With millions of Americans losing their jobs because of the pandemic, there’s a chance someone close to you — or you — will be impacted as well. One tricky situation to arise from all these job losses is when an adult child is affected. Here are some steps to take should your adult child lose their job during this pandemic.
Before doing anything, ask your adult child if they even want help. As USA Today notes, don’t assume that they do. Remember that they’re adults and might want to make their own way, no matter how difficult it might be.
Open the Door
If your adult child does want help, allow them to move back home for a short period of time. Make sure you set guidelines with them first, but letting them move home is key. This will give your child the chance to save money and slowly build back toward financial independence.
Give Advice When Needed
Resist the temptation to help your child with their job search. If they need help, they’ll come asking for it. If they do, feel free to connect them to any contacts that might help them find employment.
When your child does find another job, stress the importance of saving beyond fixed expenses. If they can, have them save a bit above three months worth of fixed expenses. That way when your adult child does move out, they don’t have to struggle all over again.