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Flying The Nest Financials

May 4th, 2017 Posted in Money Tips
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Flying away from the family nest is one of the most exciting and scary experience in a teenager’s life. Whether your teenager is moving into student housing or an independent home of their own, they’re going to have a lot of questions and you as the parent must be able to answer them all. Educating yourself on all things involved with renting or buying a home is going to be so important so that you can be the font of all knowledge your child believes you are.

Moving out of the house is a big deal for your teenager, but it is one to be celebrated. You’ve raised them to fly and this is what they are doing. So, teaching yourself everything you need to know on the differences between buying and renting a home is important so you can pass this on. For a student, moving into student housing dorms is going to be completely different to moving in with their friends or into an independent apartment. What do you need to know to be able to help your child?

Financial Information. There’s every possibility you’ve spent the past eighteen years saving up a chunk of money every month to help your child towards their first home, whether that’s a deposit to buy a home or a deposit towards a rental. If you haven’t had the means to do this, then encouraging your teenager to have their own job and learn to save up the money for their moving expenses is crucial. Moving out of the family home is greatly dependent on the finances and it’s not just the deposits, but money for furniture and cheap apartment rental insurance, which is an absolute must. You need your child to be safe when they do move, and their things need to be secure, which is something that insurance can give them and you.

Flying The Nest Financials - moving house image

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Area Information. Researching dormitories, apartments and even agents to help you look for somewhere to live is going to help you on your way to supporting your teenager flying the nest. Sift through the different agencies you can use to choose a new apartment for them to live in, as you need to compare prices of services and gather reviews for each company. If you must go down the route of renting an apartment instead of buying, then you’ll want your child to be well supported by the rental agency and their landlord. You can support from a distance, as well, so that they are secure.

Your teenager is probably jumping for joy at the idea of moving into adulthood independently, but you may not be. To help them fly the nest you need to prepare yourself along the way. Separation is a difficult thing for parents to deal with, not just children, and you may yourself struggle with the idea of them leaving your home. If you arm yourself with the right financial information and do your own research, you can ensure you are well-prepared for the changes ahead.

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Supporting Your Children When They Move Out

February 17th, 2017 Posted in Money Tips, student debt
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Moving out of your parent’s home seems like a hip thing to do now for young adults, but there are also some good reasons for doing so besides having independence. Learning to live on your own and be self-sufficient is one of life’s great trials. Most people don’t want to be forever dependent on others and throwing yourself into the deep end by getting a home or moving out is a great way to learn how to take care of yourself.

Many children get used to their homes and, as a result, they don’t always feel like moving out until they start to demand privacy. There might also be other factors, such as schooling or job opportunities that are further away from your home. Whatever the reason your child decides to move out, you can help them pick out the right home and also give advice on how to take care of themselves. Here are a couple of tips to help them settle in and ways to support them in their move.

Supporting your children when they leave home - cute house image

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Discuss Their Options

When your child expresses interest in moving out, you have to discuss their options with them. A young adult probably doesn’t have the money to get a mortgage or the income to sustain renting a place for a long period of time, and unless you have the money to pay the rent for them, you probably won’t be able to assist financially. There are plenty of benefits and welfare money that you can collect depending on your location, but they might not be enough. The first hurdle is finding a property on real estate websites. Take a note of how much a home costs or how much rent is needed, and teach them about how to calculate mortgage repayments and what it means to have a job.

The alternative option is when they move out for university or college. Student loans should be able to help pay for things such as rent and food while your child studies away from you. However, remind your child that student loans need to be paid off, and any additional money they get will most likely have to be paid back.

Supporting Their Move

There are many ways to help your child settle into their new location once they have moved in. If it’s not too far away from you, then consider making regular visits, such as once every few days and then dialling it back to once a week, and then once every two weeks and so on. If you feel like you’re intruding on your child’s privacy, then don’t worry too much about visiting. Instead, send them messages and ask them how they’re doing.

If you are used to cooking for your child, then consider cooking up some meals and storing them in tupperware boxes to give to your child. Don’t make them rely on your home cooking, however. Help them sort out their grocery shopping and teach them a few cooking basics so that they don’t always rely on fast food and takeout deliveries. You want to teach them the value of good cooking and you can ideally do this before they move out so you can share a kitchen together and teach them how to make their own meals and how to do the shopping.

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