Home | About | Contact
Divider Auto Loans Divider Mortgage Loans Divider Debt Consolidation Divider Credit Cards Divider Credit Repair Divider Car Insurance Divider Health Insurance Divider Life Insurance

Living with an Adult Child Could Put You in Debt

Living with an Adult Child Could Put You in Debt

Are you on a mission to become debt free? This is a great chance to help improve your financial life. You need to watch out though because sometimes there can be changes in your life you might not have expected. One of these things could be the return home of an adult child. Of course you want to be in a position where you can help them, but you also want to make sure this does not harm your financially. The following are some of the things that you can do in order to make sure your adult child does not sink you deeper in debt. Financial responsibility is going to be important for you and them.

Even Expense Sharing

You are not going to be mean, or any less of a parent if you ask the adult child to pay some expenses when he or she comes in. This is just the way it should go. If they help you with some of the burden of the bills, which will no doubt rise now that they are back, debt can be pushed away. If you were to try and take on the expenses yourself, debt could add up. Make sure that this issue is settled right away and both parties are clear with what is going on. You can make them pay rent if you want, but the mortgage will not change because another person is living there. Utility bills are mainly the things that can add up now.

Do Changes to the Home Need to Be Made?

If your adult child is coming back home, they might be bringing more things. If they work from home, and need more space, changes might have to be made to the home. This is not a burden that you should have to bear all by yourself. Plus, this is your home; you should only change it as you desire. If you do decide to renovate a bit, you might want to split the cost, or even make them pay for most of it. This is their need and you are trying to help them out. They should understand that this is a not a free pass. If you cannot accommodate them, make it known early on that they might have to rent out a little space some place else for their work.

Be Financially Honest

Let your adult child know that financial honesty must take place. They need to be open with you about their situation, and the troubles they might be facing. You also need to let them know about financial issues like the family debt. This will make sure that neither party expects too much from the other when they might not be able to get it. If your adult child is suffering financially, but hides it from you, you might feel the burden of missed payments. If they were to be honest with you, you would be able to mend your schedule accordingly. This is your home, and only honesty should fly within the walls.

You may also be interested in