The grown-up kids who are after your money

You thought your kids had moved out of home for good. But now they're back, and putting a strain on your finances...

The kids have finally left the comfort of home and ventured out into the big wide world. No more coffee cups with furry contents hidden under the bed. No more odd unwashed socks residing down the back of the sofa.

The frequent requests, such as ‘Can you give me a lift?’ ‘Can you lend me a tenner?’ are just a fond memory. You have the house, including the TV remote control, to yourselves again…bliss.

Or so you thought!

Just as you’ve got used to settling in for the night and not worrying about where or what your offspring are up to…they’re back, with everything bar the kitchen sink in tow!

“Boomerangs” is the affectionate name for kids who keep coming back home

They’re called Boomerangs for the frequency with which they choose to return home to live with their parents after a brief period of living on their own, boomeranging back to their place of origin.

Some kids leave and then return home again whenever accommodation, money or relationship problems arise.

Student debt, job instability, and the shortage of affordable housing can also mean adult children are more likely not to leave home until well into their 20s.

With the average student debt standing at £24,702, they already have a financial burden before they have even started.

Sometimes, young people can return home just because it is an easier option than looking for work, knowing that all their needs will be catered for, from washing and ironing, to cooked meals!

It helps to start money education early

Prevention can be better than cure so teach the value of money at an early age.

Having a part time job can give teenagers financial independence and can teach them the value of money management from a young age. It also means that parents do not have to keep dipping into their own budget to fund pocket money.

But a recent article from the BBC states that the number of young people with part time jobs has almost halved over the past five years. And recent research shows that 68% of adults give their children pocket money and that most British parents haven't reduced the amount they give, despite the credit crunch. Only 7% stated they are giving less than last year (on average mums and dads give £4.08 a week pocket money).

Take control as soon as possible

If you are already struggling to pay bills and keep your head above water, having your offspring move back in can put a drain on your finances, especially if they are not able to contribute towards their keep. This in turn can lead to some parents taking out extra credit and finance to keep afloat.

If your child has returned home and you suddenly find that there is more money going out than is coming in each month, it is important to look at expenditure. You need to work out a budget for your household and ensure it’s something everyone can live with. 

Keep a spending diary in order to create an accurate record of your income and expenditure. This will show where the money is going.

You can do this using the online banking tool at lovemoney.com. If you register your accounts, every time you make a purchase – no matter which bank account or credit card you use – the tool will record it for you, and then allow you to categorise all your transactions so you know exactly what you're spending your money on every month. Alternatively, just make a note of everything you spend on paper.

Keep encouraging your child to look for work and if they do manage to get work, ask for a contribution towards their keep.

And don’t forget additional costs - for example are you paying for their expensive contract mobile phone bills, or perhaps an extra Sky box for their bedroom?

Sit down with them and discuss whether they are able to get a pay as you go contract for their phone and cover these costs themselves. Is the Sky box really necessary?

In essence they will be moving back into the family home to save money, but that shouldn’t be at your expense. Make sure everyone can make a contribution, to keep the boomerang from coming back and hitting you in the wallet.

Need help?

If you find you are struggling with your household bills and you need further help with budgeting use our online debt advice facility Debt Remedy.

Debt Remedy would assist you in completing a financial statement and you would be provided with tailored advice on the best way to deal with your situation. Alternatively you can call us free on 0800 138 1111

Do you have experience of a Boomerang? We’d love to hear your views…