Parenting is expensive. From diapers and formula to preschool and summer camps, travel hockey, gymnastics, clothes, shoes, computers and electronic gadgets — then on to college — families today spend mega bucks raising children.
So what would you think about letting your gainfully employed, college-graduate child live with you for four years after earning that degree? Would you do it to help them get a leg up? Or do you see it as a time for them to fly the coop? A time for you to take back your bank account?
I read a fascinating blog on Movoto.com by a young man named Chris Kolmar. He laments that he jumped out of college into his own apartment — and all of the expenses that came with it. So four years later he has negligible savings and is no closer to one of his main goals — buying a house.
And because he kept a detailed spreadsheet of his expenses, he was able to calculate how much money he would have saved by living with his parents. Ready for this? $85,000. This is based on his calculation of saving $1,800 a month and investing it at 4 percent.
He would have saved not only on rent, but also on groceries, utilities, electronics, cleaning supplies, and all of those items you need to live, like toilet paper and bath soap. Plus he would have reaped non-monetary benefits, like enjoying his mother’s cooking instead of frozen pizza, and having a premium cable package and wifi at his disposal.
The one thing he doesn’t say is whether his parents would have been OK with him living at home (and letting his mom wait on him). How about you? Would you be willing to support your income-earning, college-graduate adult child?
Of course there would have to be definite rules established. A pre-determined amount of Johnny’s paycheck (read: most of it!) would have to be untouchable, going right into that savings. And Susie can’t take advantage of your generosity by going out and spending her money frivolously, which could be a bit dicey to regulate.
Am wondering how many of us would be willing to do this? Definitely food for thought.