Moving back in with parents: Is it the right move for you?

If moving in with your family members sounds like the right call, you should set goals for yourself and expectations with your parents. Here are some tips:

1. Form a financial plan

Look at your monthly expenses to understand how much money you will save by moving in with your parents. Then make a plan of what you will do with that money. For example:

  • Are you going to make extra payments on your student loan?
  • Will you handle your credit card debt?
  • Will you save on the down payment for the house?

2. Set an exit goal

Create a schedule so you know when you have to leave again. For example, you might exit when:

  • I got a new job.
  • You can afford several months’ rent.
  • You can buy a house.
  • You have greatly affected your debt.

3. Make a plan with your parents

Sit down with your parents and have an honest discussion about expectations. What expenses will you cover? What routines will you help with? What privacy do you expect?

Splitting the grocery and utility bill may make it harder to achieve your financial goals faster, but it can help you feel like you’ve earned your fortune when you live under your parents’ roof. And it can go a long way in making your parents feel more comfortable about your extended return home.

Are you having trouble with the conversation? Here is a list of things to check with your parents before moving:

  • Will I pay the rent? If so, how much?
  • Will I pay for utilities? If so, how much?
  • Will I pay for my groceries?
  • What chores can I help with?
  • Will there be a curfew?
  • What is the policy used to attract people?
  • Is there a schedule or cutoff for this new living arrangement?
  • Are there other expectations, such as having a family dinner once a week?
  • What are the communication expectations?
  • How much notice do you need if I plan to move out?

4. Maintain your social life

Just because you’re home doesn’t mean you can still socialize the way you used to. For your mental health, go out with friends, go outside, hit the gym, and date if you’re interested.

And remember: your parents are people, too. They may also want free time. Give them space to live the way they want, too.

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