Tip of the Week
With a slowly growing economy and a still sluggish job market, there has been a continued increase in children moving back home after having lived independently on their own. These so called "boomerang kids" are popping up more frequently and when this situation is managed improperly, it can cause serious tension in a family. However, many parents are viewing this "boomerang" as an opportunity. It can allow youth to begin saving money for the future, continue a job search or to get out of debt, but only when expectations are clear and roles are known.
Patrick Egan, chief retirement spokesperson for Thrivent Financial for Lutherans says, "This is not necessarily the troubling scenario it was once thought to be and this can actually be a very productive time for both children and parents if it's handled well. When children move back home a closer bond can form between young adults and their parents, and this can lead to the young adults receiving financial, practical and emotional support from their parents."
Egan says reviewing these tips can smooth the transition and can guide both the child and parent through a tough time:
1. Set expectations: Discuss with your child how much he/she should contribute to household expenses and tasks. A key to making the transition easy on everyone is having clear expectations for everyone involved both financially and otherwise.
2. Review your insurance and taxes (and theirs): Save time and money by seeing if your boomerang child is covered by your health and/or car insurance. Also see if you are able to claim your child as a dependent.
3. Consider having them "pay rent": Consider having your child pay rent or at least a token amount for living expenses. This gets the child into the habit of paying a monthly amount. Or have a set amount of money go into a saving account monthly that the child could later use for a down payment on a house or car.
4. Help them keep busy: While waiting to get hired, your child could continue to expand their resume. For example, remind them to consider volunteering, joining a professional organization, connecting with a networking group or participating in an internship, even if it's unpaid.
5. Focus on your own finances first: You may be tempted to use retirement dollars toward financial assistance for your child, but don't derail your own financial plans. Make sure your savings and retirement plans remain intact. Not sacrificing your own livelihood and continuing to invest in important options like life insurance, disability income insurance and long-term care insurance is critical to maintaining your overall financial health.
Family Movie Night
Looking for a good Christmas show on TV? Here’s a look of some of what’s on in the days leading up to Christmas.
- Dec. 21
Christmas in Washington, TNT
Four Christmases, TNT
Grandma Got Run Over by a Reindeer, The CW
The Happy Elf, The CW
- Dec. 22
A Chipmunk Christmas, ABC Family
Mr. Magoo's Christmas Carol, NBC
- Dec. 23
The Bishop's Wife, TCM
- Dec. 24
A Christmas Story, TBS
The Christmas Eve Mass From St. Peter's Basilica, NBC
Christmas Is Here Again, The CW
It's a Wonderful Life, NBC
The Santa Clause 2, ABC Family
Shrek the Halls, ABC
- Dec. 25
Disney Parks Christmas Day Parade, ABC
Dr. Seuss' How the Grinch Stole Christmas, ABC
Doctor Who Christmas Special, BBC America
King of Kings, TCM
"A Christmas Carol," by Charles Dickens
Ages: All ages
Synopsis: One of the best-loved and most-quoted stories of "the man who invented Christmas" - English writer Charles Dickens – "A Christmas Carol" debuted in 1843 and has touched millions of hearts since. Cruel miser Ebeneezer Scrooge has never met a shilling he doesn't like - and hardly a man he does. And he hates Christmas most of all. When Scrooge is visited by his old partner, Jacob Marley, and the ghosts of Christmas Past, Christmas Present and Christmas Yet to Come, he learns eternal lessons of charity, kindness and goodwill. - Random House Publishing Group
Did You Know
According to a review of studies published in the International Journal of Obesity, children who are born via C-section are more likely to be overweight than children who are born vaginally.
GateHouse News Service