Moving out of home can a big step in your kids’ lives and can often be considered a milestone in transitioning from childhood to adulthood. It is also a good time to have a casual chat with your adult child about how to live as an independent person. This could help with setting expectations about how much you’re willing to help out now and in the future and set healthy boundaries. Here are a few essential tips to help make the transition less stressful for everyone.
- Get a better bank account today
- Learn how to maximise your savings
- Kickstart your savings with these tips
Choosing the right place
For first time movers, choosing the right place to live can be a difficult decision which is why your kids may need some help with this. There are a few different factors that should be considered before making a decision, such as; location, cost, sharing a property, or getting their own place with each having their own pros and cons.
- Location: Cars can be expensive, so being close to public transport can help with saving some extra cash.
- Share house: Division of rent and utility costs is a plus for this option however, your kids may want to ask their mates if they want to move in together, rather than starting fresh with strangers.
- Own place: This option can save your kids the stress of living with new people. However, this can sometimes get lonely and be expensive. Don’t be surprised if your kids end up returning for financial help or come home to raid your kitchen on weekends.
Creating a budget is crucial for good financial management both now and in the future. No-one wants any nasty surprises with utility or credit card bills. You should consider having a chat with your kids and mapping out a budget in a spreadsheet or budget planner. It is a great opportunity to create healthy financial habits for the future.
Donating unwanted furniture
Does your home need a long awaited refresh? Imagine having a custom built lounge suited to your specific cushioning requirements! Now that you’re an empty nester, there’s no risk of pizza scraps staining the lounge by careless kids who’s showering habits are questionable. Another plus is saving your kids money by passing on any furniture you no longer need.
Teaching your kids to cook seven basic meals can give them the tools to maintain health and sustenance while they’re living out of home. This will also help with their budget as leftover food can be used for other meals throughout the week.
By moving out, your kids can find some independence, freedom and adventure. But with freedom, comes great responsibility. From now on keeping on top of chores such as cleaning, cooking, laundry, watering plants, and taking bins out will all be part of their daily lives. Don’t forget, it’s not your duty to help complete these things, but it is important that they are aware of these responsibilities. Don’t be surprised if you come to visit and their place isn’t up to your standards. It’s all part of the learning process of transitioning into adulthood.
When moving out, insurance can often be a forgotten piece of the puzzle for young adults. This can be particularly important if your kids have some of your old furniture, television or expensive computer equipment. To save on costs, your adult child should consider shopping around online to get the best deal on contents insurance. Expensive items can be hard to come by at this early stage of adulthood, so every dollar counts.
As a parent, it might be tempting to take full control of your kids moving out. However, remember that you are there to help and provide them with support; and if asked, provide more information about how to live independently.
Remember, these are just starting points and living independently is usually a learning process that can take some time. So, placing expectations which are too high on your adult kids during this transition period, may add unnecessary stress to all parties involved. Take it one step at a time and let them make some (small) mistakes on their own.
Open an eligible IMB Savings Account and receive a $50 BONUS! Use promo code: 'WYZA'. Click here to claim this WYZA® exclusive offer.
What do you wish you knew when you first moved out of home? Let us know in the comments section below.