10 Financial Events to Plan for in Your Children's Lives

Unfortunately, parents do sometimes experience employment gaps. So can boomerang children. iStock/Thinkstock

Nobody wants to think about being unemployed, but avoiding the subject doesn't help anybody either. If you are concerned about the stability of your job, consider some ways to prepare now for potential unemployment that might help save your pocketbook, your sanity and your house if the worst happens.

An old adage says you should have enough money in a savings account to cover six months of expenses. If you're facing potential unemployment, try to have enough for eight months or a year. Supplement your income with freelance work by starting a small business or selling stuff on eBay. Practice living on one income. If your job is going away, pretend it already has and live only on your spouse or partner's income. Start looking for a job now, while you're still employed.

What if it's not you that's unemployed? What if, like so many young people these days, your adult child can't find a job? Consider these things if you're facing "boomerang" children:

  • Lay out the ground rules involving rent, utilities and groceries ahead of the move.
  • Don't tap into your retirement account to help your kids.
  • Don't be your kids' bank. If they ask you to pay their debt, make it a loan of your own, and spell out terms.
  • Set a time frame for your child to move out.

Most importantly to the successful reintegration of a child into your home, say the experts, is to keep talking to each other.