Moving out of the house is a big decision for most young people; and being excited by this new opportunity, many will be exposed to serious responsibilities for the very first time. Although parents can’t take away all the challenges of moving out for the first time, they can definitely help ease the transition to independence. Helping your children get a “financial headstart” doesn’t always need to be giving them money; often it’s about helping them prepare and educating them. Here are some useful strategies parents can build into their approach.
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Build Financial Awareness Before They Leave
Teenage money confidence will develop over time through conversations and by being exposed to actual decision-making. Teenagers who are aware of the common everyday money decisions typically will be able to make more rational decisions when it comes to making decisions related to rent and income once they leave the house. There is no need to burden your teenagers with too many numbers; simply show them the flow of money within the household. It helps to introduce your teenagers to the common hidden costs associated with being an adult. Many young people find themselves surprised at the cost of council tax, broadband contract, transport pass, and subscription services after they leave the house.
Think Beyond Simple Cash Gifts
Supporting someone financially is useful, however it is not the only way to give them an advantage. At times, providing strategic support can have greater long-term advantages. Examples include contributing towards educational costs for professional qualifications, driving lessons, or relocation expenses. This type of investment may lead to increased job opportunities or reduce the cost associated with traveling to work, both of which could increase future earnings. Another major financial leg up is to help them get on the property ladder. For example, some families consider purchasing a house by using a shared ownership structure, this option is particularly attractive for new builds. Young people who learn about alternative ways to becoming homeowners early on may find that becoming a homeowner becomes more feasible.
Offer Guidance Without Taking Control
Creating financial independence involves gaining experience. In many cases, parents will unintentionally delay this by attempting to control every decision their child makes. A more productive way for parents to support their children in making independent financial decisions is as a “sounding board”. This would allow them to ask for guidance prior to committing themselves to an agreement or assuming significant financial risk. What is important here is finding a balance. The advice you provide to your child must be made available but not forced upon them.
Parents preparing their children for an independent future with financial resources are not protecting their children from “the real world”. They are teaching their children the value of money, providing some financial safety net and the knowledge that help will be available when needed. Parents who focus on preparing their children for life on their own, rather than controlling their children’s lives, give their children a solid foundation for developing independence while also providing a safe starting point.
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