When Is the Right Time to Stop Financially Supporting Your Kid?
One of the most important questions that strike parents nowadays is to stop paying for their children’s pocket money. Will it be okay to stop financing them after they start college? Or should they stop paying them a buck when they grab a full-time job for themselves?
These are some of the basic questions that crop up in parent’s minds as they are unsure about the appropriate time and the kids’ capability to be independent. Of course, the financial situation is not the same for every scenario and you can’t possibly find a perfect answer, which can certainly put you in a state of discomfort. So while you try to find answers to your queries, there are a few questions that you need to ask yourself.
Do You Want Your Child to Take Up a Job in College?
Colleges usually recommend that kids shouldn’t work for more than 10 to 15 hours throughout a week. There is a reason behind it. The general advice to students is to study for at least two hours for one hour of study in their classrooms. Hence, if your child spends 12 hours a week at college, they should spend more or less 24 hours for their studies in that week. This implies that a child should stay engaged in academics for 36 hours a week.
Now, the ideal decision in this situation is either allowing your kid to earn money via part-time jobs or not allowing them to work. This, in turn, would result in you financing your child’s lifestyle for a few more years than you usually would have. If your child is taking advantage of their school’s meal plan, your grocery bill will automatically come down. However, you will have to shell out money for their clothes, other supplies for school, and for their basic entertainment.
Is Your Teenaged or Adult Kid Working Hard or Not Working At All?
If a parent can finance their child’s college years and pay for their tuition fees and other basic expenses, they can focus more on their studies and come out with flying colors during the exams. However, if a kid is more interested in partying away at night and not focusing on their studies, parents are advised to stop financing them after you have issued several warnings. Remember, you can be helpful, but not support behavior you don’t endorse or shouldn’t be doing.
Post-college, if your kid is working and saving their money to attain their objectives and make their dream come true, it does make sense for you to lend them a helping hand. But, if your child is going nowhere and getting engaged in stuff they shouldn’t, providing them with financial assistance will be foolish. It will do them more harm than you can think of.
Are You Guiding Your Kid While Financing Them?
According to experts, the focus should be on how to stop financing your kids rather than when. There isn’t an issue financing your adult kids even after they finish their college education. But you should do it with proper guidance and teaching. It’s important to make a budget for them and ask them to stick to it.
Tell them that you would start increasing the amount if they adhere to it. Also, paying them for their needs would depend on the financial situation, more so when you have to set aside bucks for your retirement fund. Helping them out financially shouldn’t be a concern. However, you have to treat them as adults.
Have Your Issued Warnings To Your Child?
This is possibly the most important question that you need to ask yourself. If you don’t warn your child that you are going to stop paying for their needs if they go wayward, things won’t work. You must offer money to your college graduate child, sensibly. Many parents would prefer to keep their non-working kids at home and save money rather than funding them to pay for their apartment rent. That would possibly make them independent faster and move out on their own after they find a strong foothold.
Of course, your child will always remain a child to you. You have to consider the fact that your child eventually attains adulthood. In certain cases, offering them financial help might not make them feel confident about themselves.
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