How to financially support your adult children without breaking your nest egg

By:Michelle Fox

"If parents aren’t careful, financially supporting their adult children could harm their retirement — and damage their kids’ own financial development.

Of course, living in the time of Covid-19 brings its own set of unique circumstances. Parents may want to help. They’ll just have to make sure they do it right.“They cannot under any circumstances put their own retirement at risk,” said certified financial planner Tom Henske, a partner at Lenox Advisors in New York. “There is always another option.“Even if that means that their kids come to live with them rent-free while this is going on — that is better, because once the money is spent, it is not coming back.”" Excerpt from article

If you are giving money to your adult children, here are four strategies to safeguard your nest egg and your children's financial future.

1. Be specific about your intentions. ...
2. Consider a loan instead of a gift. ...
3. Help them craft a budget. ...
4. Welcome them home.

Financial independence: How to break up with your parents

By Better Money Habits in partnership with Khan Academy

"Let’s face it: Adulting isn’t always easy. Managing credit cards, paying off student debt and budgeting—all without help from mom and dad—can be overwhelming. Yet in a recent Bank of America/USA Today survey, nearly 40 percent of young people said it’s financial independence—such as paying rent and having your own health insurance—that really makes you feel like an adult. Luckily, you don’t have to go full grown-up right away. You can get there step by step."

Excerpt from article

What Are The Best Ways To Help Aging Parents Financially?

By Women Who Money

"Whether you’re just starting to take control of your finances or already working toward financial independence, you might also be thinking about a common financial fear – your aging parents and their money.Are they financially prepared for retirement?Is their retirement plan to just keep working?Will they need your financial help?The answers to these questions – and more – are on your mind.Staying focused on your own financial future is important. But as parents age, they often need some level of assistance with their finances from their children." Excerpt from article

7 Habits to Help You Reach Financial Independence

By By Joe Udo

"Financial independence typically means having enough income to pay your living expenses for the rest of your life without having to work full time. Some people achieve this through saving and investing over many years, while others build successful businesses that can generate income without daily supervision. There are many ways to reach financial independence, and it’s not just for the wealthy. Here are some wealth generating habits that can make financial independence a part of your future:" Excerpt from article

PocketGuard: Personal Finance, Money & Budget

PocketGuard is a free app that makes it easy to take control of your personal finance and stop overspending. Its intuitive money management tools help you make a budget, track spending and build savings automatically.

PocketGuard boils budgeting down to the only thing many users want to know: how much they have for spending. It crunches the numbers to show how much money is available after accounting for bills, spending and savings goal contributions. All users can view how much money is left “in my pocket” for the day, week or month. Those who want to dial down farther can track certain categories of spending — like groceries, clothing or eating out.