Living at home may be your best budget bet

LIVING on their own, independent of their parents, is something that many people dream of. And often as soon as they secure a steady job, they act on this desire. But living this dream, especially when in urban areas, can put significant strain on the pockets and hamper saving and other personal and development plans.

If you are serious about achieving your other goals, personal finance expert Vaughn Levy said that one thing to consider, if possible, is moving back home.

“Most young people want privacy. It’s the number one reason we move out. We don’t want to be judged by our parents or be told what to do if they are the meddling type. But on the bright side living with your parents comes with many financial benefits — the biggest being that you can save,” Levy told All Woman.

In fact:

You save on rent

Chances are you will not have to pay rent at all. A one-time monthly contribution is fine, but at least in most instances there is no set rate you have to fork out every month and you won’t have to worry about missing a payment.

It’s less likely you’ll eat out

When you live on our own and especially with demanding jobs, chances are you will be forced to eat out a lot because there is simply no time for meal prep. Living with your parents, though, you are almost always guaranteed a fresh, healthy meal. So unless you want to treat yourself to your favourite fast food, mama usually has got you covered.

You save on bills

From grocery bills to utilities, you won’t have to fork out all that money on your own especially for the cable and Internet you barely use since you are always away from home.

You can clear outstanding debt

Since your living expenses will be significantly less than what it would be if you were living in a rented space, you can make sure that you are not only saving but that you start tackling debt such as student loans or any other outstanding loans you may have. This is your opportunity to get your financial affairs in order.

You can invest money

If you are looking to grow your money then you can use the money saved to either invest in stocks and bonds or you can start a business. You have a greater cushion when you are taking business risks — after all, if things don’t go according to plan, you still have a roof over your head and warm meals while you build yourself up.

There’s the bond of family

Outside of the monetary benefits, there is a special kind of happiness that money can’t buy and that is time with family. Use this opportunity to bond with your parents, enjoy a meal with them, tap into their wisdom, and soak up all the support you can get. This is great for your mental health. Keep in mind though that things may not always be nice and rosy, especially with the generation gap, but be respectful always.

To make things work and of course if you want to maintain your maturity, still make a contribution. If your parents don’t accept it, fine, but still make the offer to contribute. Also, even if they don’t accept your money, buy a bag of groceries every once in a while. Choose things that get used up often and of course things that your parents enjoy. Remember to respect whatever rules your parents have in place, negotiate with them, but never over step boundaries and try to keep your space clean and tidy even though you may have limited time for housework on your hands.