How to (Financially) Deal When Adult Grandkids Move In

By: Chelsea Sanders

According to a survey by the Pew Research Center last December, 3 in 10 parents of adult children (29 percent) report that the economy forced their grown child to move back in with them in the past few years.  Many young adults are moving in with their grandparents.

Experts say that such living arrangements can be a positive experience, but can also cause conflict if there’s no proper planning.

Here are eight ways you can make sure to keep your savings and your sanity:

Your Home is a “No Freeloading Zone” – Make your grandchild pay a mutually agreed upon rent for room and board.

Doing Nothing is not an Option – Even if you’ve got an unemployed college grad or a recently laid-off worker, delegate chores around the house, preferably the kind that will save you money.

Respect the Space – Your home is not a frat house- put a limit on the number of guests who can visit at any one time.

Set a Deadline – Establish a timeline to help the boarder reach independence.

 Have an Exit Clause – Make it clear that if at any time your grand child doesn’t agree with your rules, they’ll have to leave.

For the rest of the tips, please visit http://www.aarp.org/money/budgeting-saving/info-05-2012/adult-kids-move-home.1.html

 

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