We have all likely had to sacrifice something in 2020, and recent graduates are no exception.

With an uncertain economy after the recent and ongoing global pandemic in addition to an unstable job market, recents grads are suffering now more than ever.

As a parent of a recent grad, you may be feeling overwhelmed with your place in all this as you begin searching for ways you can assist your kids as they enter the workforce. I thought of taking my own perspective as a young adult to come up with a list of 3 ways parents can help their recent graduates. Here they are:

1. Allow them to move back home

Rent is a huge expense for any young adult who is not yet ready for homeownership. Many grads are wanting to be close to their friends and family during this time, so why not provide a space for them to live while they get their bearings? Keep in kind that adjusting from an independent lifestyle to living under their parents’ roof is going to be an adjustment, so make sure to extend grace and empathy during the process. This is a great opportunity to reconnect, and offer emotional support and a safe haven for your kids during this time.

2. Help them negotiate for first jobs

I’ve negotiated for every single job I’ve received and I still get nervous before doing it. Teaching your kids the power of negotiation by working through real-life scenarios can be a huge asset to them as they prepare to enter the workforce.

Here are a few of my own negotiating tips that you and your recent graduate can implement:

• Never give a number first: When first starting the interview process, it’s going to be very hard for you to provide an accurate representation of what you should be getting paid, so try not to give one at all. Instead you can say something like, “It’s hard to understand the full scope of the role at this stage in the process, so I’d love to know your budget!”
• Understand that negotiations are not conflicts, but collaborations: Companies EXPECT you to negotiate. They purposefully offer you less with the expectation you’ll negotiate. You are fighting for your value, and to demonstrate that you really care about this partnership.
• Negotiate for yourself as if you were doing it for someone else: Women especially are statistically more likely to be more successful if they pretend they are advocating for a friend, or partner.

3. Introduce them to tools like Personal Capital as a free resource

Personal Capital can help them manage their cash flow: By getting started with Personal Capital, they can make analyzing their spending habits easy and intuitive. By linking all their accounts to the tool (including both investment and/or retirement accounts), Personal Capital can scan that data and look for patterns in their monthly cash flow.

Furthermore, they can track and categorize their spending to see how they’re doing with their budget. Without having to pay anything or enter your credit card information, they can link all their different financial accounts (checking, savings, 401(k), mortgage, credit cards and other investments accounts) into the system.

In any case, now is a great time to step up and come alongside your recent graduate as they navigate this tricky season. Not only will they be extremely appreciative, but they are sure to remember your extended support for the rest of their lives.