We love you but . . . it’s time to think about leaving.

Ahh…springtime! The birds are chirping, the grass is growing, and the world is in bloom. As with most of nature, there comes a time when the young must strike out on their own. The baby birds must leave the nest, the cubs must leave the den and, most importantly, for everyone’s sanity, your children will eventually need to move out of your house. The birds and bears have it easy – unlike ducks and humans, they do not have bills. 😊

Helping a child to successfully establish independence is never easy, and more challenging now. Rent prices are through the roof. College loans, car loans, medical insurance, and the dreaded credit card bills (thanks to Uber and Amazon) can make the financial aspect of leaving home seem very scary at the least.

However, all is not lost! There are some things that you can do to help your child get ready and prepare for life outside of your house.

Following are some of the basic ideas (a starter checklist) of areas to help you and your child with the “move out” process. Whenever possible, the tasks should be done together.

1. Help them set move out goals.
   • Where do they want to live?
     • Is it convenient for their job?
     • How far away from family/friends?
     • In a safe neighborhood?
   • What type of apartment would they like and can afford?
   • Roommate or not?
   • Set a “move out” target date.
2. Help them set up a budget.
   • Identify the necessities and their associated costs.
   • Educate them on what it means to live within their means.
3. Discuss basic life skills required to “live on their own.”
   • Grocery shopping (on a budget)
   • Cooking
   • Laundry
   • Cleaning
4. Determine a Starter Kit of items they will need.
   • Kitchen essentials
   • Furniture
   • Bedding, (i.e. pillows, sheets, etc.)
5. Help them find a future roommate, if necessary.
   • Develop a list of things to look for and a list of things to avoid in a roommate.
   • Help them design a roommate agreement (perhaps with the help of an attorney – just watch Judge Judy to see why).
6. Look at refinance options for student loans they may have.
   • If you have the funds available, consider becoming a “friendly creditor” (with the proper loan documentation, of course . . . again, just watch Judge Judy).
7. If they won’t be moving out for some time, think about charging them for room & board prior to their move out date.
   • Help them get used to having to pay an obligation every month.
   • Possibly accumulate the funds collected. These can be used to help them pay for a deposit on their new place.
8. Help them establish credit, if needed.
   • Consider being a co-signor, but with a limited credit line to start.
9. Help them understand medical insurance options.
   • Note: Children can typically stay on their parent’s plan until age 26.
   • Evaluate alternative plans and/or help with the premiums.
   • Is there an option to join a plan sponsored by their employer?
10. Discuss other “How To” financial basics. 
    • How to take advantage of employer benefits.
    • How to set up a regular monthly savings plan (pay themselves first before their money gets spent).
    • How to take advantage of prudent incentives, like credit card and healthy living points that earn cash, or cash-like rewards.
    • How to set up and maintain an emergency fund.
    • Options for second job or side gig to supplement.

This last area is very important. We need to make sure our children are educated and familiar with basic finances and investments. Courses in these areas are available in high schools, colleges and online. (https://www.fitmoney.org/athome, for example). Financial literacy has never been more important!

Remember, one of the best ways to get someone motivated and committed to a plan of action is to get them intimately involved in developing the plan. The “moving out” experience can end up being positive for both parents and child. At the end of the day, their success is your success.