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Practical Ways To Help Your Adult Children

Raising children is very expensive, and just because they reach the age of 18, doesn’t mean  your responsibility ends. On the contrary, most parents continue to financially support their adult children in some way. Some parents want to ease their children’s financial burdens or to fund a business venture. Even retired parents find ways to assist their adult kids. If you are thinking about how you can best help your kids even if you are retired, we share a few common ways you can help below.

Set up College Funds

First, you could help to pay for college tuition. Going to college is expensive and it isn’t getting any cheaper. On top of that, professional jobs require a college degree, with even more requiring advanced degrees. If you want to help ease the financial burden of student loans, you can help out with their college tuition. This way, they won’t be graduating with a degree and a mountain of debt to repay.

There are several ways you can do this. You can open a separate savings account, then withdraw the money when your children or grandchildren are ready for it. You could also place the money in a trust, which would allow your child to access it when they turn 18. Finally, you could simply have the tuition payments directed to you and pay for the semesters as they come up. Whichever method you choose will depend on your own financial situation and how old your child is.

Help Then Become Homeowners

The other large payment many people have to deal with is their mortgage. Mortgage payments are large and last a very long time. If you want to help your children with a larger down payment for their new home, it will decrease the amount of the mortgage they need. If you son or daughter already has a home, helping them to pay off their mortgage sooner is very beneficial. While every dollar helps, you need to remember to keep your own future in mind. Talk to your kids about how much help they may need, then see if you can make it work.

Funding a New Business

If your child wants to start their own business, they may need additional funds to get it going. Starting a new business is expensive, if they don’t have enough money, they may not be able to do all the things they need to which could spell failure. If you believe in your child and their business plan, you should consider assisting them financially to get started.

Before you do, make sure the business plan is a solid one. While you want to help your kids, you don’t want to throw your money away on a bad idea. If you can, have an outside financial advisor review their business plan and give your their opinion if it is a wise investment. If not, consider other ways that you can help your child, or recommend ways they can improve their business model, so that you can help with funding.

Babysitting

Lastly, if you have grandchildren, you can always help with child care. Sending a child to daycare is expensive, and if your kids can skip it even once or twice a week by sending their kids to you, that will really add up in the long run. Not only do you get to help ease the financial burden of child care, but you get to spend time with your grandchildren as well.

Before you embark on this, make sure your home is safe and baby proofed. Have some fun things for the kids to do, as well as a safe play area with their favorite toys. You don’t have to turn your home into a daycare, but some preparation is a good idea.

How to Find Additional Funds

Now, maybe you want to help your children, but you aren’t sure you can afford it. If so, there are some ways that you can earn some additional funds during retirement. For starters, you could get a part-time job. Another option is downsizing your home which would lower your housing costs, especially your taxes. You could also talk to reverse mortgage lenders. You can use this reverse mortgage lender locater to get  started. There are many options, you just need to consider what’s right for you.

Helping Them Succeed

Being able to help your adult kids out is a great feeling. Even though they’ve left the nest (or are about to), it still feels good when you can help make their lives a little easier. Hopefully, the tips above provided you with some good ideas about how best to help your kids out even during your retirement.


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Filed under Family, Financial, Home & Garden, Life Stages

The Best Way To Pay For College Textbooks & Supplies! #BNschoolsavings

This past weekend we went up to Binghamton, NY. My little guys wanted to see daddy’s college. We took a drive through the University of Binghamton where my husband graduated with his Bachelors and  Masters. I couldn’t help but notice all the kids who were new to the college campus transitioning into a new lifestyle. That transition is hard on parents too! We know just how hard with our older kids!  I imagine many parents are worried about  if their kids have everything they need and if they are okay.

Barnes & Noble Booksellers store

After taking a peek around the campus we went to Barnes & Noble. Predictably it was filled with UOB students.  I recently learned that Barnes & Noble offers the Barnes & Noble MasterCard®.  This is the best credit card for parents and college students who are purchasing textbooks, books and school supplies during the busy back-to-school season and beyond.  Card holders earn 5% back when they use the card to purchase school supplies and textbooks at any Barnes & Noble store or at BN.com.  This offer even applies to campus Barnes & Noble bookstores.

Given the average price of books and supplies at public colleges last year was $1,225 and private colleges coming in at $1,244, that 5% back adds up fast! There is even an immediate savings of $60 available when you use your Barnes & Noble MasterCard for those purchases at campus Barnes & Noble bookstores or at BN.com. Cardholders receive a $25 Barnes & Noble gift card after their first purchase using the card. Every time cardholders reach 2500 points they receive a $25 gift card. The Barnes & Noble MasterCard has no annual fee.

If you are ready to take advantage of all the great perks being a Barnes & Noble MasterCard holder can bring you, just apply HERE. You can also visit the same link for more information. To find your local Barnes & Noble store or to shop online visit BN.com.

Barnes&NobleMC_rCMY

 

We had a great time looking around at everything. After a stop at the in store Starbucks we set off to explore. The kids were amazed looking at all the great books, toys, games, kits and more! We saw coloring books for adults which were really cute.

Barnes and Noble coloring_edited-1

I liked this book of wisdom from Mr. Rogers!

I liked this book of wisdom from Mr. Rogers!

Barnes and Noble Alligator book

Just in case you were wondering-It is not a good idea to bring an Alligator to school!!!

Barnes Noble books

 

Barnes and Noble books

 

Classics for Kids!!!

Classics for Kids!!!

barnes noble rock tumbler

Who had this as a child? I Did!

Who had this as a child? I Did!

The boys finally made their selections, they chose a Magic Set and a Planetarium. We tried out the magic set today and are mastering a few of the tricks!  It is so much fun! The Planetarium will be opened and set up tomorrow. We really can’t wait for that. We will be sure and give you an update!

Barnes & Noble bag

barnes and noble boxes

I will leave you with a littler more information on the Barnes & Noble MasterCard I told you about earlier in the post.

Card benefits exclusive to the Barnes & Noble MasterCard

  • Get 5% back at Barnes & Noble when you use your card at any Barnes & Noble store or online at BN.com
  • Earn a $25 Barnes & Noble gift card after your first purchase
  • Automatically receive a $25 Barnes & Noble gift card every time you reach 2,500 points
  • Earn 1 reward point for every $1 spent on all other purchases (excluding Barnes and & Noble purchases), even for everyday purchases like gas and groceries
  • No annual fee
  • Complimentary FICO® Credit Score

Use your Barnes & Noble MasterCard to purchase any of the following

  • Books
  • NOOK & NOOK Books
  • Toys & Games
  • Home & Gifts
  • Movies & TV
  • Textbooks
  • Gift Cards
  • Newspapers & Magazines

 

 

This post is sponsored by the Barnes & Noble MasterCard, powered by Barclaycard. All opinions are my own.


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Filed under College, Education, Family, Home, Life, Life Stages, Mommy Ramblings, Special Offers