Better living tips to handle a multigenerational household
(NC) Many of us have multiple generations of family living together under one roof. This can happen for a variety of reasons, like trying to save money, share child care or to live near aging parents. Despite the benefits of living in this type of blended family, it also has its challenges.
“Moving in with your children or returning to your parents’ home often brings a new set of challenges — from protecting your privacy to divvying up chores and finances,” explains Rowena Chan, senior vice president of Wealth Financial Planning at TD. “As in any relationship, frequent conversations and open communication are key to making multigenerational households work.”
According to a recent TD survey, 40 per cent of Canadians living in a blended family, which occasionally includes multigenerational ones, say they didn’t discuss finances before moving in together. But of those who didn’t, 36 per cent wish they had.
Chan shares some tips on the topics that are smart to discuss before deciding to move in together:
Set expectations. It’s never too early (or late) to establish boundaries. For example, determine who should discipline the kids and what type of discipline is appropriate, create a schedule to allocate morning bathroom time and weekly chores, and determine who gets to use the car and when. Decide what is important and logical, and ensure everyone is committed to honouring those decisions.
Figure out the finances. Multigenerational family members should make a list of regular expenses, like the mortgage and utilities, and agree on how much each person will contribute. Don’t be afraid to seek advice from a financial planner if you need help getting started.
Plan regular family meetings. Circumstances change, so check in with each other every so often. Take time to go over bills and budgets and talk through any concerns or changes that need to be made.
Find more information online at td.com.