Kerryn Boogaard Kerryn Boogaard
Beverly Goldsmith Beverly Goldsmith
Zoe Bingley-Pullin Zoe Bingley-Pullin

How Can You Support Your Child Once They Fly the Nest?:

This is your simple way of helping your child adjust into being independent.
By Expert Tips
Date: September 11 2018
Editor Rating:
Motherpedia cover

Data shows that Australian children are choosing to stay at home for longer than they used to, in order to save money on rent. In the last five years, the amount of time that mid-20 year-olds are living at home for has increased by six months.

Particularly in New South Wales, Victoria and South Australia, it’s more common to see grown-up children living with their parents, because the price of rent is often too much for them.

So what happens when it’s time for your adult child to fly the nest and get their own place? Even if they’re moving overseas for a year - whether for school or for work - how can you feel sure that you’ll be able to financially support them where necessary? This can be an anxious time for parents, so the following tips should help to alleviate some of your concerns.

Use Faster Online Money Transfer Services

Sometimes an emergency arises and parents have to come to the rescue. Bank transfers can take too long and charge a high fee, especially if your child is living abroad and you need to transfer money overseas as soon as possible.

You can now send transfers in a flash - and your money can land in an international account immediately. Get the best rates for overseas money transfer online, so you know that all of your money is going where it should go; in your child’s account, not a banker’s back pocket.

Always be on Hand to Offer Advice

No matter how old or independent your kids are, they’ll always need to consult mum and dad for advice. Let them know that you’re always available for a FaceTime, phone call or a text, so they don’t feel lost out there on their own.

Offer your expert guidance when it comes to careers, especially. This is the time for your child to learn to stand on their own two feet, and it’s your role to prepare them to take the best direction in life. After all - you don’t want to have to pay for your kids forever, though it’s good if you can be there as a supportive security blanket when things do go wrong!

Prepare Early

It’s a good idea to set-up a savings account for your child when they’re just a few months old. You can establish a direct debit into this account for regular savings, and it’s easy to choose an amount that you won’t notice too much when it’s missing from your own account each week. Choose a milestone - 21st birthday, first home or wedding, for example - and release the funds to your child when they hit it.

Remember, an average of 75% of parents support their grown-up child financially. There’s no shame in giving a hand when they need it. Just be sure you get the balance right, so they can learn how to have financial independence, too.

Share This Tweet This Email To Friend
Recent Comments
1 Total Comments
Sabrina Salinas says: 2018 10 01
Rating:

Faster Online Money Transfer Services is always my first choice. Thanks a lot

View All Comments
Post a Comment
* your email address will not appear

Please enter the word you see in the image below:


Post a Comment
* your email address will not appear

Please enter the word you see in the image below:33343


Your Comment has been posted
Related Articles
piggybank
The piggy bank and beyond
Read more
girl_with_money
Show your children good money and financial habits to help…
Read more
Cry babies

Dry your eyes!
The newest additions are on their way from the Babies who cry real tears!

Shipping-containers-freight-wallpaper-preview

Latest Tech Used In Shipping Containers
Read how the shipping industry has revolutionised

Motherpedia cover-2

Win 1 set of a 4-book hardcover illustrated boxed set
Barbara Murray’s new 4-book Sound Stories is perfect for parents and educators and could assist with NAPLAN results

Motherpedia cover (4)

Where to celebrate Oktoberfest Australia
Get ready for this celebration!

Motherpedia cover-4

A Fortnight of Foodie Experiences at East Village
A taste of East Village. What's in it for me?

Globber my too fix up cover

We Try: Globber My TOO Fix Up
A scooter that grows with your child

Throw a winning cricket pitch

3 Steps to a Winning Backyard Cricket Pitch
Ex-Adelaide Oval legend curator Les Burdett shares his tips for getting your backyard cricket pitch test match ready this summer

A bike that follows your kids life cycle - motherpedia - cover

A Bike That Follows Your Kids Life Cycle
Check out the Bunzi 2-in-1 gradual balance bike!

Moonlight lifestyle

Moonlight Cinema to bring…
Moonlight Cinema announces brand new Western Sydney venue

Screen shot 2019-11-26 at 8.29.12 am

Your Magical Christmas Wonderland…
Adventure park is about to light up the night sky with its "Christmas Festival of Lights"

Screen shot 2019-11-21 at 11.11.36 am

The Preston Market Gets…
It's time to feel pumped up for the holiday season!

Bruno-kelzer-zqzuigxcvrq-unsplash

Bunnings team members get…
Help raise funds by buying a snag or donating at your local store.