Once again, Washington Post financial columnist Michelle Singletary had a timely and thoughtful piece on giving money to adult children this holiday season. Read on:
I received a note during an online discussion from a mother struggling to determine whether it’s time to cut off her subsidies to her 22-year-old son, who is attending college.
The mother says she has borrowed $125,000 to cover tuition and off-campus housing for her son, who is an out-of-state student. He has been in school since 2006, has earned mediocre grades and has had to repeat many of his courses. He recently told his mother that he has another three years of school before he can earn his degree.
Oh, and by the way, the son is working full time earning $30,000 a year. (This may be contributing to his bad grades.)
….Some of you already know what you would do in this situation. I certainly do. It’s time to cut the purse strings.
Singletary said if the son is in charge of paying his own tuition then perhaps it will make him more responsible with money. Also, she did not think it was okay for children to look at their parents as an endless money supply.
What do you think? Have you had to, as Singletary said, “turn off the financial spigot for adult children?” How did it go?