While I don’t have college aged kids yet, I do have parents. Since none of their kids came to live with them following our college graduations, I talked to them about what they would recommend to other parents to keep kids from returning to the nest after college.
Don’t get me wrong, there’s no shame in having your kid return home after college, but most parents don’t anticipate that will be “the plan” for your child’s life after graduation. Often times for the college graduate it’s financially super smart for them to cut costs by living with their parents, buuuuttt there are many ways for recent graduates to afford to live on their own.
It’s no doubt that being fresh out of college can be a tough time, especially if your child is still looking for a secure job while trying to pay off student loans and while trying to make ends meet. You can help guide them in the right direction with these easy tips so you don’t end up hurting financially to your child’s benefit.
How to Keep Your College Grad From Moving Back to the Nest 1 of 8
Click through for 7 tips to help keep your recent college grad from returning to the nest...
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Educate Your Child On the Reality of Their Situation 2 of 8
Even after a child's college experience, it can still be hard for them to face realities of adulthood. If your child wants to live on their own, it's time to start owning up to responsibilities. Sit down with your child and help them figure out what it will cost to live on their own including rent, utilities, gas money, insurance, and student loan payments. If your child is already working, help them compare their income to their expenses to see if there is a gap. If there is a gap, encourage your child to take on a part-time job to boost their income while they look for a better-paying job.
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Encourage Your Child to Not Live on Credit 3 of 8
It doesn't matter if your child has 1 credit card or 10, they don't need to use them much, if at all. If your child irresponsibly uses credit cards to live day-to-day, they'll quickly be wanting to return to the old homestead, and they'll be bringing with them lots more than just dirty laundry. They'll be packing a pile of credit card debt, too -- debt that can be extremely hard to shake. Encourage your child to keep a credit card for true emergencies and to only buy what they can afford in cash.
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Tell Your Child to Make Sacrifices 4 of 8
It may be necessary for your child to downsize their living space to something they can realistically afford. Tell them to get a roommate to split the costs of rent, and to live "lean" for as long as it takes to get on track financially by not spending money unless it is absolutely necessary. It might come down to your child having to make the decision to eliminate their cell phone in order to not move back home.
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Suggest that Your Child Sell Some of Their Things 5 of 8
Selling the things you have accumulated over time is a great way to not only off-load clutter but make money for rent. Video games, unused (or barely used) brand name clothing, and extra books are all things that can return a pretty penny.
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Teach Your Child to Cook 6 of 8
Eating pizza and other fast food is not only unhealthy, but the overall cost can add up quickly. By teaching your child how to grocery shop so they can cook at home, they will easily save lots of money. Luckily, there are free recipes all over the Internet for them to try, and for added savings suggest that they clip coupons for the trip to the grocery store.
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De-stigmatize the Thrift Shop 7 of 8
When your child is in need of apartment furnishings, have them consider shopping at a local discount or thrift store rather than buying everything new. They'll be able to find a lot of great things in good condition, but at a much more affordable price.
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Educate Your Child About Free Resources 8 of 8
There are plenty of free resources to use that need to be considered to cut costs. Tell your child to check their local library for free Internet and job search resources, and to check with the local recreation association for free entertainment activities.
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