Young adult launching, need advice re: finances
Hi community,
I'm wondering if those of you whose kid has recently graduated from college might share some of your expertise. Our child is a senior, and has been supported throughout, along with working a little and over the summers. We are having some trouble conceptualizing the transition from us completely supporting, to them supporting themself. When we graduated college (oh so long ago) things were so very different, our parents did stop all support that month, but we easily found places to live and support for graduate school. Now, that prospect appears daunting!
Did you continue to support your child (rent, food, etc.) until they found a job? Have them move in with you until they found a job / apartment? Do recent college grads (not in tech or engineering!) even find well-paying jobs that allow them to find housing here in the Bay Area? If you continued to support them, what was your process for having them take over payments? (How long did you continue to pay for x, y, or z)
We've wondered also if there is any kind of consulting, advice, or counseling that you’ve used or you know about to help families sort through these issues. Any recommendations there?
Appreciate your help.
Parent Replies
Most of the young adults I know have lived at home until they found a job that paid enough to move to an apartment. The parents have paid for food, health insurance, and cell phone while the child is at home, and most continue to pay for the health insurance and phone after the child leaves. That said, in most cases, the young person has wanted to live with friends, or other young people and has figured out how to make that happen in 3 months to two years. I think it would be quicker if rents weren't so high in the inner bay area. The main problem has been if the young person gets depressed and/or starts using substances excessively. Then a therapist is necessary.
There don't seem to be many well-paying full-time jobs for graduates who aren't in tech -- most of the young people I know are managing a variety of part-time jobs, or badly paying full-time jobs, and living with roommates and/or romantic partners (or both.) In our situation, I hope that reality will motivate the desire to go to graduate school for a professional degree. (Our grad finished a year ago.)
One caution -- Some have returned home for relatively short periods after losing a job or ending a relationship, so be prepared for that.