Help Your Adult Child

If you are like most parents, you have been asked to help your adult child financially. You want to help, but can you afford to help? You certainly don’t want to sacrifice your own financial security if they can help themselves. There is a difference between helping and enabling. The first thing you need to do is determine if your child is making smart financial decisions.

If you find that your son isn’t spending his money wisely, teach him how to create a spending plan and build an emergency savings. Then decide how much money you can afford to give him per month while he learns to become more financially responsible. If you feel you can’t afford to give him anything, offer him a place to live while he gets a handle on his finances. Adulting is expensive and a shock to the system for those who are new to it. He may need some time to wrap his mind around the reality of what it’s like to be an adult. We work, pay bills, repeat. 

When asked to help your adult child financially just remember that one day you will want to retire. If that day comes and you haven’t managed to save for your future, you may end up having to ask your adult child to help you. If you have financial questions, we have answers! Contact Alloy Wealth at 800-689-3935 to speak with one of our advisors.