A recent study found many young adults are relying on their parents to make ends meet but all that financial help can be a major expense for parents. Local financial professional Barry Bigelow from Great Waters Financial joined GMN to share how you can support your adult children without putting your own financial future at risk.

So many adult children in this day and age need financial help from their parents because of inflation and interest rates. The cost of education, goods and services, and the cost of housing have outpaced increases in salaries and wages, making it very difficult for younger people to get ahead.

You can make sure that you are giving the right amount of financial help by giving from strength. If you are sacrificing your financial future to help your children, you won’t be able to help them later on in life when some bigger things come. If parents are going to help pay off student debt or help with a down payment on a house or a car, make sure you are giving from excess instead of what you need to pay your bills.

Adult children can become more financially independent by not comparing themselves to others. If your friends are buying fancy cars or the latest technology, that does not mean that you have to get those nice things as well. You want to make sure you aren’t keeping up with your friends because you just can’t.

Make sure you are also creating a spending plan. It may feel restrictive but then you can feel the freedom of being able to make decisions with your excess money.

Young adult should know a few items about debt and saving for retirement including how to pay off debt quickly and prioritize saving for the future. First you want to pay off your debt as quick as possible without sacrificing the future. Saving for retirement while paying off debt quickly is a critical thing.