When you’re an adult, having to move back in with your folks can be a major buzzkill. You want to be independent, ditch the parent-child dynamic, and do what you want.
That said, living at home can save you tons of money. Whether you’re currently living with your parents or considering a move back home, you might wonder what makes more sense financially. Should you stay with the ‘rents as long as possible to save money and pay down debt? Or should you go out on your own and figure it out?
The answer is nuanced, complicated, and personal. Let’s just recognize up front that not everyone has the option to move back home. If your parents welcome you back with open arms, that’s something to be grateful for.
When making this call you’ll want to think of all the factors aside from just the financial. Yeah, you might save bank, but will you be miserable and end up spending a ton of money just to make yourself feel better? (Hello, PostMates and Amazon). Be honest about your relationship with your parents.
Also, be clear about what is expected of you. Would you pay rent? Bills? For your own food? Are you expected to do chores and follow house rules? Living at home is great but you’re still under your parents’ roof so they’re calling the shots. You’ll all want to be clear about what the boundaries and expectations are.
Next, look at the convenience factor. Is living at home convenient for where you work? (If you’re WFH, how’s their WiFi?) Will it affect your dating life? Ahem, it’s not so easy to bring people back home if you’re in your childhood bedroom.
If your parents are chill, you get along, and have set expectations, living at home for a period of time is a good way to build your financial foundation. The exact amount of time is personal to your financial goals. __What do you want to achieve while living at home? __
For example, saving an emergency fund(
If you just want to save up enough money to afford the costs of moving into your own place, that’s okay too. The point is, you want to have a clear financial goal while living at home, so you can reach it and move on while keeping your relationship with the fam intact.