Now that your college student has graduated with a degree you may have questions about the best way you can support your son or daughter. Do you continue with financial contributions or do you insist they pull their own weight going forward? While there are pros and cons to either path, there’s also a happy medium. Help your college grad get on their feet with this guide.
This is likely what your son or daughter is asking themselves. If your son or daughter asks to move back home welcome them, but don’t give them a free ride. While nearly 50 percent of new college grads move back home, for at least a short time, it’s important they don’t fall back into their old, childish habits. Before they move back, have a family meeting about their role in the house. Treat them as a renter, and let them know what their responsibilities are around the house. Also, like they are a renter, charge them rent. This won’t only force them to get a job — hopefully, a job in the field they studied at college — but will also illustrate the fact they are an adult and are expected to act like one. Be clear that their time back in your home isn’t permanent, but a stepping stone on their life path.
The Job Search
When you’re in college, a hoody, three-days-worn pants and flip-flops in the dead of winter are acceptable. But in the professional world, many college graduates struggle with clothes for the occasion. When your son or daughter goes for interviews, stress the importance of appearance. While some start-ups and hip companies may prefer business or casual dress, it doesn’t hurt any to overdress because a first impression only happens once.
Most jobs require a reliable mode of transportation. If your son or daughter has a car, make sure they are ensured. Go over car insurance plans with them, and while you’re there, take a look at their options for health care coverage as well. The company they work for may have a collection of health insurance plans to choose from or shop around online with them. Find a health insurance plan that gives them the coverage they need at a price they can afford.
Lead By Example
Honest conversations about money with your college grad is a ton of help, but the type of actions and responsibilities you’re asking them to undertake are brand new for them. Someone who models responsible financial sense can make a big impression on a young adults decisions. While it’s important you stress the values of investing early and saving for the future if you don’t do this yourself, how can your son or daughter take it seriously. While advice can be valuable, sound financial actions you take will be the bedrock of your child’s financial sensibilities.
While your college grad may feel lost in the professional world, you can support them while they find their way. If they move back home, treat them like a renter, not a guest. When they go for their first interview, make sure they know the importance of appearance and first impressions. As your son or daughter is no longer a student, they won’t be covered by a college health care plan. Review this type of insurance with them, as well as any others they may need. Last, lead by example. When you make sound financial decisions it’s a model for your college grad. With these actions, you’ll give your son or daughter the leg-up they need.