Get Your Child Ready For Financial Independence

You have supported your child their entire life, and now they’re headed off to college. Are they really ready for financial independence?

Financial independence doesn’t really have a set age. There are people who move out and start supporting themselves at age eighteen, and there are people who still live at home at the age of thirty.

You need to stress to your child the importance of being financially stable. Don’t hand your child everything on a silver platter. Financial independence often means struggling at first. Let them know that they need to save for things they want, but don’t hang them out to dry. You want to promote financial independence; you don’t want them to be completely broke with no way out.

Remember that learning financial independence is a learning experience. It’s hard to go to college and have a full-time job, so if you want your child to excel academically, ask them to get a part-time job and try to help out when you can.

Financial independence means that you don’t have to help. If your child is not ready because they live in an expensive apartment, suggest that next semester they look for cheaper rent.

To get your child on the fast-track to financial independence, you have to be a good teacher. Make sure your spending habits are in order, too.