The Boomerang Kids
BOSTON (CBS ) – These are kids that were once launched and are now asking to live in the basement playroom, they are the Boomerang kids.
Over eighteen million adult children are living with their parents. And some have come home with kids of their own.
Usually the reasons are financial; they are getting a divorce, they are between jobs, they want to save money or get out of debt.
A survey found that over 60% of graduating college seniors plan to move back into their old rooms!
If the kids ask if they can move in what do you say? Most of us will say yes. After all, they are our kids! But you do need to set some ground rules and you need to discuss them before they move back in.
And if you didn’t discuss rules beforehand try that conversation now. They will reply they didn’t pay rent before why now. And you need to let them know when they have their own home they can make the rules!
Here’s that list:
1. Paying rent is a must. They should be expected to contribute to the household financially and physically. This means helping with chores around the house and doing their own laundry and perhaps yours. Studies have shown that those who do not pay rent do not save any more than those who do.
2. Discuss the house rules; nothing has changed since they were 18. No wild parties or drugs. Discuss overnight guests. You may not want a stranger in your kitchen at 7 am making coffee!
3. Common courtesy prevails. If they are going to be late for dinner or staying out they should let you know.
4. If there are kids or pets that also moved in, who is going to take care of them? Who walks the dog at 11 pm or gets up for the 2 am feeding for the baby?
5. Set a date for moving out. Deadlines work well for getting people focused. They need to be on their own!
Communication is key here. Talk about the issues before they move in.
One more thing: I found two books, which could be helpful -
Boomerang Nation: How to Survive Living With Your Parents . . . the Second Time Around by Elina Furman, which offers advice for the adult child on handling the awkward situation of living at home. The author suggests they do their own laundry and dishes when they move back home.
And for the parents. This parenting job wasn’t meant to go on forever and many parents can’t afford to support the adult child’s expensive habits. There is a book for them also, Mom, Can I Move back in with You.
On Saturday May 17th Dee will be the keynote speaker at The Money Conference which is a FREE one-day event presented by The Office of Massachusetts State Treasury and the Massachusetts Financial Literacy Trust Fund, in conjunction with local cities and community partners to help households build their financial knowledge and improve their financial behavior through quality financial education.
Saturday May 17, 2014
8:30 am – 3:00 pm
Everett High School
100 Elm Street
Everett, MA 02149
Questions? Contact Sheila O’Loughlin at (617) 367-6900.
Do you feel your need for financial education and empowerment is urgent? You are not alone! Americans are saving less, spending more and carrying credit card debt over from month-to-month, suggesting that the painful financial lessons of the recent past may quickly be forgotten.