Boomerangs Coming Back

The economy has been an unstable mess for the past few years that has affected people of all ages. A recent trend has young adults moving back in with Mom and Dad to help ease the financial burden. For those young adults who have recently graduated college, or moved out of the house to get independence and start their own life, finances can be a bit of an ever-lingering dark cloud. The unemployment rate for those under 25 is nearly double that for people over 25. Moving back home can seem like a financial blessing to the young adult, but what about the parents who are taking them back in? They now have to pay the debt of their child when they could be saving for retirement! It’s been suggested that for those who have their children move back in there are certain guidelines that need to be set and followed. This includes setting expectations and coming to a clear understanding of why the child is moving back home and for how long the arrangement will be allowed. Charge rent, this can help bring about responsibility and helps the parents stay on track with their own finances. It should also be discussed, ahead of time if friends are welcome, sleep overs allowed, and what chores should be shared. How would you feel if your children decided to move back home and what kind of guidelines would you impose?