Another good question from a reader (from my pool of 18 readers):

When should you stop helping your kids financially? or conversely, “At what age should an adult stop asking for financial help from their parents?”

That’s a tough one. On one hand, you love them and care for their well being, and on the other hand, your retirement funds are dwindling. In clearer cut situation such as their college funding versus your retirement funding, the obvious choice should be your retirement fund—since students can get student loans, and retirees don’t have that luxury.

My dad helped my sister with the down payment for her condominium, and I’m certain many others out there receive financial help from their parents for their mortgage. In my case, I’m planning to get the mortgage without the financial help. That’s one of my goals, and I believe it’s attainable.

By the time I’ll be contemplating a house, my parents will be past their retirement age. If I can’t afford the mortgage, I’ll continue to rent and save up. Yes, it won’t be easy, but I’m going to do it—regardless if I’ll have to rent for the rest of my life.

There are situations where the parents have enough set aside to help their kids, but at what point should you stop? You certainly wouldn’t want them to rely on you forever, but it’s understandable that people sometime face harsh circumstances.

For me, once I’ve moved out (within a year or two), I don’t plan to include financial help from my parents within my budget. I don’t care how bad it gets, I prefer getting into debt myself than getting them into debt. Of course, the whole point of this blog, all those planning and budgeting—is to avoid that situation all together.

There’s definitely a point where you should stop helping your kids, or you should stop asking your parents for help. But I honestly have no clue when that line should be drawn. Hmm.

Related Post