Helping Adult Children – Part 1

Should you financially bail out your adult children?

Barring few exceptions, I don’t believe in bailing out adult children. Their financial mistakes are their responsibility and possibly some of their best teachers. Now, you can help them work their way out of debt without paying their bills. Many young adults haven’t learned or applied Biblical financial principles. They have no margin because they overspend. They use credit cards to cover budget gaps. Medical expenses, poor spending habits, and peer pressure can create financial issues. If adult children are open for help, start by analyzing their spending habits. Honest transparency is necessary. Study their credit card and bank statements, along with cash receipts. Ask, “Where do you overspend?” Suggest they carry a notebook to record every dollar spent and conduct a weekly spending check-up. Ask them, “What can you logically reduce or cut?” Asking questions can help them shoulder the responsibility with dignity.

Painful sacrifices are probably necessary: like selling a car, moving, or taking on extra work. Have them consider with whom they spend time and money. What activities are driving their spending? Do they need to make new friends for their own well-being? Is somebody always borrowing from them? Someone may be abusing their generosity. Lovingly explain that they can no longer be their banker, just as you can’t be theirs. Stress the importance of being faithful with little.

And if credit card debt is preventing your adult children from following God’s will, let Christian Credit Counselors help. They can create a debt management plan specifically for them. For more information call the Crown Helpline: 800-722-1976 or visit online at crown.org/ccc.