Choosing to live with your parents in your 20s and 30s? You’re not alone! Indeed, far from being abnormal the Office for National Statistics reported that in 2015 a quarter of young adults were living with their parents.
When I moved back home after university it felt like a sign that I couldn’t provide for myself, but in 2015 nearly half of 20-24 year olds were still living at home. With record housing prices and restrictions on borrowing forcing increasing numbers of us to become part of ‘Generation Rent’, I believe it’s actually an option more of us should consider.
The good news is that there are a whole host of benefits to deciding to live with your parents that you may have overlooked!
Save Towards a Housing Deposit
Yes, yes, I’m starting with the money side of things – this is a personal finance blog after all! Moving back in with your parents can provide you with a fantastic opportunity to start saving towards a housing deposit. This is a smart move financially and any temporary loss of freedom is balanced out by an increased chance of financial independence later down the line.
House prices are still setting records, but If you can save money by choosing to live with your parents that deposit may start to look more achievable!
Check out my post on saving for a housing deposit for more information on how a small boost to your savings can make an enormous difference to how quickly you can start building up your funds.
Learn to Budget with Minimal Risk
Those who have lived away at university may already be familiar with budgeting for household expenses, but for those who haven’t it can be a good idea to practice at home first. You can learn to budget by paying your parents a contribution towards rent/ bills and setting money aside for food costs. If your parents are happy to have you stay for free then you may wish to transfer an equivalent portion of your money each month to a savings account. If you struggle to do so then I recommend setting up a monthly standing order that comes out of your current account immediately after your paycheck goes in. That way you’ll naturally adjust to managing with less.
It’s also a good idea to ask your parents about bills such as council tax, water, gas, electric, internet and TV. I had no idea that some of these existed until I moved away and you don’t want to get a nasty shock later on.
Catch Up with Old Friends
If you’ve been living away from home for a period of time moving back can provide a brilliant opportunity to rekindle old friendships. Meeting up with friends is also a great way to have fun without blowing the budget. An evening in catching up over films and a bottle of wine could cost as little as £5!
Experience Home Comforts
Parents tend to have a much higher standard of living than that displayed in most student digs, so make the most of power showers, functioning heating and a fully stocked fridge – not to mention the cleanliness of the bathroom! If you’ve been used to student living it can be a timely reminder on what you should be striving for if you really want to do this ‘adulting’ thing right. Make the most of having your family around to teach you any of their favourite recipes, that way you’ll still have a piece of home with you when you leave the nest for good.
Reconnect With Your Family
It’s all too easy when living away to become caught up in hectic schedules and only briefly check in on your family every once in a while. Living with your parents for an extended period of time will allow you to catch up properly and provide the opportunity for them to get to know you as an adult. There may need to be some adjusting initially, as you learn that washing up doesn’t magically disappear and they learn that they don’t always need to know your whereabouts, but gradually you should start to develop a new relationship – even if that involves you becoming their resident tech guru!
So whether you’re looking to save for a housing deposit or you just need some time to consider what to do next, deciding to live with your parents can provide the freedom to seize control of your finances and plan for the future. Rather than regressing back to childhood, it can actually be a very mature decision to make. So it you’re lucky enough to have the opportunity to do so I’d suggest giving it some serious thought!
Do you live at home or are you considering moving back? It would be great to get your thoughts in the comments below.