How To Financially Cut Off Your Child Without Ruining Her

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Identify the areas of overspending

Perhaps it’s drinks with friends, travel, or delivery food. Look at your kid’s bank statements, Venmo transactions, credit card bills—the whole thing—and find out where they’re spending too much money. It can be hard to convince them to cut back, but give them examples of what that can result in. Explain to your kid that if she stops ordering delivery and makes all meals at home, she can easily save another $500 a month, and that that will amount to $6,000 a year. And that’s what she should be putting into a retirement fund each year, starting, like, yesterday, if she doesn’t want to work for eternity.

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