Once a parent, always a parent! Even when your kids grow up, you will still have the same love and concern for them that you have always had. But just because you are a parent doesn’t mean that you will continue to parent your kids the same way after they leave the house. You can support your children in new ways as they reach adulthood.
Pay for Their College
There is a lot of talk these days about the unaffordability of college. Many young adults finish their degree only to face a staggering amount of student loan debt. It can be nearly impossible for young people to earn sufficient income to support themselves while attending college.
If you can afford it, paying for all or part of their schooling will take a massive burden off their shoulders. If you do choose to pay for all of their college expenses, let them share the burden in some small way. It is good for them to feel responsible for some of their costs, such as entertainment and food.
Keep Them on Your Insurance
It’s no secret that health insurance is also a major expense. Few young adults have the income to cover their own insurance. Luckily, this is one area where you should be able to help out with no added expense to you. Simply keep them on your health insurance plan.
Your kids can stay on your health insurance plan until they turn 26. The hope is that they will get a job that provides insurance or will be earning a large enough income to cover their own insurance by then.
Keep Them on Your Phone Plan
Nowadays, cellular phones are a true need. We use them for everything from calling and texting to navigating and computing. If your kids are in college or just starting out on their career, consider keeping them on your phone plan. Chances are they have already been on your plan for years, which means you can help your kids in a significant way without additional costs. Just be sure to let your child know when they need to be ready to purchase their own plan, such as when they graduate from college or start their career.
Supporting your grown-up children financially can be a huge boost to their launch into adulthood. However, don’t ever forget the importance of emotional support, as well. You can offer wise counsel, loving support, and even valuable advice without being overbearing. Your grown up kids may need you in different ways, but they will always need you just as much as ever!
Did you like reading this article? Here’s more to read: Where to Put Money after Maxing Out Retirement Accounts
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