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Mother and adult daughter are comfortable with their financial independence

As a parent, you never want to see your children struggle with money problems. That is why you may sometimes feel comfortable giving or loaning them money to help them get by.

But while it's normal to help them with money sometimes, you don't want to be their only lifeline as they stretch their wings and live their own lives. You need to figure out how to stop enabling your grown child when it comes to money matters. 

That's why it's important to help them learn to handle their finances on their own. By following these tips, they may even achieve what every parent hopes for: greater success than you could have ever dreamed for them. It is never too late to decide what to do about grown children who expect money. 

Foster Independence Early

If you don't want to be the bank your adult children rely on in the future, make sure you let them know as soon as possible that you'll be cutting them off from your finances. If you can start with this subtle nudging in their teens, they'll understand by adulthood the need to be independent.

One way to ensure your offspring understand the necessity of their own independence is by underscoring your need to save money. Unless you're a CEO of a Fortune 500 company, you probably have some concerns about your retirement planning. Explain to them early on the importance of securing a comfortable retirement, and how regularly contributing to their finances could hurt your retirement potential.

Help Them Develop a Budget

An important tool in any financial arsenal is, of course, the carefully crafted budget. If you're a longtime budgeting pro, it's time to impart your wisdom to your adult children.

Go over the basics of budgeting, explaining the various necessary categories they'll need to focus on each month, as well as the importance of savings. If they can't create their budget on their own, you may have to guide them along in the development.

Afterward, check up on them as often as possible. Remind them to maintain that budget and of the benefits of following it consistently each month. Their long-term rewards may be stunning.

Devise a Plan of Action

Do your adult children have any form of regular income? Do they have debt? Do they understand the importance of investing for their future and eventual retirement?

If your adult children need help with their money and are willing to take advice from you, sit down with them and discuss the importance of financial stability.

Once they grasp the importance of budgeting, the rest should follow. Identify the key items of importance for them to focus on managing properly, and have them commit to success.

Offer a Loan Instead of a Gift

Sometimes your children may be in a bind. They suffer a medical emergency that sends bills skyrocketing, or they can't pay for child care without assistance. In these cases, you want to help as a parent. It feels like the right thing to do, but giving them the money sends the message that you are always there to bail them out. 

Instead, consider loaning them the money. Your child will get the cash they need right away to take care of the issue. And you don't have to feel bad about offering no-strings-attached money that teaches your child the wrong message. 

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Establish firm parameters for paying back the loan. You may even charge interest on the money you lend them. Make it clear that this is not charity, and you expect to be paid back. Set up a monthly payment schedule or agree to a date when the entire loan must be repaid. 

Approaching the issue this way will help your child learn responsibility. It also underscores that you are no longer responsible for their financial well-being. Your children need to know that while you have their backs, you also have their long-term interests in mind, and the best way for them to thrive in the long term is to develop independence. 

Giving Adult Children Money the Right Way

Occasionally, you may want to gift your adult children with money. Will this set the wrong tone? Should you skip this gift? Not necessarily. You just have to deliver the funds the right way. 

Make sure you don't give money at the same time every year, setting your kids up to expect and depend on that money. Make presents of cash to your children the exception rather than the rule. Give when you get an unexpected windfall, such as a larger-than-expected tax break or an investment that does particularly well.

Make the money a surprise rather than something they rely on, such as a birthday check or cash in a card on a holiday. When you deliver these little presents, they become a nice bonus rather than a piece of income your kids count on to make ends meet. 

Consider an Online Personal Loan

Do your adult children need money? Here's how to help. Direct them to a source that can offer assistance. 

If your children fall on unexpected hard times financially and you are not able to cover their expenses, tell them to consider the quick and easy cash they can get from a lender like Atlas Credit.

Atlas Credit provides personal loans ranging from $100 to $1,400 to borrowers with good credit, bad credit, or no credit at all. Such a loan can be paid off in 5 to 12 months, depending on their financial situation and money goals.

By discussing options like applying for a personal loan online or at an Atlas Credit location in Oklahoma or Texas, they'll be better prepared for whatever life may throw their way!

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