Managing a Multigenerational Household Today
Just last week the government announced that the worst recession that has hit the United States since the Great Depression has ended. The economy is showing signs of improvement, and action on Wall Street is picking up. But even with all this, unemployment remains high (nearly 10% in September), and many Americans are jobless and without homes. So, what are they doing? They are moving back in with their parents. And, though multigenerational households are extremely common in many countries—they are not in the United States.
In May, AARP released a study that more than a third of retirees have had to help out at least one of their kids with their bills in the last year. Even more, the number of multigenerational households (grandparents, kids and grandkids) has increased from 5 million in 2000 to 6.2 million in 2008.
Many of my clients are at retirement age, and many of them are finding themselves in these types of situations. They have to help their kids out on many occasions—from being a cosigner on a home to helping raise their grandchildren or becoming their sole guardians.
As parents, we are willing to do anything for our children. And, as children, we have this thought that we can always move back home if we find ourselves unable to take care of ourselves.
Transitioning from independence to a multigenerational household can be difficult for both parties involved. For children, it is a sign of losing independence (something we all strive to be). And, for parents with adult children, it can be overwhelming, tiring and financially draining. But, there are ways to manage a multigenerational household, ensuring that all parties involved are contributing to the home.
So, if you are considering moving back home, keep in mind the following:
• Be thankful and gracious: When things get hard, it is very easy to pack your things and move back home, but remember to be grateful to your parents who are willing to make adjustments (physically and financially) to have you return home. Don’t take advantage of their kindness, but instead maintain some sort of financial security. If you can, keep up to date on your credit card bills, car insurance and payments, and any other personal expenses.
• Contribute to household expenses or help out around the house. Help where you can—whether it’s helping out with the groceries or with household chores.
• Develop a financial plan and review it with your parents: Your goal is to regain your financial independence, which means developing a financial plan with realistic goals. Review your current expenses with your parents, see where you can make adjustments in your budget and have a savings goal.
• Secured a job now save: This is very important. If you have been able to secure a job then don’t move out right away. Consider staying at home for awhile, and rebuild your savings.
If you are a parent with adult children at home, consider the following:
• Review household rules: Though, you may love having our kids return, they have created a lifestyle for themselves that maybe different from yours. Collaborate on household rules to make living together comfortable.
• Help them get back on their feet: As a parent, you raise your children to become independent, but when your child is left without a job, and unable to provide to his or her family then they need help from you. You have already taken the first step by welcoming them back home. The next step is to help them get back on their feet. Work with them on a budget that incorporates a savings plan.
• Have ways for them to help out either monetarily or with household chores: It is very easy to provide for your children when they return home, but remember they are responsible adults. Seek out opportunities for them to contribute to household expenses or doing chores around the house.
This is a difficult situation for everyone, so EVERYONE must tread lightly and be respectful. Helping someone when they are down can be one of the most rewarding things you can ever do.
Are you a member of a multigenerational household? Tell us about your experiences.
Twitter
Facebook
families are now forced to move into multigenerational/family households, grandparents are now watching the kids during the day rather than Daycare Centers and we now have many more three generations sitting around one dinner table, wondering how they’ll make next months rent.Bridges To Recovery
Multigenerational houses are good, kids do understand family morals, i would love to spend my childhood with my grandpa and grandma.
Nice information, this really useful for me. Thank for sharing
thanks for reminding me back on my family
Its a good information for the family relations and very interesting article too and keep up the good work….
The better family then it will make the better children in future.
Multigenerational Household is not so bad indeed. In many countries it is quiet common. Every person need a place where he can return. Members of a family should cling together in times of trouble.
Many of my clients are at retirement age, and many of them are finding themselves in these types of situations. They have to help their kids out on many occasions—from being a cosigner on a home to helping raise their grandchildren or becoming their sole guardians.
Nice information, many thanks to you. It is comprehensible to me now, but in general, the usefulness and significance is overwhelming. Thanks again and i look forward to more updates from you
“In May, AARP released a study that more than a third of retirees have had to help out at least one of their kids with their bills in the last year.”
Although this is a very nice thought, I do believe that the younger generation is taking advantage of their grandparents.
Even today I see Indians living together with their parents, uncles, aunts not because they cannot afford it but because that’s their culture, and I must say it feels like thanksgiving or Christmas everyday :-)
its great post..thanks for your share
Its a good information for the family relations and very interesting article too and keep up the good work….
They have to help their kids out on many occasions—from being a cosigner on a home to helping raise their grandchildren or becoming their sole guardians. ...Nissan Xterra Supercharger
Nice information, many thanks to you. It is comprehensible to me now, but in general, the usefulness and significance is overwhelming. Thanks again and i look forward to more updates from you.
Multigenerational Household is not so bad indeed. In many countries it is quiet common. Every person need a place where he can return. Members of a family should cling together in times of trouble. its great post..thanks for your share