10 percent more adult children moved back home this year
HOUSTON - 32 million Americans now live with their parents or grandparents, a ten percent increase this year.
The return home after losing jobs or college campuses closing is putting the pinch on family finances. "I think it probably has been more difficult for him than the rest of us. He's my baby, so I'm to happy have him home and being able to see him every day," said Joi Bailey-Green.
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Her college-age son Warren has returned home while taking his University of Houston classes online. Bailey-Green says the biggest change is her grocery bill.
Reading, PA - September 3: Tessa Beck, from Palmyra, NJ, an Occupational Therapy major and an RA, in her room at the DoubleTree. At the DoubleTree by Hilton Hotel on Penn Street in Reading Thursday evening September 3, 2020 where Alvernia University
"He has a job himself, so he pays for a lot of his expenses. My primary expenses are just kind of incidentals for him, and of course the increase in food," said Bailey-Green. "You're also going to see a change in the utility bill because you're going to have more people at home," said Certified Financial Planner Bobbi Rebell with the Tally money management app, who also had an adult child return home from college.
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Rebell says for families already struggling to make ends meet, it's okay to ask an adult child to help pay some bills.
"Have those discussions, be more candid. Your children may not know this is a financial pinch for you to have them at home. So as much as you feel comfortable, try to be open with your children," said Rebell.
And Rebell says if the adult child isn't paying rent, it's a good time to save up for school or to move-out later. "So they have a downpayment for rent, or maybe they aspire to buy a home. They can start banking money to buy a home when they're done with school," said Rebell.
And Bailey-Green's advice? Foster the adult child's sense of independence.
"I don't want to diminish the opportunities for him to have that independence, that growth, and development that comes from being away from home," said Bailey-Green.
It's also a good idea to encourage your adult child to use this time to pay down student loans or credit cards. Tally offers an app to help you determine how to pay off debt the fastest.