Living with Parents After Graduation
The number of millennials that move back home with the parents after graduating has been on the rise. In fact, it’s becoming so common they are being called the boomerang generation. According to recent census data, 24 million 18- to 34- year olds are living with their parents again. While moving back home might not be your first choice, it may be necessary and the smarter choice. Here are some tips for returning home as a graduate and making it a smooth transition for all.
Living with the parents as an adult will come with a different set of expectations. While curfews might be a thing of the past, it’s still important to respect the rules (the house is still your parents after all). Take the time to discuss what those expectations and terms will be. Will you be paying rent? How long will you be living there? Will you be helping around the house? What are the rules if you entertain guests? Having answers to these questions can help put both parties at ease.
Contribute to Household Expenses
If you’re one of the millions who leave college with a load of student debt, then living at home has financial appeal. The cost of rent, utilities, internet, food etc. can quickly add up when you’re just starting out in the workforce. Living with family will allow you to save some of those hard-earned dollars. Your landlords (aka parents) may decide not to ask for a monthly rent check but consider contributing to the household expenses. Your parents will appreciate it, and it will help to prepare you for when you move out on your own. Even something as simple as making a grocery run or two each month is helpful, especially if you’re eating most meals at home.
Manage Your Money Wisely
For many graduates this could be your first time with a job, and thus disposable income. It can be easy to overspend – and not save. When you don’t have to pay for big recurring expenses like rent or utilities you might overlook the fact that you still need to budget. Concerts, movie tickets, coffee, shopping, etc. can add up fast so consider your other options. Since you’re saving more by living at home, use the savings to pay down student debt, build an emergency fund, start a retirement account, save for a down payment on a home, or put away for a future goal.
Ask for Help
And we don’t mean to do your laundry… You may not realize this yet, but mom and dad have been “adulting” for decades and can help you navigate your way through job searches, apartment hunts, and financial decisions. Look at them as mentors and use their experience as a resource.
It’s good to remember that the situation is ultimately temporary. Taking this time to establish yourself now can help give you stability and peace of mind later.