Alert
Close

Get Free Help Preparing Your Taxes From AARP Foundation Tax-Aide. Find a location

Highlights

Open
Renew for 3 and attend Life at 50+ for free
You Could Choose Your Dream Vacation
Happy African American couple

Contests and
Sweeps

AARP’s Superstar
2015 Contest

Sing for a chance to win $5,000! Enter AARP’s Superstar 2015 Contest!
See official rules.

Driver Safety

Piggy bank on the road - AARP Driver Safety

Take the new AARP Smart Driver Course!

AARP Books

Visit the Money Section

Enjoy titles on retirement, Social Security, and becoming debt-free.

Jobs You Might Like

most popular
articles

Viewed

Don't Give Your College Graduate a Free Ride

If you help, insist on rules and discipline

Rules, rules, rules

Financial adviser David Latko, author of Everybody Wants Your Money, says parents getting this call must insist on "rules, rules, rules." Here are a few of his:

  • Create an "exit strategy" by determining how long a child may live at home or receive your monetary support.
  • Establish a dollar limit at the Bank of Mom and Dad. Once that maximum amount is reached, no more money will be given until the original amount is repaid.
  • Create a signed, notarized contract when lending money so that loans do not become gifts if a child gets married or divorced or if a death occurs.

Period of adjustment

Fifty-one-year-old Thomas Stock of Crystal Lake, Ill., is adjusting to his oldest daughter living at home again after her graduation from the University of Illinois. For now, Caitlin has the temporary use of a family car as she begins a sales job with a technology company.

"I told her, don't worry about rent," says Stock, a financial adviser. "Get a car. Make that payment. But — and that's a big but — I want to see some savings. I don't want to see her partying all the time."

His generosity may also have a time limit. "I am thinking in six months let's reevaluate and see how it is working for everybody," he says.

You may also like: Providing financial support to adult children. >>

Andrea Downing Peck is a Bainbridge Island, Wash.-based journalist who writes about family issues.

Topic Alerts

You can get weekly email alerts on the topics below. Just click “Follow.”

Manage Alerts

Processing

Please wait...

progress bar, please wait

Tell Us WhatYou Think

Please leave your comment below.

The Cheap Life

Jeff Yeager Cheap Life Ultimate Cheapskate AARP YouTube web series save money

Catch the latest episode of The Cheap Life starring Jeff Yeager, AARP's Ultimate Cheapskate. Watch

Discounts & Benefits

From companies that meet the high standards of service and quality set by AARP.

membership benefit financial college aarp

Advice on saving for education from AARP® College Savings Solutions from TIAA-CREF.

AARP Credit card from Chase

Members can get cash back rewards on purchases with the AARP® Credit Card from Chase.

member benefit aarp financial service auto insurance

AARP® Auto Insurance Program from The Hartford offers members no-cost quotes.

Member Benefits

Join or renew today! AARP members receive exclusive member benefits & affect social change.

Advance your skills. Transform your career.

Explore your learning possibilities.