Graduates Exclusive: How to avoid Money fights with your parents

85% of college grads will move back home. Avoid
money fights with the 'rents with these 5 tips.
Sometimes things don't go as planned. You picked
a great college, studied hard (most days), and wore
the cap and gown – so where is the great job, fat
paycheck, and a place to call your own?
If you're like most college graduates, there is no
high-paying job, and your new place looks a lot like
your old room at Mom and Dad's house.
You are not alone – not by a long shot. It's
estimated that nearly 85% of college grads move
back home after graduation.
Don't lose heart. For most, this is a temporary
situation. But no matter how long you plan to stay
with your parents, it can be a tricky arrangement
for all of you, especially when it comes to money.
Your relationship with your parents includes what
we call a Money Relationship - how you think
about and deal with money as individuals and as
a family. And if you've ever argued with your
parents about money, you know you don't always
see eye-to-eye on dollars and cents.
But with a little effort, you can make a smooth
transition, and avoid money fights with Mom
and Dad:
1. Remember you are not the boss. You've
been fairly independent for the last four (or more)
years – with your time and your money, and you
can take care of yourself. But right now you are
living in someone else's house. So give your
parents time to adjust to you being there. Take
care of your own expenses, try to keep your stuff
contained to your space and be respectful of your
parents' schedules. Contribute to the household by
cleaning up after yourself, doing your own laundry,
and pitching in on expenses and meals.
2. Set expectations. Before you let another week
go by, ask your parents to sit down with you and
talk about expectations. Talk about ways you can
contribute financially to the family, what your
plans are for the next few weeks or months, and
how long they are willing to let you stay. Get
everything out on the table so there are no
surprises.
3. Get to work. It's tempting to think of this as a
vacation. It's not. Use this time to find some kind of
job or get ready for graduate school. Even if you
can't find your dream job or a full time job, start
working. Large gaps in your work history will be a
strike against you in the long run, but holding
down a job – any job – will look good on a resume
and let your parents know you are serious about
moving forward – and out.
4. Review your Money
Personalities. Your Money Personality is the
way you think about money. If you and your
parents have different Money Personalities, that
can be a source of conflict. Let's say your dad is
aSaver who keeps track of every dime and you're
aSpender who loves to buy the latest gadget or
keep up on fashion trends. He's likely get uptight if
you're taking long showers or ordering pizza every
afternoon.
Make sure you all know your Money
Personalities and understand how each of you
deals with money to avoid daily tension and fights.
5. Keep the lines of communication
open. Don't assume that because you set
expectations a month ago that everyone is still on
the same page. Touch base frequently to help
everyone stay sane.
Taking these steps will lessen the pain, keep the
relationship strong, and move you one step closer
to the future you've always dreamed of.