Friday, July 26, 2013

How to Live at Home as an Adult

In the past few decades, living at home after school was something to be embarrassed about. But if it is done wisely, it is actually something to be very proud of doing. In our current economy, many recent graduates have found themselves back at home after school, and while this can be a frustrating situation, there is no reason to feel embarrassed if one is making smart financial choices.

Living rent-free is actually a really fantastic opportunity, if used as an opportunity to save instead of as an opportunity to blow through money. If one makes good financial decisions during this time, she is choosing not to prioritize the present fun she could be having, and instead is choosing to prioritize her financial future. What could be more responsible?

My college roommate's husband chose to live at home for four years after school, and saved up $90,000 for the down payment on his first home. He certainly would have enjoyed living on his own right out of school, but in the long-term, this was an incredibly responsible choice, and those four years paid off to put him in a very solid financial place while still in his 20's. His friends were all out living on their own, but after those four years, he was the only one who bought a house with his own money. Women often hear the advice that they should not date someone who lives at home, but if that person living at home is being smart, I would think it is all the more reason to think highly of him or her.

My friend's husband was working full time at a great job, but many people who are now living at home are not doing so out of choice, but because they are either underemployed or not yet employed. In either of these situations, one should not become lazy. It is not easy to live at home as an adult, and it is even more difficult when it happens because of a disappointment, such as graduation into a difficult employment market, but there are ways to take advantage of the time, such as applying to a large number of positions, interning, or volunteering.

Overall, spending as little money as possible is the most important thing one can do. It will not only help get one out on her own more quickly, but she will also be in a strong financial place if she is savvy. I believe it also makes living with one's parents easier, as they will be proud that their child is working hard towards the next phase.

If living at home is an option, one should absolutely consider it, as it will make a very big difference in finances down the road. If one saves as much as possible, she can be proud of making a difficult choice that will help her set up a strong financial future. As with so many things in life, the way one approaches the situation will make all the difference in the outcome.



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