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Boomerang Kids: Managing Family Finances When Adult Children Move Back Home

Posted by: Lisa Nichols | Mar 11,2008

Managing finances when boomerang kids move back home can be tricky, if not impossible. Boomerang kids, adult children who move back in with their parents, are a realistic concern for many families today. Almost half of all kids will move back home at some point in their lives. 18 million people between 18 and 34 live with their parents, according to the U.S. Bureau. So what can parents do to manage their finances when they live with their boomerang kids?

 

Reasons Why Children Move Back Home

 

Children move back home for a variety of reasons. Explanations for why kids boomerang include a desire to go after an advanced degree, waiting longer and longer to get married, exploring career options and of course, a need for financial assistance (Hamner & Turner, Parenting in Contemporary Society 2001). These are all valid reasons to need the fiscal and emotional support of a parent or parents. But when children move back home, they can put additional stress on the household finances. Finding ways to manage the added expense of a boomerang kid can be challenge. Planning ahead of time for the change can help ease the financial burden.

 

Managing Financial Plans when Boomerang Kids Come Back to the Nest

 

It’s possible to manage family financial goals when boomerang kids return home. Setting goals for adult children who move home is the first step. Let boomerang kids take an active role in managing the family finances. Make sure that children who move back home contribute to expenses and have input into the family budget. Managing finances for the family includes setting a date for when the boomerang kids will move out on their own. Refraining from providing children who move back home with money or help with paying their bills is hard, but it’s an important step to encouraging their financial freedom.

 

Get more tips for managing household finances when you have boomerang kids in the Married with Children blog.

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