Now no chastening for the present seemeth joyous…Hebrews 12:11
DISCIPLINE ISN’T MUCH FUN – IT’S TOUGH LOVE
As parents we need to teach our kids how to handle financial responsibility. But what do you do when they are young adults and already in a sea of debt? Well, here are 3 ways you can help them without jeopardizing your own nest egg:
1. Pay only specific bills. Throwing money at their problems is never a long term solution. For “survival” expenses like rent, food, utilities, and medical, you can pay, or write a check to the specific creditor. However, when their major problem is credit/recharge card debt, fueling their car etc, do nothing. They need to learn that those are luxuries, not necessities.
2. Establish ground rules. When your adult child moves back home you need to establish: (a) how much they will be contributing towards household expenses; (b) how long this living arrangement will be necessary; (c) if they are unemployed, ways they can pull their weight around the house while they look for work.
3. Think twice before co-signing a note- Guarantor’s form: Read between the lines and let your young adult know all the implications before you sign a referees form. God says, “Discipline isn’t much fun…(but) later it pays off”. While holding kids accountable can seem hard, in the long run, you both end up wining.
To do less, is not love!
ONYENWEANYI NO N’OLU