Stop Spending on the Kids
Parents, this one is probably going to be the hardest step. But hear us out! You have to stop spending money on adult children. Some of your kids may be going off to college. Others may settle down, looking for a new home with their spouse. And if you feel the need to help them out, you’re not alone!
Who has more years ahead of them to figure out their finances? Your kids do, so don’t burn yourself trying to keep them warm. If the last thing you want to do is put them in a precarious financial situation then think of the burden they’ll have to live with if you’ll need them to finance your retirement. Doesn’t sound fair, does it?
If your kids need help, try to find a middle ground instead. It’s understandable that you’d want to give them a helping hand, but how much you give is important here. If your retirement savings will have to suffer, now when it’s more important than ever to save up, then it’s time to figure out a new plan.
