The time that you stop supporting your teenager or young adult will vary from family to family. Some families will help their children through college, and others expect for them to provide for themselves after high school. It is a personal decision for each family to make, but it is important that your teenager know what your decision is, long before the time comes.
If you are expecting your child to become financially independent shortly after graduating from high school you will need to make sure they have the necessary skills to manage their money. (In fact most teenagers need the skills at this time as they move away to college.) It is important to take the time to talk to your teenager about the monthly obligations that he will need to make. You should be available to answer any questions that he may have as he goes out on his own.
If you are planning on helping your child through college you will need to sit down and discuss how much help you are willing to give. Some parents will foot the entire bill including housing and spending money. Others are willing to pay living expenses or tuition. Others are willing to pay a certain amount each month, and then expect their children to make up the difference.
This is a personal decision for your family, and the answer may vary based on your own financial situation. It is important that your child knows just how much you are willing to help each month, and that she learns how to budget that money accordingly. You can set up an account transfer once a month or just send a check. It is a good idea to let your child begin to budget the money and be responsible for paying the bills.
You may also want to set up guidelines if you are planning on supporting your child through school. You may decide that you are only willing to help him receive his bachelor’s degree, and if he wants to pursue more education after that he is on his own. It is wise to set up a time frame in which you are willing to help. You may be willing to pay for five years of college, but want to stop after that. This can help a child make up her mind about her major. You may also want to set grade expectations for continued financial help.
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