When you’re at university, you are enveloped inside a warm, fuzzy little cocoon; all you have to worry about is the student night down at the local bar, the paper due in a fortnight’s time and the social function you’re arranging for the rock climbing club. The thoughts of adulthood, work life, money and housing seem like an eternity away. However, before you know it, you are graduating having completed your studies, and your venturing on the long road of financial freedom (i.e. fear) and you have no idea how you are going to cope. However you did, and now you are a homeowner with kids of your own.
Your worries now extend to your children’s college days. Anxiety and stress levels can rise especially if employment isn’t secured and your offspring aren’t sure of their living arrangements post-college days. Don’t worry. They are not alone. Hundreds of thousands of graduates have to endure the same worries every year. Take a look at how you can help your not so little darlings survive this testing time.
It doesn’t matter if your son or daughter hasn’t secured a graduate position straight away. The most important thing is that they are willing to do something to earn money. They may be a sales assistant, help out at a local solicitor’s office or work as a waiter. An openness to any form of employment will look so much better on a CV than a blank space. It’s not common to walk into a job with genuine career prospects immediately, so anything is better than nothing.
Many students venture back home for a little while. They do this for a number of reasons. Firstly, the love and support from their family can mimic the cocooning effect they felt with their peers at university. Secondly, you’ll no doubt do their washing, and thirdly, they’ll have a chance of saving some money to enable them to eventually leave home. Enjoy the days you have with them at home but don’t mollycoddle them. Remember they are in their twenties now, and don’t need to have a curfew when they go out.
It’s vital that you can have a frank discussion with your cherub about their finances. While they might not want to go into monetary detail or exact figures, it’s important you know if there is any underlying debt in your son or daughter’s name. Although frightening, most student debt can be cleared relatively simply when they have started working. If the debt comes from multiple sources, it might be wise to get a personal loan to consolidate the money owed and shift it just that little bit quicker.
The days your child spends at university will shape them personally and shape their future. As they leave their studies behind them, just make sure you are there to support them and help them survive their transition from college student to fully fledged grown up.