Living on our own is expensive, and the costs can add up fast. Even with a job, after taking a long break from working in finance and accounting due to health issues that I had to take care of, I was left with a lack of significant savings.
The solution that I found to recover financially was to live with my parents. I lived at my own place for 20 years so the idea didn’t seem too appealing at first, but the desire to save was higher than my desire to be independent. Plus, being independent can also be lonely at times, so surprisingly to me, besides being able to save faster, I have become more content in general because I don’t have to search for company. I always have company now.
I don’t know how long I am going to live with my parents. I try not to focus on that. For the time being, I am just enjoying the benefits that living with my parents has brought to my life.
Here is why spending some time living with my parents is one of the best money decisions that I’ve made in my life:
I’ve been able to Jumpstart my Savings
The most obvious benefit of living with your parents is being able to save a ton of money. This is especially true if you’re in a city with a high cost of living.
You can save money by not paying:
- Rent/mortgage
- Utilities — gas, electricity, internet
- Renters or mortgage insurance
Living with my parents has helped me save in the first place. Savings is a big problem in America, with most people being unable to afford a $400 emergency. Living at home can help you start saving money so you can build up an emergency fund and lay down a strong foundation with which to sustainably support yourself in the future.
i WILL BE ABLE TO Conquer my Debt
Living rent-free with my folks not only makes those minimum payments affordable, but may allow me to put more toward my debt. Paying more than the minimum can help you cut down on interest and put more toward the principal balance.
If you racked up a lot of student loan debt while in college, you’re not alone. In fact, there are more than 44 million student loan borrowers in America, paying back a nearly $1.5 trillion. Average student loan payments are around $351, which can take a big bite out of your budget.
I WILL BE ABLE TO BUY A PRE-OWNED CAR BY PAYING CASH
By living with my parents, I’ve been able to save $12,000 this year so far (or in 5 months), which I will use to buy a pre-owned car soon. I still have a couple of more months of saving. By the end of my saving period, I will have a car without the worry of 5 years of car payments. I not only took this approach because I wanted to save myself $1,500 to $2,000 on interest, but also because I’ve already experienced having health issues that stopped me from working full time and I didn’t want to have the additional worry of the “what if I get sick again” while I had 5 years-worth of payments left to make.
i’ve been able to Start Investing
Living at home with my parents has freed up rent money, which is typically the biggest expense, so I’ve been able to keep the savings that I had before I started working and keep them in an investment account.
You Can Spend Less on Food
I’ve been able to share some meals with my folks and have been enjoying my mom’s home-cooked dinners. I’ve gained some weight because I now eat more than I used to when I lived alone, but my health has improved with all the nutritious extra meals.
i’ve been able to Afford taking Chances and Being Picky
While living with my parents, I’ve been able to learn how to resell online, create several websites, and film and edit videos while I waited for the right opportunity in accounting and finance, which is the field I work in now.
I haven’t had to move into a less-than-ideal place because that’s all I could afford in order to have some money left for retirement savings after paying rent and the other expenses that come along with living alone.
Living with my parents has allowed me to be more picky, because there is no rush. Plus, living at home has meant having a safety net to try several new things and it has also improved my health. I am grateful for this opportunity and I will forever cherish the memories of living and sharing my life with my loving parents.
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