Tips and guidelines for maintaining tranquility and financial stability when your children "boomerang":
- Establish house rules. Sit down and discuss policies regarding curfews, meals and parties, and establish expectations for family chores
- Consider monetary contributions. Will your child pay rent or contribute to household finances? If not, consider requiring him to save for a "move out" fund for a rental deposit or other moving expense when it's time to leave
- Set a realistic move-out date. Six to 12 months is often plenty of time for young adults to regain their footing.
- Think twice before helping your child with major expenses. Paying off her debt will not help foster a sense of financial responsibility; if you choose to help support her, decide how much is appropriate and stop there
- Keep the conversation going. Take time as a family to reiterate important financial basics like budgeting, judicious use of credit, saving and investing for the future.
Stacy Hammond is currently helping lead Schwab's retirement initiative, which is focused on delivering a multi-channel approach that leverages products, solutions, marketing, and client experiences to meet the needs of investors transitioning to retirement.
Stacy has worked at Schwab for more than seven years in a number of different roles. Most recently she led the launch of Schwab's Gen X initiative, designed to ensure Schwab attracts, retains, and grows its population of younger investors, savers, and borrowers. She also developed and implemented the launch strategy for Schwab Bank's High Yield Investor Checking account.
Prior to joining Schwab, Stacy worked at the Advertising Council, a non-profit organization that develops public service advertising. Before the Advertising Council, she worked at the Kennedy Center for the Performing Arts in their children's education group.
Stacy earned her Master's of Business Administration degree in strategy from Yale University, and has an undergraduate degree in American Studies from Pomona College.