All parents want the best for their kids. We want them to live well, enjoy themselves and be healthy, happy and successful members of the community.
And that’s why many parents turn to our financial services team in Kiama for advice on the best way to help their children financially. From assisting them to buy their dream home to providing support with university fees or helping them meet debts, parents want to contribute to their children’s wellbeing without falling victim to common pitfalls in the process.
At Solution F, we understand that drive to ease financial pressure on our kids. And we are here to offer advice and solutions on how to best go about it.
The first question to ask is whether you, the parent, can actually afford to help. Are your personal finances robust enough to provide support or are you struggling yourself to pay your own mortgage, other debts and prepare for your retirement?
You also need to consider whether financial help is best for your child. Are you constantly bailing them out of financial trouble? Do they actually need to learn more about budgeting and financial responsibility or are they using you as a constant personal bank because it’s easy? And do you need to make sure each and every one of your adult children gets the same help to be equitable and prevent possible family tension?
Parental assistance, often in the form of support with the deposit, can be a practical way for young people to enter the property market and secure their first home. It can also help them crawl out from under often hefty university debts, meet unexpected financial problems including sudden loss of job and a range of other situations.
As financial services professionals in Kiama, our Solution F team can offer advice on the best way to provide financial support for your children while keeping your financial best interests at heart too. From gifting money to setting up an interest-free loan with a regular payment schedule, we can help you to help your children in a practical, sensible manner that won’t leave you struggling in years to come.
If you would like more advice on how to go about assisting your child financially so they can enjoy a better life, please contact us at Solution F and book an appointment with our professional financial services experts in Kiama.