Montclair, N.J. – Personal‑finance expert Farnoosh Torabi told local media that parents can play a key role in guiding their 20‑year‑old children toward financial independence. She emphasized that there is no shame in a hard‑earned paycheck and that a clear savings plan can make the transition to living on one’s own smoother.

Start with realistic rent expectations

Torabi recommends estimating future rent at about $2,000 per month and planning to share a unit with a roommate to split costs. She advises having enough cash for the first month’s rent plus a security deposit—typically one and a half months’ rent—resulting in a target of $4,000 to $5,000 before moving out.

Build a safety‑net

Beyond rent, Torabi suggests keeping two to three months’ worth of bare‑bones living expenses in reserve. For a modest lifestyle, that means an additional $6,000 to $7,000, bringing the total savings goal to roughly $10,000‑$15,000.

Local example of hustle and budgeting

Eyewitness News spoke with 26‑year‑old Montclair resident Sierra Joy, who works full‑time as an artist and holds eight side jobs—including bartending, teaching Sunday school, and running a youth program—to cover her $1,100 rent. Joy’s experience illustrates how diverse income streams can help meet the savings targets Torabi outlines.

Advice for parents

Torabi urges parents to discuss finances openly with their children, encouraging them to track income, set realistic goals, and avoid unnecessary debt. By working together on a concrete plan, families can help young adults avoid financial pitfalls and build a stable foundation for the future.

Original reporting: Brookhaven News – ABC7 New York — read the source article.