To stay within their budget, knowing how to cook will help as well as make them more independent.
As we prepare our children for the real world, the best thing we can co as parents is help them become more independent. As Dr. Phil tells parents on the subject of adult kids, “They need to decide for themselves what they want out of life, and devise a plan to obtain it.”