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5 Ways to Stash Some Holiday Cash

Email sent: Oct 4, 2020 7:59pm

Save now to avoid bills later.

October 5, 2020
Volume 25, Number 40

From the Editor's Desk
by Gary Foreman
[email protected]

Hello to all my Frugal Friends!


For various reasons it seems to be harder for young adults to get their feet under themselves financially. The number of them living with their parents has been trending upward for years.


It appears that the COVID virus has added some to that trend. "In July, 52% of young adults resided with one or both of their parents, up from 47% in February, according to a new Pew Research Center analysis of monthly Census Bureau data. The number living with parents grew to 26.6 million, an increase of 2.6 million from February." (source: Pew Research Center)


This isn't a totally new thing. Back a few generations ago it was fairly common for adult children to live with their parents. The reasons for this are the same now as they were back then. One larger household is less expensive than two smaller ones. It's more economical.


Multi-generational households also are better able to take care of each other's needs. Whether it's Grandma taking care of toddlers (thus avoiding childcare expenses) or a baby boomer caring for an elderly parent.


So a multi-generational home doesn't necessarily mean that parents haven't taught their children how to be financially independent. But often it can be a sign that adult children aren't money mature.


Have You Grown Up Financially? is a self-test to tell how mature you are financially. Good for dollar stretchers of all ages!


What can you do if your adult children haven't become financially independent and often want you to 'help them just this time'? Bailing Out Your Adult Kids Financially will give you some ideas on how to handle the situation.


It's not uncommon for an adult child to ask for a loan. After all Mom and Dad have money saved for retirement. So there is money available. Loaning Money to Adult Children can help you avoid some of the pitfalls that can come with one of those loans.


Finally, if you're contemplating (or already living) in a multi-generational home, you might want to read 5 Tips for Coping With Boomerang Kids. A CFP shares some tools that will help make it work.


Parents have a responsibility to train up their children to be fully functional adults. That includes money matters. Sometimes multi-generational housing makes sense for everyone involved. Sometimes it's forced on us. But, in either case, having the right information can make things better for everyone in the family.


Keep on Stretching those Dollars!

5 Ways to Stash Some Holiday Cash
Save now so you don't have to worry about paying holiday bills later.
How to Save Money On Your Auto and Home Insurance
A former insurance agent spills her secrets.
Is Money Evil?
Depending on your answer, you could be subconsciously pushing money away.
Saving for Retirement: Employer Matching Retirement Plans
Are you passing up free money?
Replacement Value vs. Cash Value Homeowners Insurance Coverage
Make sure you're getting the best insurance value for your dollars.
'Disjointing' Joint Credit Card Accounts
How do you get the other person off of the cards?
Mentor Book
Getting In Gear for Your Next Car Purchase
Is it time to trade in your old car for something newer?
8 Key Points to Confident Investing
Do you continuously worry about your investment decisions?
5 Steps to Getting Your Hospital Bill Right
You don't have to overpay on your hospital bill.
See this week's TDS Readers' Tips
Do You Have a Tip to Share?
Do you have a tip that you'd like to share? Just send your suggestion to [email protected].

Can We Help You?

The Dollar Stretcher and Dollar Stretcher, Inc. does not assume responsibility for advice given.  All advice should be weighed against your own abilities and circumstances and applied accordingly.  It is up to the reader to determine if advice is safe and suitable for his/her own situation.

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