How young adults can plan an exit strategy from living with pare - FOX 26 News | MyFoxHouston

How young adults can plan an exit strategy from living with parents

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HOUSTON - You promised yourself this would be temporary, but now six months has rolled into a year, and it’s tough to say goodbye; yet you know it’s time to go. Or maybe you’re that parent who’s ready for your adult child to make a move? Well, on this Independence Day, author and financial coach Charlotte Stallings has some recommendations to help you plan your exit strategy.

Pay part of your way
  • Contribute to household expenses
  • Develops habit for paying rent
  • Determine fair amount
Get finances in order
  • Build emergency fund
  • Pay down debt
  • Clean up credit report
Plan an actual exit strategy
  • Set departure deadline
  • Plot out steps
  • Calculate and set budget
What should parents do?
  • Charge rent & collect monthly
  • Be a strict landlord
  • Set a deadline & stick to it
  • Help them get organized
  • Gift or loan deposit/down payment
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