A shocking number of moms recently revealed that they do not believe their young adult children are capable of living independently and successfully in the adult world.
The NHP Foundation surveyed 1,000 moms and nearly 63% of moms said their adult children are unprepared to live on their own. While a lack of affordable housing is one justifiable concern there are other reasons that kids might not be ready to leave the nest when expected. BusyKid believes that parents should start teaching kids the building blocks of independence years before they are ready to move out using chores.
Future problems like not having enough money for rent, groceries, car payments, insurance, phone bills and other expenses of adulthood can be solved with preparation and practice. Here are a few examples of how parents can start guiding their kids toward a successful launch into adulthood with traditional and unique chores.
1. Split the Bill – smartphones can get wildly expensive if data limits are surpassed or you pay extra for unlimited plans. Set up a system where your kids do chores to earn money to pay for a portion of the family bill.
2. Send the Kids – if you do all the meal planning and grocery shopping for your kids they won’t learn how to comparison shop or that produce prices fluctuate throughout the year. Give your kids a budget for the week and put them in charge of planning meals for the family at least once a month.
3. Cars Don’t Run on Air – if your teen wants rights to use the family car make sure he or she understands that gas, oil changes, cleaning supplies, cost money. Come to an agreement with your teen for the number of hours he or she can use the car based on what chores they are doing or money they are contributing to costs from a summer job.
4. Renegotiate Contracts – help your child save for items like first and last month’s rent, a car down payment and other heavy duty fees outside of college savings by cutting back on household costs. Put your kids in charge of researching monthly expenses like cable and internet services for example. Have them determine if a lower cost per month can be achieved and then give the difference to the kids to put in savings. Same goes for landscaping, pool and other monthly services. Have the kids take over the jobs and pay them instead.
5. Fake It Till They Make It – calculate a reasonable starting salary for your child and research what local rent rates are then give your child a monthly spending allowance in play money from a game. Every time they spend cash on entertainment, food, clothes, etc. take the money out of their cash to help them learn realistic budgeting.