Supporting grown kids requires a thoughtful approach to ensure they become self-sufficient. Mindy Oglesby, a certified financial planner, emphasizes that setting up young adults for independence starts early, even while they are still living at home. This involves teaching financial literacy, encouraging them to manage their own money, and providing guidance on budgeting and saving.

Oglesby suggests that parents should involve their children in financial decisions from an early age, allowing them to understand the importance of saving and the consequences of overspending. This approach helps young adults develop healthy financial habits, which are crucial for their future success. Additionally, parents should consider setting up a budget that includes contributions from their children, helping them learn to manage their own finances. By doing so, parents can ensure their children are prepared to handle financial responsibilities on their own when they leave home.

Furthermore, parents should be mindful of their own financial habits and avoid overindulging their children. This includes avoiding the “financial helicopter” syndrome, where parents provide excessive financial support, potentially hindering their children’s ability to develop self-sufficiency. Instead, parents should aim to strike a balance between supporting their children and encouraging them to become financially independent. By adopting these strategies, parents can help their children develop the skills needed to thrive financially in the long term.