As your child becomes a young adult, supporting them financially might include paying for their phone, paying for their education, or helping them buy a home. Even as your children become young adults, you may still feel the desire to help them out financially or emotionally. However, setting them up for financial wellness requires you to take a step back. There are several ways you can help them make the transition.

Give Them the Tools They Need

Give your child the tools they need and enable them to make their own financial decisions. Taking the time to teach them how to save, budget, and spend means they can make smart choices with the income they make on their own. If you don’t feel equipped to teach them yourself, you might be able to connect them with a financial planner instead. Another tool you can give them is a college education to prepare them for a career where they can support themselves. While it might be challenging to pay for their education with your own money, you can still help them get a student loan by being a cosigner. Being a cosigner on their loan means they could be more likely to get approved for the funds they need.

Come Up with a Reasonable Timeline

Your child might not know what to do with themselves if they suddenly stop receiving all support, so give them a chance to get their finances in order. If they are used to going out for drinks every night, they may need some time to transition to a less expensive habit so they can save more money. Giving them some time also allows them to come up with an emergency fund, especially if you want them to find their own place. It is also helpful for them to have a specific goal, rather than just telling them they need to be financially independent at some point. Sticking to the date you set gives everyone a chance to prepare for the transition and then make it in a reasonable time.

Know You Will Still Feel Responsible for Them

As you ease out of supporting your children, you might still want to help them out. Know that this is called tough love for a reason. It’s not easy for anyone involved. If you see your child struggling to make rent or not being able to afford a new phone, you might feel like you should step in and help them just this once. But this is something that will help your child grow and become more diligent with their finances.

Be Transparent with Them

You can make the transition easier by not cutting off support right away. Take it step by step and explain why you are taking these steps. Let them know it’s not because you don’t love them anymore but that it is because you want what is best for them. You won’t be around to provide for them forever, and they will need to be able to stand on their own feet.