The transition to adulthood brings new challenges—college, careers, and independence. Share your wisdom or learn from others about how to best guide young adults on their journey.
Share Your Tip (17)
Rated 5 out of 5 stars.
5.0 | 1 Rating
Guest
Rated 5 out of 5 stars.
The "Rent-Back" Fund Hack: If you charge them rent while they live at home, secretly put a portion of that money into a dedicated, high-yield savings account that is only in your name. When they move out, gift them the lump sum. This teaches them the discipline of paying a fixed bill while giving them a surprise down payment or emergency fund for their official launch.
Guest
Rated 5 out of 5 stars.
If your young adult is living at home, assign them one household utility bill (like the Wi-Fi or electricity) that they are fully responsible for tracking, budgeting for, and paying on time each month. This provides a real-world lesson in fixed expenses and the consequences of late payments.
Richard H.
Rated 5 out of 5 stars.
If you provide them with groceries (especially if they live nearby), make it contingent on them completing one or two practical tasks for you (e.g., dropping off dry cleaning, organizing the garage, or running a separate errand). This keeps the exchange transactional and avoids a purely dependent relationship.
Guest
Rated 5 out of 5 stars.
Create a shared digital folder (via Google Drive, Dropbox, etc.) containing copies of all their important documents: birth certificate, Social Security card, health insurance information, and car registration. This teaches them where to locate vital information while ensuring you have access if they truly lose everything.
Guest
Rated 5 out of 5 stars.
Discuss the topic of financial emergencies before they happen. Establish a clear "One-Time-Bailout" fund that they can access for a true emergency (e.g., car trouble, unexpected medical bill). Make it clear that this is a one-time, non-negotiable lifeline, which teaches them the value of the safety net and the finality of their regular budget.
The "Rent-Back" Fund Hack: If you charge them rent while they live at home, secretly put a portion of that money into a dedicated, high-yield savings account that is only in your name. When they move out, gift them the lump sum. This teaches them the discipline of paying a fixed bill while giving them a surprise down payment or emergency fund for their official launch.
If your young adult is living at home, assign them one household utility bill (like the Wi-Fi or electricity) that they are fully responsible for tracking, budgeting for, and paying on time each month. This provides a real-world lesson in fixed expenses and the consequences of late payments.
If you provide them with groceries (especially if they live nearby), make it contingent on them completing one or two practical tasks for you (e.g., dropping off dry cleaning, organizing the garage, or running a separate errand). This keeps the exchange transactional and avoids a purely dependent relationship.
Create a shared digital folder (via Google Drive, Dropbox, etc.) containing copies of all their important documents: birth certificate, Social Security card, health insurance information, and car registration. This teaches them where to locate vital information while ensuring you have access if they truly lose everything.
Discuss the topic of financial emergencies before they happen. Establish a clear "One-Time-Bailout" fund that they can access for a true emergency (e.g., car trouble, unexpected medical bill). Make it clear that this is a one-time, non-negotiable lifeline, which teaches them the value of the safety net and the finality of their regular budget.