“If I had to choose just one financial decision, it would be that we maintained most of our very frugal ways as our incomes and net cash flow dramatically increased after we raised two children to adulthood around 2018.
We made sure our children understood we expected them to be financially independent once they graduated from college. We slowly turned off the financial tap while they were in college, as we were working to set them up for success. We were open about the plan, and there were no surprises. So many individuals and couples neglect their needs as empty nesters to care for their children through rent, student loan payments, cars or car payments, paying for pet care.
We were not able to save for their college expenses during the lean years, but we made a deal with them for a budgeted amount each year to help with tuition, housing and some spending money. We expected our daughter to take out student loans in her name up to the federal limit ― with no promise we would be in a position to help pay them off. But if we were when she graduated, we would. And we were able to pay them off by saving up those four years.
After graduation, our son asked to remain in our home while he searched for a professional firefighter position in a larger city. He sat down with us, we talked about his goals and ours. We agreed to a monthly rent amount that was reasonable to cover his portion of utilities, food, the indoor parking spot ― but he also acted as a dog sitter on vacations. Plus, we outlined the ongoing ideas we established two years ago about being a good roommate regarding cleaning his space, kitchen duty, helping with the yard and snow removal. Everything worked great for two-and-a-half years until he got his position. We missed his help!” — Cherie Stueve, 58, San Francisco Bay area
Some answers were lightly edited for clarity and length.
This article originally appeared on HuffPost.
