If your college graduate child is still using the Bank of Mom and Dad for financial help, you might be wondering how to close it down.
Last month, half of parents in a Bankrate survey said they fear that financial help will hurt their retirement. Financial planner Holly Signorelli says a lot of her clients are worried.
“I see this a lot. Our generation wants to help out kids because we came from a generation that was very profitable,” Signorelli said.
But there are ways to close down the Bank of Mom and Dad, and the things collecting dust in your garage might help.
“We weren’t using that stuff anymore. They can go to eBay or Amazon so they could get some money on their own,” Signorelli explained, adding that if you drive home the lessons about money when your kids are young, there's less of a chance the Bank of Mom and Dad opens up in the first place.