Advice to Parents

Focus on Finance

Grads who return home still need to learn financial independence. How can you help them master this concept?

1. Charge as much rent as possible, so they learn what it means to pay their own way.
2. Remind them "money doesn't grow on trees" each time they splurge.
3. Help them set up a personal a budget, and encourage them to save.

"C" is correct. Budgeting and saving are core financial skills grads can use for the rest of their lives. Nagging about spending is likely to fall on deaf ears. Parents often do ask grads to pay toward rent and food or to contribute “in kind” services, such as mowing the lawn. But the more money you charge for room and board, the longer it will take your child to save enough to move out.