Watching your child navigate the challenges of adulthood can be tough, and it could tempt you to help with their bills. Nonetheless, understand that as they transition into their 30s, it’s essential to step back. For those who don’t know where to start, here are the bills you should consider stopping to encourage their independence.
Health Insurance
If your child is no longer eligible under your health insurance plan, they need to step up and secure their own health insurance. There’s no denying that this can be expensive, so if they complain, suggest that they look for a job that provides suitable health insurance benefits, helping them get closer to being able to afford it.
Streaming Services
If your adult child still demands you pay for their entertainment subscriptions, they really are still a child. That’s incredibly important to them, so encourage them to prioritize their spending and decide which services are necessary. Streaming services are not essential bills, so they’re nobody’s responsibility except their own.
Credit Card Bills
It can be extremely damaging to the financial education of your adult child to continue covering their credit card bills long into adulthood; they need to learn to manage credit responsibly, including paying off balances on time. It may be a tough lesson, but it’s certainly one they need to learn, and they’ll start building credit in the process.
Car Payments
While it’s understandable to do this for a young adult, it’s not wise to cover the car payments for your adult children, as it can lead to a lack of appreciation for the value of the vehicle. They need to understand the responsibility of maintaining their transportation costs, so transferring this expense back to them will promote better financial habits. If they can’t afford it, that’s tough luck.
Groceries
Another bill you should stop footing for your adult child is their groceries, as this will prevent them from learning to budget for essential living expenses. Furthermore, it shouldn’t be tough for them to afford such basic costs in their life, so if they’re struggling, encourage them to start planning their meals appropriately to help manage their grocery costs.
Cell Phone Bills
Another relatively small bill that your adult child should be paying for themselves is their phone bills. Have them take over this cost as soon as possible, helping them to appreciate the importance of budgeting for communication services. If they complain that they can’t afford it, maybe it’s time for them to downgrade their cell phone package.
Student Loan Payments
Nobody likes educational debt, but that’s not your responsibility, so make your adult child take ownership of their own student debt. Taking over their student loan payments encourages responsibility and helps them understand the long-term commitment of borrowing money for education, so this really should be a non-negotiable.
Travel Expenses
If your adult child can’t afford their vacations, the solution is simple–they shouldn’t have one until they can. Paying for them will prevent them from learning to appreciate the cost of leisure, so give them a hard lesson and make them save up. Their trips will feel so much more meaningful when they’ve earned them themselves.
Utilities
While they are undeniably essential, it’s unfair for you to have to pay for your child’s utilities into adulthood. Furthermore, doing so can delay their understanding of household expenses. So, encourage them to take over these bills to comprehend the true cost of living independently.
Gym Memberships
It’s really not your responsibility to cover the cost of your adult child’s gym memberships, so don’t be a pushover. They should learn to budget for their fitness expenses and decide if it’s a priority. If they can’t afford it, tell them to go for a jog outside.
Car Insurance
Just like with other car payments, paying for your child’s car insurance prevents them from understanding the importance of this expense. It’s time to set them free, making them pay for their own car insurance payments, and if that’s not an option, maybe they should get a job before they start driving again.
Clothing and Personal Items
It’s ridiculous to continue buying clothes for your adult child; if they’re not mature enough to cover the cost of dressing themselves, they have serious problems. Learning to budget for such basic expenses is an essential life skill, so don’t steal this crucial life lesson from them.
Dining Out
There’s no denying that dining out simply is not an essential cost, so ask yourself why the heck you’re still paying for your adult child’s dinner bills. It’s only leading to them continuing their unsustainable spending habits, so you should suggest they start cooking their dinners at home, which is a much more affordable (and healthy) habit.
Subscriptions and Memberships
Regardless of whether it’s for software, magazines, or video game services, you absolutely should not be covering your adult child’s subscriptions and memberships. They’re not essential, so even if they desperately need your help, this isn’t the place to do so. Force them to evaluate their life because they clearly need to get their priorities in check.
Loan Co-Signing
It’s a dangerous game to keep co-signing loans for your adult child, which can place unnecessary financial strain on you, potentially even ruining your credit score. They need to build their credit independently, so teach them to secure their own loans, and if they can’t, they need to get a better-paying job.
Home Furnishings
Every home needs furniture and home decor to make it personal, but it’s not exactly a necessity. As long as your adult child has a bed to sleep in, they’re going to be okay, so stop paying for their fancy home furnishings. Once they’ve learned the value of money, they can upgrade to that fancy sofa they’d always wanted.
Emergency Funds
It’s only natural for a parent to want to provide their adult child with an emergency fund, but it’s got to stop at some point. You need to ensure they’re capable of saving up for this themselves, so teach them the importance of hard work by cutting it off…at least until a serious emergency arises.
Education Costs
If your adult child is still studying even though they can’t afford it, they need to reassess whether they should be doing it in the first place. You already put them through school and, quite possibly, college, so it’s not your job to keep funding their eternal status as a student. It’s time they grew up.