Should You House Your College Student at Home?

The time for college has come, and your child has decided to attend college locally and to continue to live at home in order to save money.

Overall it can be a very good decision, but your child is no longer a child, and the rules will begin to change. To lessen stress, take account of the following tips:

Do them a (Financial) Favor

You want to avoid the image that your child has a free ride just because they're living at home, as they were as children. Financially you could use this opportunity to help them out.

Most college students are not in a position to buy a home; they must rent or live at home. Since they won't be bringing in a lot of money while they're in school, they can't really afford to live on their own by themselves. You could offer them a rental situation, where they could pay a specified amount (something they could easily afford) with a food allowance thrown in, and then save that money for them for later on. When they graduate, there's a fund waiting for them so they can afford a down payment on a new home of their own, or pay off more of their school loans.

This will get them into the habit of making a rental or mortgage payment on time, and prepare them further for living on their own responsibly. They will still save money on finding an apartment, and your positive family relationship can continue.A quick caution here...it can be tempting to take the money they give you and use it in your own household. Resist this if you can financially do it. The benefits in the long-term are greater than what you may get short-term. They're going to ask you for money when they buy their first house anyway. Why not give them back their own money instead of having them use yours?Failure to Launch

If it's time for them to move on, but they're reluctant to do so, you can simply raise the rent equal to the amount that they would pay to live in an apartment or home of their own. This would provide great impetus for them to find their own place, since you will have a harder time providing that privacy that adults crave. If they choose to stay, it's under terms that are beneficial to both parties

Power to the (Young) People