It’s graduation season across America. For many parents, the pride at seeing their offspring in that gown, clutching a hard-earned diploma, will be tempered by the knowledge that their job isn’t done. If your child moves back home, how will you protect both yourself and your new graduate?
Living with parents is now the No. 1 housing choice for Americans aged 18 to 34 — the first time that’s been the case since the 19th century, according to a recent survey by the Pew Research Center. In fact, nearly a third of young people live at home. If you are about to find your empty nest full once again, take steps to ensure that the financial aspects of this reunion don’t jeopardize your own financial stability — or teach the wrong lessons to your child.
Even though your kid is now an adult, you’ll still need to discuss expectations and boundaries in advance. A 9 p.m. curfew doesn’t make sense anymore, but what rules do you want to set? Will your college graduate pay rent, and if so, how much? What chores will they be responsible for, and do you allow overnight guests?