Graduate: 5 Ways To Avoid Money Fights With Mom And Dad

7 years ago by: OIL PRINCE
-- (m) at 18-05-2013 02:44PM

(998 | Upcoming)

85% of college grads will move back home. Avoid money fights with the ‘rents with these 5 tips.

Sometimes things don’t go as planned. You picked a great college, studied hard (most days), and wore the cap and gown – so where is the great job, fat paycheck, and a place to call your own?

If you’re like most college graduates, there is no high-paying job, and your new place looks a lot like your old room at Mom and Dad’s house.


You are not alone – not by a long shot. It’s estimated that nearly 85% of college grads move back home after graduation.

Don’t lose heart.  For most, this is a temporary situation. But no matter how long you plan to stay with your parents, it can be a tricky arrangement for all of you, especially when it comes tomoney.

Your relationship with your parents includes what we call a Money Relationship - how you think about and deal with money as individuals and as a family. And if you’ve ever argued with your parents about money, you know you don’t always see eye-to-eye on dollars and cents.


But with a little effort, you can make a smooth transition, and avoid money fights with Mom and Dad:

1. Remember you are not the boss. You’ve been fairly independent for the last four (or more) years – with your time and your money, and you can take care of yourself. But right now you are living in someone else’s house. So give your parents time to adjust to you being there. Take care of your own expenses, try to keep your stuff contained to your space and be respectful of your parents’ schedules. Contribute to the household by cleaning up after yourself, doing your own laundry, and pitching in on expenses and meals.

2. Set expectations. Before you let another week go by, ask your parents to sit down with you and talk about expectations. Talk about ways you can contribute financially to the family, what your plans are for the next few weeks or months, and how long they are willing to let you stay. Get everything out on the table so there are no surprises.

3. Get to work. It’s tempting to think of this as a vacation. It’s not. Use this time to find some kind of job or get ready for graduate school. Even if you can’t find your dream job or a full time job, start working. Large gaps in your work history will be a strike against you in the long run, but holding down a job – any job – will look good on a resume and let your parents know you are serious about moving forward – and out.


4. Review your Money Personalities. Your Money Personality is the way you think about money. If you and your parents have different Money Personalities, that can be a source of conflict. Let’s say your dad is aSaver who keeps track of every dime and you’re aSpender who loves to buy the latest gadget or keep up on fashion trends. He’s likely get uptight if you’re taking long showers or ordering pizza every afternoon.

Make sure you all know your Money Personalities and understand how each of you deals with money to avoid daily tension and fights.


5. Keep the lines of communication open. Don’t assume that because you set expectations a month ago that everyone is still on the same page. Touch base frequently to help everyone stay sane.
Taking these steps will lessen the pain, keep the relationship strong, and move you one step closer to the future you’ve always dreamed of.

Make It Happen!